The first six months of 2020 downright sucked for corporate M&A law firms. New Mergermarket data shows that 11 of the top 12 corporate practices did fewer transactions involving Texas-based businesses than they did the year before. For the first time in 13 years, no firm reported working on at least 30 Texas transactions. The Texas Lawbook has the law firm rankings.
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SCOTX Cancels July Bar Exam, Going Online for October
A divided Texas Supreme Court decided Friday to cancel the bar examination scheduled for late July due to increasing concerns about “the recent surge in COVID-19 cases” and “uncertainty regarding the availability of examination sites.”
Bankruptcy Update: A Fast Food Franchisee, A Sand Company & A Big Exit
The country’s largest franchisee of two major fast food chains, a fairly new company that is the product of the No. 1 and No. 3 largest sand suppliers in the U.S. and an exit by a behemoth oilfield services company are the latest happenings on U.S. Bankruptcy Judge David Jones’ docket in the Southern District of Texas. Plus, an upcoming Ch. 11 to watch out for.
IP Group and Corporate Attorney Leave Winstead for Dallas Firm
John Shackelford said his firm has never before had the depth of expertise the Winstead IP group represents.
M&A Hits Lowest Mark Since 2009
UPDATED: Texas-headquartered dealmaking has plummeted to historic levels in 2020. The second quarter had only 89 deals, only one more than Q1 2009, at the nadir of the Great Recession. The Texas Lawbook has the numbers and they include a nearly 94% drop in year-over-year value from 2019.
State Bar Discipline
The State Bar of Texas reported its formal actions for June, including 3 disbarments, 11 lawyers suspended and 2 public reprimands. There were no judicial actions reported.
Dallas Distributor Sues Red Bull for $31M
The lawsuit claims Red Bull committed fraud, breached its fiduciary duty and breached a contract when it ended its two-decade business relationship with KC Distributing despite promises that KC would not be terminated and despite significant investments KC had made.
Lilis Energy Seeks to Restructure
Another Texas exploration and production company has sought protection under Chapter 11 of the U.S. Bankruptcy Code. Fort Worth-based Lilis Energy filed Tuesday in the U.S. District Court in the Southern District of Texas, citing $251 million of debt.
Texas Supreme Court Extends, Modifies COVID-19 Emergency Order Again
In what has become a monthly ritual, the state’s highest court issued its 18th emergency order related to the COVID-19 pandemic that essentially extends its previous emergency order from May 26 for another month, except in a few specific circumstances. The ban on civil and criminal jury trials, as well as civil case filing deadlines, have been extended into September.
Nicole Lynn’s Double Shift: Corporate Litigator and NFL Sports Agent
An associate at Norton Rose Fulbright, Nicole Lynn is also a sports agent with Lil Wayne’s Young Money agency and the only African American female agent to represent a top 10 NFL draft pick. Lynn is part of a team representing an offshore equipment company in a $550 million dispute and litigating a major Voting Rights Act case on behalf of students at Prairie View A&M.