The unique ownership structure of a company owned by an employee stock ownership plan and trust expands the fiduciary duties of the board of directors of the ESOP company. This article examines best practices for ESOP boards relating to board compilation, fiduciary duties and committees.
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Simpson Lures ‘Rising M&A Star’ Lukaszewski away from Sidley
The UT Law grad joins the firm’s energy and infrastructure practice. Her past clients have included Neste, Mitsui and Kimmeridge as well as various consumer brands.
Energy Companies Racking Up Hundreds of Millions in Legal Bills in Winter Storm Uri Litigation
More than 400 lawyers at more than 30 elite corporate law firms in Texas have made a total of more than $280 million in legal fees related to disputes involving Winter Storm Uri — a tab that legal industry insiders estimate will easily top a half-billion dollars before the litigation is over — even though not a single case has even been set for trial.
And those are only the lawyers representing energy companies and insurance firms. More than 80 plaintiffs’ attorneys — most of them from Houston — have filed lawsuits on behalf of tens of thousands of individuals and businesses claiming they were harmed by the actions — or lack of actions — of the energy companies during Winter Storm Uri. If successful, those lawyers could earn upwards of a billion dollars.
P.S — Lawbook Foundation, LANWT and NTX Giving Day Updates
This week’s edition of P.S. puts on your radar some key dates for community giving and The Lawbook and ACC’s pro bono and diversity awards nomination deadlines, a new series Natalie Posgate is launching this fall and a Dallas lawyer who has joined a nonprofit board.
A Conversation on Mental Health with TLAP’s Leader
The Lawbook recently spoke to Texas Lawyers’ Assistance Program director Michelle Fontenot, who elaborated on the range of mental health and substance abuse services TLAP offers and shared her thoughts on the pandemic’s effect on lawyers’ mental health, the billable hour, best ways for the legal community to support TLAP and what firms and corporate legal departments could be doing better to support the wellness of their employees.
Viper Picks Up Oil Interests from Warwick, GRP for $1B
Akin represented the buyer and Kirkland the sellers in something of a strategic departure for Viper.
Texas Enhances Permissive Appeals by Requiring Explanation for Denials and Expanding Supreme Court Review
The Texas Supreme Court has unveiled a change to Texas Rule of Appellate Procedure 28.3 to implement recent legislation requiring the state’s 14 intermediate appellate courts to explain themselves when denying petitions for permissive appeal. The amendment increases the importance of permissive appeals in Texas and will enhance their ability to impact outcomes in civil litigation.
CDT Roundup: 14 Deals, 6 Firms, 92 Lawyers, $2.5B
Clay Brett arrived in May at the Houston offices of Baker Botts with a deep résumé: partner and GC at a private investment firm, Willkie and Bracewell alum. Since then he’s been busy. Very busy. In a Q&A with the Lawbook’s Claire Poole, Brett describes his decision to join Baker Botts, the bifurcated presence (long and short) of private equity in the energy spaces and dealmaking the energy storage space. That, along with the usual list of deals and fundings reported by Texas lawyers last week.
Litigation Roundup: Wells Fargo Asks for Arbitration in Discrimination Class Action, Jerry Jones Assault Case to Proceed
In this edition of Litigation Roundup, Southwest Airlines attorneys are denied a stay of a sanctions order that they undergo religious liberty training, the Texas Supreme Court rejects Jerry Jones’ request to end an assault suit brought by a woman he allegedly forcibly kissed at AT&T Stadium and the Fifth Circuit revives a suit against the Food and Drug Administration over tweets about ivermectin.
Holding Vigil: Law Firm Executives Deserve a Gold Star for Patience
Lawyers today face endless liabilities — both financial and reputational. Throw in the continuous industry-wide challenge of diversity and inclusion, a decline in associate writing skills and a truly mixed bag of social skills, and it is no wonder law firms find themselves stagnant and struggling to make big moves. This OpEd outlines key ways law firms can better utilize administrative resources and forge more strategic pathways.