Paul, Weiss, Rifkind, Wharton & Garrison, a well-established law firm, has started discussions regarding the possibility of opening a new office in Houston. This would be the firm’s first ever branch in Texas. The move appears to be a strategic decision to strengthen the firm’s standing within the energy deals market.
The law firm, currently boasting nine global offices, has reached out to partners in rival firms with the goal of recruiting a Houston-based team. However, this plan would only come to fruition if the team recruited meets the firm’s high standard, according to individuals familiar with the matter.
Interestingly, it’s the energy sector that’s become a beacon of activity amidst a deals market that’s been described as slow. This can be attributed largely to two significant transactions that took place this year. Exxon Mobil Corp. acquired Pioneer Natural Resources for a whopping $59.5 billion, while Chevron Corp. purchased Hess Corp. for an impressive $53 billion.
Having advised Chevron on the aforementioned Hess deal, Paul Weiss has already proven its capability within the energy deals sector. In fact, as reported by Bloomberg, the firm was ranked third in terms of global energy transactions volume in 2023, accounting for nearly $78 billion. Only Gibson Dunn & Crutcher and Davis Polk & Wardwell surpassed Paul Weiss in this domain.
In September, Paul Weiss moved to strengthen its infrastructure practice by enlisting Ravi Purohit, formerly of Latham & Watkins. Purohit, with a background in energy and infrastructure law, now co-leads the firm’s infrastructure practice in New York. This move further contributes to Paul Weiss’s ambition of establishing itself more forcefully within the energy sector.
Notably, several national firms have been drawn to the business environment in Houston. Latham & Watkins was a trailblazer in this respect, opening its Houston office back in 2010, with Kirkland & Ellis following suit in 2014.
The original report was brought to attention by Bloomberg Industry Group.