Elizabeth Ising spoke to Governance Intelligence about the significance of two transactions that were recognized at the Corporate Governance Awards.

Watch the full interview.

George Hazel and Gregg Costa, both former federal judges, discuss with The AmLaw Litigation Daily critical trial moments, debating whether opening statements, closing arguments, or witness testimony have the greatest impact on jurors.

Read the full article on The AmLaw Litigation Daily [PDF].

As an editor of the ninth edition of Global Investigations Review’s Guide to Global Investigations, Winston Chan sat down to discuss the biggest changes in enforcement seen throughout 2024.

Read the full Q&A on Global Investigations Review (subscription required).

Keith Enright and Ashlie Beringer spoke with Law360 Pulse to discuss how their in-house experience enables them to address the growing challenges of AI and data privacy for global clients.

Read the full interview on Law360 Pulse [PDF].

Rahim Moloo joined the BBC: Business Daily to discuss the Sea Search Armada LLC v. Republic of Colombia case.

Listen to the full episode on BBC Sounds.

As tensions rise over the federal lawsuit challenging changes to New York’s Medicaid program, Akiva Shapiro joined Spectrum News 1 Capital Tonight to discuss his role in representing the agencies that filed the suit.

Watch the full segment on Spectrum News 1.

Karin Portlock joined 2 News Oklahoma to discuss the appeal of the dismissal of a civil rights lawsuit following the fatal police shooting of Terence Crutcher in 2016.

Watch the full segment on 2 News Oklahoma.

The Daily Journal recently highlighted Maurice Suh’s leadership in an international legal challenge on behalf of US Olympic gymnast Jordan Chiles, over the decision that stripped Chiles of her bronze medal at the 2024 Olympic Games.

Read the full article on Daily Journal (subscription required).

The Financial Times featured Eugene Scalia as a leading figure in defending major companies against increased government regulations, utilizing his deep understanding of federal government operations and legal expertise to successfully challenge high-profile regulations.

Read the full article in the Financial Times [PDF].

Liz Ryan sat down with The Texas Lawbook to discuss her decision to join Gibson Dunn, her experiences collaborating with the firm, the importance of humanizing corporate clients in trial, and the effectiveness of traditional techniques in connecting with jurors.

Read the full interview in The Texas Lawbook (subscription required).

Stephen Glover discussed the rise in shareholder activism in 2024 with Financier Worldwide, focusing on operational and strategic issues, governance challenges, and the increasing impact of proxy contest rules in driving activist campaigns.

Read the full article in Financier Worldwide.

Gregg Costa and George Hazel are featured in The AmLaw Litigation Daily discussing their new podcast “A View from the Bench.”

Read the full article on The AmLaw Litigation Daily [PDF].

Michael Cannon spoke to Forbes about the new IRS online registration for tax credit transfers and how the user guide will be helpful in streamlining filing.

Read the full article on Forbes.

Kevin Masuda was interviewed by the Harvard Journal of Sports and Entertainment Law sharing his career, favorite projects and parts of his job, trends in entertainment industry, and advice for current law students.

Read the full interview on Journal of Sports & Entertainment Law.

Gregg Costa was featured in the Global Restructuring Review’s overview of the Jay Westbrook Bankruptcy Conference, discussing his thoughts on the Third Circuit’s recent decision.

Read the full article on Global Restructuring Review (subscription required).

A new powerhouse has surfaced in the energy deals market.

Gibson, Dunn & Crutcher has worked on more than $90 billion worth of energy deals so far this year, the highest of any law firm. The century-old, Los Angeles-founded firm, best known for its litigation practice, has steadily climbed the energy deals leader board since opening a Houston office more than six years ago.

Several Big Law firms have tried to plant a flag in Texas in the past decade to capture a share of the lucrative energy M&A market. Few have succeeded at the same rate as Gibson Dunn, which sits ahead of longtime local competitors and massive newer entrants in total number of energy deals so far this year.

“They entered with some really good, solid lateral groups from other firms, whereas other firms are not as patient,” said Tim Regan, a Texas legal recruiter. “Gibson’s success is based on who they started with, their foundation partners.”

Its position in the rankings is a product of the firm’s strategic move in 2017 to expand its oil and gas practice by investing in Houston, said Michael Darden, co-chair of Gibson Dunn’s oil and gas practice. Darden joined the office the same year from Latham & Watkins, another major firm whose success in the state is seen as a blueprint for outsiders.

“We have focused on very high-caliber and well-known attorneys who can develop business, have reputations and have relationships,” said Darden. “We started with baby steps but little by little we got on deals, then higher profile deals and more of them.”

“The Texas market is much more heavily relationship-based versus the work I’ve seen in New York, where they’re shopping law firms,” said Regan.

Gibson Dunn also hired Justin Stolte from Apache Corporation and Gerry Spedale, Hillary Holmes, Tull Florey, Shalla Prichard, James Chenoweth and Doug Rayburn from Baker Botts to build out its Houston team of founding partners.

