The Texas Lawbook Quotes John Goodgame on Texas Law Firms and Their M&A Work
The Texas Lawbook has quoted Akin Gump oil and gas partner John Goodgame in its article “Texas Law Firms Exporting their M&A Expertise,” which addresses the propensity of Texas-based companies for using national law firms to handle their legal work, while law firms headquartered in Dallas and Houston are increasingly being used by out-of-state businesses.
Data collected by the publication show that major corporations based in Texas have been employing national firms for big mergers, acquisitions, joint ventures, divestitures and securities offerings. At the same time, some of the biggest Texas-based firms are seeing increased revenues by lending their legal knowledge in oil and gas law to energy companies and private equity firms headquartered beyond the Lone Star State.
Goodgame, who represented a half-dozen non-Texas energy firms in deals last year, including Arizona-based Northern Tier Energy, Kansas-based Ferrellgas and two Colorado oil companies – Bison Midstream and Westmoreland Resource Partners, said “it was natural” that companies involved in the oil, gas and power sectors across the United States “would seek legal assistance from” Texas law firms. “Houston is the world’s center for energy law expertise.”
With oil prices still depressed, Goodgame said this trend will likely continue: “As deals become more bankruptcy-oriented, we will see more financial buyers from New York, Connecticut and elsewhere stepping forward as creditors and investors.”