Free Speech, Due Process and Trial by Jury
Oilfield services providers followed with 204 bankruptcies over the last five years and midstream providers amounted to 30, according to Haynes and Boone. But few in the oil and gas industry will be immune given low oil prices and uncertainty around the demand-sapping coronavirus.
When a Massachusetts fantasy baseball contestant sued the Houston Astros in Manhattan federal court in January, legal commentators thought the case would take several months or even years before being resolved. But Hilary Preston and Michael Holmes knew better about U.S. District Judge Jed Rakoff. Nine weeks later, the case against the Astros has been dismissed. Here's how it happened.
Commodity prices fell precipitously in the first quarter of 2020 as crude producers are getting hit on both the supply and demand sides. The U.S. is reportedly only weeks away from running out of crude oil storage capacity. Many E&P and midstream companies are evaluating whether to reduce production or pipeline capacity and/or shut in wells. The issue became more urgent last weekend when the Texas Railroad Commission reported that some oil companies are already receiving letters from shippers demanding production cuts and citing the unavailability of storage capacity.
Gibson Dunn managing partner Rob Walters, fresh out of the hospital after testing positive with the coronavirus, has a unique perspective on the potential impact that COVID-19 and cheap oil prices could have on Texas law firms: “This will affect the entire legal industry [and] prove fatal for some fine businesses and law firms.”
Legal industry experts say corporate law firms across Texas should be more worried than they appear to be. Many need to cancel summer associate programs, tell new lawyers that they may not be needed this fall, start reductions in associate salaries and hold back partner draws. “It could get very bad and the Texas legal market will take an even bigger hit than others,” says an Altman Weil analyst. The Texas Lawbook provides an exclusive, in-depth report.
The Texas Supreme Court issued a new emergency order Wednesday that officially stays or tolls “any statute-of-limitations deadlines for the filing or service of any civil case” between March 13 and June 1. The new order takes discretion away from trial judges.
The results contrast with Haynes and Boone’s fall survey, which found the largest share of respondents predicting a 10% decrease during redetermination season.
A widely monitored and hotly contested patent dispute in the oil patch likely ended Tuesday when a federal appeals court ruled that energy giant Schlumberger did not infringe on the intellectual property of legendary Houston energy inventor and lawyer, Dr. Claude Cooke.
Arbitrators in commercial civil disputes may change their minds and reverse their own final decisions without the worry of any review by federal judges, even in cases in which judges believe the arbitrator committed “grave error.” The Fifth Circuit ruled in favor of AT&T, which has been in a five-year-long labor dispute with one of its labor unions, the Communications Workers of America.
Preliminary data shows that global deal value slid 28% in the first quarter, with private equity firms making up a bigger chunk. Texas dealmakers haven’t been immune, although last week saw flat activity year-over-year with deal closings, restructuring work and private equity reloading to hunt for opportunities.
Corporate law firm leaders across Texas are scrambling to figure out what to tell the hundreds of increasingly nervous law students scheduled to participate in summer associate programs scheduled to start in about six weeks. Sidley is delaying its summer clerks arrival for two weeks. Other firms are not sure.
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