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Spurred by strength in energy deals and financings, seven Texas firms made the charts in “Corporate Scorecard 2014,” The American Lawyer’s rankings of the nation’s top dealmakers in 2013.

Also in the corporate scorecard report, seven Texas firms worked on the nation’s biggest bankruptcies filed or completed during 2013.

Houston-based Vinson & Elkins made the splashiest impact on the corporate scorecard charts, showing up in 10 separate areas of corporate work.

In separate bankruptcy listings, Akin Gump Strauss Hauer & Feld of Dallas worked on three of the nation’s largest bankruptcies in 2013.

In addition to V&E, six other Texas firms are also on Corporate Scorecard charts for corporate work: Akin Gump, Andrews Kurth, Baker Botts, and Bracewell & Giuliani, all of Houston; and McCall, Parkhurst & Horton and Thompson & Knight, both of Dallas. Thompson & Knight was not on the Texas charts last year, but the other firms were.

The BigTex firms that worked on the largest bankruptcy filings or emergences from bankruptcy in 2013 are: Akin Gump; Baker Botts; Haynes and Boone of Dallas; Kelly Hart & Hallman of Fort Worth; Locke Lord of Houston; Winstead of Dallas; and Houston-based Yetter Coleman. All of those firms, except for Akin Gump and Locke Lord, worked on the AMR Corp. bankruptcy emergence.

Last year, 11 Texas firms appeared on scorecard charts, including bankruptcy lists. Diamond McCarthy of Dallas and Houston firms Porter Hedges and Susman Godfrey were ranked in the Corporate Scorecard last year but not this year. Fulbright & Jaworski appeared on the charts last year, but it combined in June 2013 with Norton Rose and is no longer based in Texas.

“Corporate Scorecard 2014″ includes firms that handled the most or the highest value of deals or issues in eight areas of corporate transactions in 2013: IPOs and equities, mergers and acquisitions, private equity, project finance, corporate debt, securities, municipal bonds and REITs (real estate investment trusts). It also includes lists of the 10 largest bankruptcies filed in 2013 and the 10 largest bankruptcy emergences in 2013. The complete corporate scorecard is available on The American Lawyer’s website. No Texas firms were ranked for securities or REITs.

David Oelman, a V&E partner in Houston who leads the firm’s capital markets practice group, said V&E’s capital markets lawyers have been so busy because of three factors: the recent discovery of “huge” oil and gas reserves and the need to finance development of those reserves; low interest rates that lead to formation of master limited partnerships; and an uptick in initial public offerings.

Oelman said that, while there was a lot of capital market activity in 2013 in the telecom, high-tech and retail industries, a “disproportionate” amount of it was in the energy sector.

“Firms with strong energy practices have very strong deal flow and demand for service,” Oelman said. “We’re in a very fortunate position from a deal standpoint.”

Oelman said the firm’s private equity work that made the charts is also largely energy-related.

“We represent a lot of energy-focused private equity firms that have raised tremendous amounts of money looking to invest in energy projects,” he said.

Here is some detail on some of the deal areas in the scorecard.

IPOs

IPOs continue to be a strong area for Texas firms, with V&E, Akin Gump and Baker Botts each ranked on scorecard charts for IPOs in 2013. V&E was ranked first for representing issuers of U.S. IPOs by value, with $7,163 million in 2013, and the firm also ranked fourth for working on nine major IPOs during the year.

Baker Botts was ranked third by value for representing underwriters in U.S. IPOs priced at $4,592 million. Also, Akin Gump was ranked second for representing issuers by value on non-U.S. IPOs priced at $288 million.

Texas firms V&E, Baker Botts and Andrews Kurth worked on nine of the 10 largest Texas IPOs priced in 2013. [See " Top Texas IPOs in 2013," page 8.]

During 2013, a total of 222 U.S. IPOs were priced, raising a total of $55 billion, according to Renaissance Capital of Greenwich, Conn.

Mergers and Acquisitions

The value of U.S. mergers and acquisitions involving a U.S. target company totaled $893.1 billion in 2013, up 3.8 percent when compared with $860.1 billion in 2012, according to statistics compiled by mergermarket, an independent mergers and acquisition reporting company. The value of domestic deals hit $728.2 billion in 2013, up 9.1 percent from $667.7 billion in 2012, mergermarket reports.

