Big Law Braces for Oil Fallout With Houston Hometown Edge Faded

Law firms in Houston are anticipating a surge in bankruptcy filings for oil and gas producers, and who wins that work could impact which firms have a competitive advantage when the industry’s financial lifeline, M&A deals, turns back on.

Shuffled Competition: Houston has become a hub for the biggest of Big Law firms. Ten of the country’s 15 largest firms have opened an office in the city since 2005. Firms that have made the biggest gains in deal work involving Texas energy companies include Kirkland & Ellis, Latham & Watkins, Sidley Austin, and Gibson Dunn. Some of those national firms ...