Summary: With oil prices at a 12-year-low, law firm Orrick, Herrington & Sutcliffe has decided to take advantage of the opportunity to open a new office in the Houston area.
Orrick, Herrington & Sutcliffe is jumping on the low gas prices and opening a new law firm in Houston, The Houston Chronicle reports. While others worry about the backlash from the low prices, Orrick sees an opportunity. Oil prices fell to $28 a barrel, the lowest price in 12 years, Time magazine reports.
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Orrick is based in San Francisco, and their new Houston location will be their 25th office in the world. Orrick is expecting a rise in litigation cases from deals between companies that have been affected by the change in oil prices. It is assumed that lawyers will also be needed to handle consolidation and restructuring work from bankruptcy filings.
“We have a long-term view of Houston and its role as a hub for energy globally,” Mitch Zuklie, Orrick’s chairman and CEO, said. They first considered opening an office in Houston nearly three years ago because of its dominance in renewables, infrastructure and power needs.
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Orrick plans to take on other non-energy areas like public financing of infrastructure projects. They’re already planning to hire 20 partners from existing law firms in the area. The lawyers will specialize in oil and gas, electrical power, public finance, renewable energy, litigation, Latin America and intellectual property.
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Other well-known law firms that plan to enter the Houston market include Arnold & Porter and Kirkland & Ellis.
Source: http://www.houstonchronicle.com/business/article/New-law-firm-opens-in-Houston-6770065.php
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