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Dallas Bankruptcy Judge Harold Abramson described himself as a “monkey with a machine gun.” The quote reaffirmed the judge’s unpredictability and caused bankruptcy lawyers representing large companies to file their cases in New York or Delaware. Nearly 20 years later, Abramson is long gone and Texas judges are widely praised for their expertise, but Texas companies continue to snub bankruptcy courts in DFW, Houston and Austin. Why? The Texas Lawbook examines the issue.

Business bankruptcy restructuring in Texas declined 20 percent in 2014 and plummeted more than 56 percent during the past five years. Experts point to a booming economy, low interest rates, an unprecedented access to cash through the emergence of a shadow banking system and the ballooning cost of litigating a case in bankruptcy court. But the streak may end in 2015 thanks to falling oil prices.

“There is going to be a horrible re-awakening in March when E&P companies are required to reset their borrowing basis based on reserves,” says William Snyder of Deloitte. “We will see massive hemorrhaging in the smaller oil and gas companies. By May and June, we are going to see a lot of pain out there.”

Meredith Parenti is ringing in the New Year by arguing against the constitutionality of the Highway Beautification Act on behalf of an Austin area business owner.

The court will hear arguments in two cases involving Life Partners Inc., a Waco company that pioneered the secondary market for life insurance in 1991.

Jackson Walker won the latest round in a long-running and hard-fought media law case that pits two prominent Texas law firms in a pro bono case where attorney time on each side has reached or surpassed the $1 million mark.