Akin Gump Profiled by Law360 as a “Texas Powerhouse”

Akin Gump has been included in Law360’s list of  2019 “Texas Powerhouses” a recognition of the law firms “that showed prowess in delivering for their clients across a wide range of practice groups” and that are “bucking the perception that energy is the only market in Texas.” The firm is cited for its work on major transaction and litigation matters around the Lone Star State, including advising AT&T in its purchase of Time Warner and representing Diamondback Energy in its $9.2 billion acquisition of Energen Corp.

Christine LaFollette, partner in charge of Akin Gump’s Houston office, said the firm had a banner year, but credited the firm’s success to its clients. “We are doing very high-level transactions [and litigation] for them— ‘bet the company’ kind of stuff.”

A number of deals handled by the firm’s Texas lawyers were highlighted, including Diamondback’s purchase of Energen (click here to learn more), Viper Energy Partners LP’s two public offerings of units each valued at more than $300 million (click here and here), and Rattler Midstream’s upsized $665 million IPO (click here).

On the litigation side, Scott Barnard, partner in charge of Akin Gump’s Dallas office, said the firm had seen an uptick in bankruptcy, securities, oil and gas, and commercial litigation. This included representing the committee of unsecured creditors in iHeartMedia Inc.’s $16 billion Chapter 11 bankruptcy where, in January, a Texas bankruptcy judge confirmed the company’s reorganization plan that allowed it to reduce its debt burden significantly.

Barnard said, “It was a very rough and tumble litigation.” As for bankruptcy work in general, Barnard described it as “very fast and furious. There is always a deadline that is always coming up and people have to scramble and move very quickly.”

Akin Gump’s work on the AT&T/Time Warner deal (click here to learn more) included serving as counsel to AT&T on its preclose integration planning efforts, which, as Law360 noted, were aimed at delivering the benefits of the deal while ensuring compliance with all of the antitrust laws that set boundaries prior to close.

Litigation partner Michael Warnecke described the nature of the work as being there for the client between when a deal is announced and when it closes. “AT&T doesn't want to let that time period go to waste. They want to be planning to deliver those synergies. That is why there is so much activity. The basic challenge for us is to work at the speed of business.”

To underscore the strength of Akin Gump’s lawyers, Barnard spoke of those who have left the firm to take positions as general counsel for private companies, including Diamondback, railcar parts and services provider Trinity Industries and marketing company Epsilon. The moves, he said, have helped strengthen the firm’s relationships with its clients.

“It is a bittersweet thing because you don’t want to lose your partners, but you have clients who have such faith in the Akin Gump partners that they want them to help run the company,” said Barnard.