Last year, it picked up Simpson Thacher & Bartlett investment funds partner James Hays, who launched the firm’s fund formation practice and advises on other components of alternative investment management in Houston. The firm in May added Kirkland partner Rahul Vashi, who counts Northern Oil & Gas Inc. and Devon Energy Corp. among his clients, to co-chair the oil and gas practice group with Darden.

The Deals

Gibson Dunn’s lawyers advised Pioneer Natural Resources in its $59.5 billion sale to ExxonMobil, a deal announced last month.

The firm in June advised Patterson-UTI Energy, Inc. on its $5.4 billion merger with NexTier Oilfield Solutions Inc. The next month, it represented Berkshire Hathaway Energy on its purchase of a stake in Cove Point LNG in a transaction valued at $3.3 billion.

It has also made a mark in the overseas energy market. In March, Gibson Dunn’s Dubai partners advised Abu Dhabi National Oil Company and ADNOC Gas on the IPO of ADNOC Gas, the largest-ever listing on the Abu Dhabi Securities Exchange (ADX). It was also the largest global IPO this year.

The firm’s rise comes in a down year for M&A, which drives revenue for many major corporate law firms. Energy deals have been one of the year’s few bright spots. That’s thanks in part to a pair of blockbuster energy deals in October: The ExxonMobil-Pioneer acquisition and Chevron’s $53 billion purchase of Hess Corporation.

The deals helped boost energy transactions volume in the fourth quarter of the year to more than $158 billion. That’s already the highest quarterly total in more than two years for transactions involving coal, oil, gas, pipelines, and alternate sources, according to Bloomberg data.

Commodity prices and stability are driving the surge, said Lande Spottswood, an M&A and capital markets partner at Vinson & Elkins.

“We had this period of pretty high commodity prices last year with Russia’s invasion, which really helped companies get their balance sheets in order and generate a lot of cash,” she said. “And then we’ve had this period of relative stability in prices, in equity, in valuations.”

The Competition

Vinson & Elkins has remained at the top of local firms that have long dominated the state’s energy market, according to Bloomberg data. It’s among the “Big Three,” along with Baker Botts, and Norton Rose Fulbright (previously called Fulbright Jaworski).

Several national firms have descended on the state in the past decade, seeking a share of the pie. Large corporate firms, including Latham & Watkins, which opened its Houston office in 2010 and Kirkland & Ellis, which followed in 2014, led the charge. Their sizable private equity practices and deep pockets dwarfed those of most local players. Wall Street’s Davis Polk, despite not having a Texas office, secured the second spot on the energy league tables, tailing Gibson Dunn.

Latham has also been among the most successful newcomers, according to Bloomberg data. The firm’s move into Texas—with lateral hires from across V&E, Baker Botts, and Akin Gump—was at the front end of a wave of Big Law moves into the Lone Star State.

“Latham was definitely the first to come into the market and they made some really big flashy hires, significant partners, and built a big office pretty quick,” said Regan.

Others have had a harder time making a mark.

Willkie Farr & Gallagher entered Houston in 2014, looking to flex its private equity power. The three partners who founded the office all left last year for different firms, among wider exits. Cadwalader, Wickersham & Taft closed its six-year-old Houston office in 2017 to focus on financial institutions instead of energy and commodities.

Looking Ahead

Gibson Dunn is among several major law firms that have tinkered with partner pay in recent years to try to attract and retain rainmakers, especially on the deals side. The firm’s top partners reportedly can earn as much $13 million per year.

The firm is still looking to grow its energy practice, which also has a presence in London and Singapore and recently expanded into the UAE, Darden said. It’s also likely to see new competition in Texas.

Clifford Chance, a UK “Magic Circle” firm, in June opened an office in Houston. The outpost launched with a 10-partner team focused on energy infrastructure transactions, including hires from Jones Day, Kirkland, and Latham.

“Especially with Shearman & Sterling’s merger with Allen & Overy and Clifford Chance opening in Houston, I think there could be a couple more firms opening offices in the future,” said Wendy Boone, a recruiter at Lateral Link.

Reproduced with permission. Copyright November 20, 2023, Bloomberg Industry Group 800-372-1033 https://www.bloombergindustry.com

Trey Cox recently spoke with The Texas Lawbook on Gibson Dunn’s growth in Texas, his practice, and advice for young attorneys.

Read the full Q&A on The Texas Lawbook [PDF].

Cynthia Mabry was interviewed by RealTransparentDisclosure.com, discussing the impact of the Corporate Sustainability Reporting Directive on US company’s SEC and sustainability reporting.

Watch the interview on RealTransparentDisclosure.com.

Eugene Scalia was quoted in Law360 discussing his high court debut and why it is important to him.

Read the full article on Law360 [PDF]. 

Eugene Scalia was featured in The National Law Journal discussing his upcoming first Supreme Court argument and the significance to him.

Read the full article on The National Law Journal [PDF].