Most Highly Regarded Firms: Texas 2008 - Capital Markets
We identify 22 capital markets practitioners in this chapter. Vinson & Elkins LLP lays claim to nine of the names on our list, an increase of three on last year.
A "capital markets thoroughbred", the firm's record on IPOs is reportedly "second to none", and it has made the most of demand for investment in master limited partnerships and representation of private equity funds. The firm represents issuers and underwriters. Co-head of the corporate finance and securities practice Mark Kelly is "one of the top practitioners in the state", according to sources. He is experienced in IPOs of equity securities, and public and private debt securities, and has presided over extensive domestic and cross-border debt and equity offerings. Kevin Lewis is Asia offices liaison at the firm, maintaining links he built after a stint at the Singapore office. He is renowned for his expertise on airline IPOs for clients such as Continental Airlines and was involved in what was at one time the largest US airline IPO in history, for ExpressJet Holdings. Michael Harrington is another "outstanding" lawyer with experience in the airline industry. One of his chief clients is Southwest Airlines. He predominantly represents public companies in debt and equity matters. "Clients love" David Oelman, who has acted for Targa, Inergy, Merrill Lynch and Goldman Sachs among others. He acts in public offerings and private placements of equity and debt, among other matters. The "excellent" William Finnegan is "great for complex work and good at structuring and resolving difficult issues". His work spans IPOs and other equity and debt offerings. James Prince is "very experienced and respected", and deals with transactions such as underwritten public offerings and private placements. He has special expertise in oil and gas work. Robert Rabalais is "very bright", and focuses on capital markets financings. David Stone's practice includes high yield and other debt capital markets financings. He recently represented underwriters on a $2.75 billion offering of convertible notes. Jeffrey Chapman was also consistently recommended for his "pragmatic and solutions-orientated" approach to deals. He represents issuers and underwriters in public and private securities transactions.
Baker Botts LLP has an "awesome reputation" for corporate work, and its capital markets practice is no exception. Equally well regarded as issuers' and underwriters' counsel, the firm handles matters such as IPOs, secondary offerings, spin-offs and standby redemptions. Peers note Baker Botts' "excellent form" for MLP IPOs. Recent offerings include Westlake Chemical's $171 million IPO of common stock and Wachovia Securities' $2 billion Rule 144A offering of senior notes issued by Enterprise Products Operating. Rick Goyne's position as "one of the best capital market lawyers in Texas" was confirmed by a host of our sources. His experience in high-yield offerings was noted, especially on behalf of energy industry issuers. He recently represented an oil and gas company on a $1.25 billion multiple issuance of high-yield debt securities. Stephen Massad was also hailed as a "leading light of the Texas capital markets scene". An expert in the oil, gas, power and chemicals sectors, he recently oversaw the 20 per cent IPO of Reliant Resources and spin-off of the remaining interest in the company as part of Reliant Energy's restructuring into CenterPoint Energy and Reliant Resources. Joe Poff is also well regarded for his work in the oil, gas and energy sectors, and works on public, private, Rule 144A and Regulation S securities offerings. He represented NCI Building Systems on a $180 million Rule 144A offering of contingent convertible senior subordinated notes. Joshua Davidson is a "superb underwriters counsel", with special expertise in handling the equity and debt public offerings and private placements of MLPs. Recent IPO clients include Quest Energy Partners, Global Partners and Plains All American Pipeline. Also praised for his skill at representing underwriters is Theodore Paris, who heads the corporate department in Houston. He represents issuers and selling shareholders in public offerings and Rule 144A transactions for clients from industries such as oil and gas exploration and production, information technology, medical products distribution and industrial services. He has completed common stock and convertible subordinated debt offerings for Apache Corporation, and multiple investment-grade debt offerings for Sysco Corporation. Andrew Baker divides his practice between the firm's Houston and Dallas offices. Recent work includes the $307 million IPO of the Dr Pepper/Seven-Up Companies and KBR's $544 million IPO. Charles Szalkowski specialises in technology and emerging growth companies, and represents a wide variety of clients including non-profit organisations. As well as IPOs and other securities offerings, he has advised clients such as Link Energy on securities regulatory matters.
The group at Andrews Kurth LLP has a "fantastic reputation", especially when it comes to representing energy and technology companies. The firm has been involved with over 80 per cent of existing MLPs and also works on other complex business structures such as REITs. Michael O'Leary and Robert Jewell are highly recommended as "superb counsel with a real feel for the local market".
Akin Gump Strauss Hauer & Feld LLP fields "an established group that provides stiff competition in the state". Michael Dillard heads the firm's energy and global transactions practice. He has special expertise in performing securities offerings for energy companies, and has also represented clients from the retail, high technology and manufacturing industries in debt and equity securities issuance. Russia expert William Morris is "a star for debt securities work", and his past issuances total over $75 billion.
Gibson Dunn & Crutcher LLP completes our listing of Texas's top capital markets lawyers. Representing underwriters such as Merrill Lynch, Bank of America, Goldman Sachs and UBS, the firm also acts for issuers including Centennial communications, Tyco and Pitney Bowes. The firm's strength in the real estate area was noted by peers, as was its work in the energy sector. Irwin Sentilles "has a wealth of industry experience across the board", according to sources. He recently represented DR Horton on its issuances of $2.25 billion in senior notes. Michael Rosenthal is co-chair of the firm's business restructuring and reorganisation practice group, and practises in both Dallas and New York, and represents companies from the energy, retail, real estate and banking sectors, among others.