Tom McCaffrey Quoted in Texas Lawyer on Need for Financial Restructuring Know-How in Serving Energy Clients
Texas Lawyer has quoted Akin Gump oil and gas partner Tom McCaffrey in its article “Firms Finding Work in Distress,” looking at law firms in Texas doing distressed asset sale and acquisition work in the energy industry.
The article reports that distressed-asset purchases are providing opportunities for Texas law firms with energy practices and experience in the bankruptcy and restructuring area. This is attributed to the growing number of energy companies that are selling off assets to raise cash or selling assets through bankruptcy.
McCaffrey said having both energy-transactions lawyers and financial restructuring lawyers is critical for law firms. “It’s multidisciplinary,” he said, noting that many firms in Texas may have the energy-transactions background, but didn’t have the need until recently for restructuring as well. “Over the last couple years it has been very, very busy for some firms. Some firms have not had what I will call the same level of activity. It requires a certain expertise.”