Invoking the seldom-cited Eleventh Amendment, the U.S. Third Circuit ruled that a law allowing the use of federal powers of eminent domain could not be used against property owned by state governments. The ruling will likely disrupt a number of natural gas pipeline projects aimed at bolstering the nation’s energy infrastructure. Tony Mauro explains the stakes.
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Pandemic Finances – From Fear to Confidence (Part 2)The Saving Grace: Technology and Firm Culture
Texas corporate law firms salvaged their 2020 revenues because of strong demand from clients trying to navigate a perplexing business environment and a surprising capacity, heretofore hidden or rarely called upon, to supply those services remotely. Even though firms leapt into it literally overnight with no time to plan and prepare, remote working proved effective and efficient last year.
“The pandemic impacted how we did business much more than the business we did,” said King & Spalding’s Houston office leader Tracie Renfroe.
Pandemic Finances: The Charts
2020 Revenues v. 2019 More or Less Than Expected? Pandemic or Oil? Revenues per Lawyer Above $1 Million Revenues per Lawyer Below $1 Million Profits Per Partner: Top 13 Profits
Fertitta Empire to Go Public via $1.4 Billion SPAC Deal
In his third SPAC transactions in a matter of weeks, Houston entertainment entrepreneur Tilman Fertitta is taking his restaurant and gaming assets public. Caroline Evans has the names of those involved in the merger of his $6.6B company with a $200 million special acquisition entity known as FAST.
Sheppard Mullin, Kirkland Advise on $1.6 Billion Blackstone Deal to Acquire Interior Logic Group
The Carrollton-based company offers broader visualization of construction projects. Caroline Evans has details of the deal.
Legal Departments: Doing More with Less
For any industry, what goes up must come down. We see this in the airline industry on a minute-by-minute basis as planes take off and land as scheduled. In 2020, COVID-19 brought radical and immediate changes to businesses and their legal departments. Like airlines, the key is to agree on a flight plan and bring everyone in for a soft landing.
Fifth Circuit Blasts Federal Judge Lynn Hughes for Bias — Again
Federal appellate courts almost never remove an Article III judge from a case, but the U.S. Court of Appeals for the Fifth Circuit did so Friday for the third time in three years to U.S. District Judge Lynn Hughes of Houston. As a result, a professor’s employment discriminatiuon case against Sam Houston State University gets new life.
UT Law’s Steve Vladeck: Blocked by Ken Paxton’s Twitter feed, but Broadcast Nationwide
He’s been blocked from Ken Paxton’s Twitter feed and gained a “9” from Roomrater for the memorabilia-laden background he displays for his Zoom interviews on CNN. But UT Professor Stephen Vladeck is gaining notice, both as a scholar and as a high-profile commentator on the rule and the role of law. The Lawbook’s Tony Mauro has a profile.
Pandemic Finances — From Fear to Confidence (Part 1) In 2020, Texas Firms Dodge Worst Fears
Eleven months ago, law firm leaders looked into the abyss. Covid-19 had shuttered offices. Oil prices had plunged. Unprecedented disruptions loomed for corporate clients. The law firms feared drastic declines in revenues, wiped-out profits and painful layoffs.
The Texas Lawbook surveyed 26 law firms on what really happened during the pandemic. In the first of a three-part series, The Lawbook provides an advanced look at 2020 Texas law firm finances and operations. “All of us should be on bended knee, giving thanks,” said Jackson Walker’s Wade Cooper.
DBJ: Pizza Buffet CiCi’s Files for Bankruptcy
The Irving-based pizza chain filed for bankruptcy after more than a decade of gradual decline and the effects of the Covid-19 pandemic, it said in court records.