Domestic mergers and acquisitions in the energy, mining and utilities sector totaled $137.5 million in 2013, compared with $160.6 billion in 2012. [See " Texas' Top Deals of 2013" on page 10.]

Akin Gump, Baker Botts, Bracewell, and V&E are the large Texas firms ranked on corporate scorecard charts for M&A work in 2013.

Municipal Bonds

Texas firms continue to play significant roles in municipal bond work, with Andrews Kurth, Bracewell and McCall Parkhurst each among the nation’s leading firms for bond work. McCall Parkhurst, a bond, securities and tax firm, is ranked on all four municipal bond charts.

Firm Ranking by Value of Deals or Issues Value Ranking by Volume of Deals or Issues Number
Akin Gump Strauss Hauer & Feld
IPOs and Equities (Non-U.S. IPOs), issuer’s counsel by value 2 $288 million
Mergers and acquisitions, principal counsel by volume 12 37
Private equity, counsel by volume 10 (tie) 3
Andrews Kurth
Municipal bonds, underwriter’s counsel by volume 2 197
Municipal bonds, underwriter’s counsel by value 12 $3,537 million
Baker Botts
IPOs and Equities (U.S. IPOs), underwriter’s counsel by value 3 $4,592 million
IPOS and Equities (non-IPO equities) issuer’s counsel by value 5 $6,877 million
Mergers and acquisitions, investment counsel by value 19 $14,864 million
Bracewell & Giuliani
Mergers and acquisitions, investment counsel by volume 14 9
Mergers and acquisitions, investment counsel by value 16 $18,374 million
Municipal bonds, bond counsel by value 11 $5,169 million
Municipal bonds, underwriter’s counsel by volume 13 71
McCall, Parkhurst & Horton
Municipal bonds, bond counsel by volume 4 365
Municipal bonds, bond counsel by value 6 $10,334 million
Municipal bonds, underwriter’s counsel by volume 4 150
Municipal bonds, underwriter’s counsel by value 11 $4,109 million
Thompson & Knight
Private equity, counsel by volume 10 (tie) 3
Vinson & Elkins
IPOs and Equities (U.S. IPOs), issuer’s counsel by volume 4 9
IPOs and Equities (U.S. IPOs), issuer’s counsel by value 1 $7,163 million
IPOS and Equities (non-IPO equities) issuer’s counsel by volume 1 (tie) 31
IPOs and Equities (non-IPO equities) issuer’s counsel by value 3 $8,601 million
Mergers and acquisitions, principal counsel by volume 7 51
Mergers and acquisitions, principal counsel by value 17 $68,670 million
Private equity, counsel by volume 10 (tie) 3
Project finance, counsel by value 16 $5,625 million
Corporate debt (high yield), issuer’s counsel by volume 5 29
Corporate debt (high yield), issuer’s counsel by value 9 $12,531 million
These Texas-based firms are among the top firms nationwide on The American Lawyer’s Corporate Scorecard 2014. It includes firms that handled the highest value of deals or issues in eight areas of corporate financing: IPOs and equities, mergers and acquisitions, private equity, project finance, corporate debt, securities, municipal bonds and REIT. For the complete list, look online at The American Lawyer, an affiliate of Texas Lawyer.
Source: The American Lawyer
Bankruptcies
The American Lawyer’s 2014 Corporate Scorecard also includes charts of the 10 largest bankruptcies filed in 2013 and the 10 largest bankruptcy emergences in 2013.
Akin Gump Strauss Hauer & Feld petitioning counsel/debtor’s counsel in Penson Worldwide Inc. filing
creditor committee counsel in Excel Maritime Carriers Ltd. filing
petitioning counsel/debtor’s counsel in Penson Worldwide Inc. emergence
Baker Botts petitioning counsel/debtor’s counsel in AMR Corp. emergence
Haynes and Boone petitioning counsel/debtor’s counsel in AMR Corp. emergence
Kelly Hart & Hallman petitioning counsel/debtor’s counsel in AMR Corp. emergence
Locke Lord petitioning counsel/debtor’s counsel in Residential Capital emergence
Winstead petitioning counsel/debtor’s counsel in AMR Corp. emergence
Yetter Coleman petitioning counsel/debtor’s counsel in AMR Corp. emergence