Houston Attorneys Strike Oil in Tight Legal Market
Attorneys with energy law expertise are in high demand in Texas thanks in a large part to the high oil prices and a resulting boom in U.S. drilling over the past few years.
The Wall Street Journal in a related story describes how the boom time came for Houston attorneys with expertise in energy, especially the oil industry. With more energy deals taking place because of increased activity in the oil industry, more law firms are opening and expanding their Texas offices, the center of the U.S. oil industry.
Even the recently announced merger between U.K.-based Norton Rose and Houston-based Fulbright & Jaworski was in part driven by Fulbright's energy practice according to the WSJ. Oil and gas deals have accounted for 13.5 percent of the M&As this year compared to a decade ago when the figure was just 5.3 percent.
The WSJ also reports that law firms are now offering multiyear contracts of $2 million as annual pay to partners and experienced associates who can earn $240,000 in total compensation including bonuses are also being given offers with a 10-20 percent pay raise, a significant amount in market known for regimented pay scales.