Shearman And Sterling

News March 15, 2023

Shearman & Sterling Celebrates 5-Year Anniversary in Texas

The firm opened its first office in Austin in 2018 and has since expanded in Houston and Dallas

Shearman & Sterling is celebrating the five-year anniversary of the firm’s launch in Texas. The global law firm opened its first office in Austin in March 2018 focused on advising emerging growth companies in the technology and life sciences industries, as well as litigation.

Shearman & Sterling rapidly expanded, opening in Houston in 2018 and Dallas in 2020, and now has over 70 attorneys, and 24 partners in the state. Since launching, the firm has welcomed approximately 1,000 new clients, and has worked on over 2,000 matters. The firm is continuing the execution of its global strategy to expand its core practices in key geographies aligning with market opportunities.

Shearman & Sterling has developed robust transactional practices across Texas over the last few years and continues to rapidly grow its disputes offering in the region. The firm’s offices are focused on venture capital, mergers and acquisitions, private equity, disputes, finance and capital markets.

David Beveridge, Senior Partner at Shearman & Sterling, commented: “Texas is a key part of our growth strategy and our expansion in the state signifies our continued commitment to our growth plans in the U.S. Texas is now home to more Fortune 500 companies than any other state, and we as a firm saw immense opportunity for future growth. In just five years, we have successfully established ourselves as one of the key players in the market, having advised on some of the most complex and high-profile transactions for a wide range of clients. We look forward to many more years of success.”

Bill Nelson, Head of Texas Offices at Shearman & Sterling, commented: “We are proud to celebrate our five-year anniversary in Texas and the great successes we have achieved since opening our first office in the state in 2018. We remain a committed long-term partner for the energy sector, helping our clients play a role in the energy transition and stay a step ahead in the rapidly evolving energy landscape. The Texas legal market continues to grow, offering significant opportunities in a wide range of sectors including private equity, artificial intelligence, FinTech, bioscience and biotechnology.”

Key Transactions

Shearman & Sterling’s Texas-based attorneys continue to advise clients on complex, large-scale cross-border matters. Recent highlights include:

  • DT Midstream, Inc. in connection with its private placement of $600 million aggregate principal amount of 4.300% senior secured notes due 2032.
  • Mizuho, TD Securities and US Bancorp as joint book-running managers in connection with the offering by Atmos Energy Corporation of $300 million aggregate principal amount of its 5.450% senior notes due 2032 and $500 million aggregate principal amount of its 5.750% senior notes due 2052.
  • Schoox in its strategic growth investment from Vista Equity Partners Endeavor Fund.
  • Caris Life Sciences in the equity portion of its $310 million growth capital financing, its $830 million growth equity round, as borrower on a $400 million senior secured term loan facility provided by OrbiMed and Braidwell.
  • Plains All American Pipeline and Plains Marketing as borrowers on $2.7 billion revolving credit facilities agented by Bank of America to refinance the outstanding debt and for general corporate purposes.
  • Human Power of N Company (HumanN) in a putative consumer class action in connection to false advertising under the Texas Deceptive Trade Practices—Consumer Protection Act.
  • YETI Coolers in a trademark infringement litigation regarding unauthorized marketing and sales of ‘unreleased’ jackets and other YETI branded apparel.
  • Hitachi on its acquisition of GlobalLogic Inc, a transaction valued at $9.5 billion.
  • Private equity firm EnCap Flatrock Midstream, and its portfolio companies, in connection with its US$3 billion sale of Moda Midstream’s, Moda Ingleside Energy Center and other Moda assets to Enbridge Inc.
  • EnCap Flatrock Midstream in the formation of Elysian Carbon Management and an equity commitment of US$350 million.
  • Southland Royalty Co. on its chapter 11 case.

Key Awards & Recognitions

Shearman & Sterling’s growing presence in Texas is exemplified by prestigious legal and industry awards and recognitions. Recent highlights include:

  • The Texas Lawbook Corporate Deal Tracker: Consistently listed as one of the top 10 law firms for mergers and acquisitions transactions in Texas, according to The Texas Lawbook’s Corporate Deal Tracker database. In 2022, the firm’s Texas lawyers were involved in 45 M&A transactions with a combined deal value of $10.6 billion. Read more here.
  • Chambers USA: Chambers USA is the leading legal data and analytics provider, ranking the top lawyers and law firms across the United States of America.
    • Texas: Bankruptcy/Restructuring
    • Texas: Corporate/M&A: The Elite
    • Texas: Litigation: Securities
    • Texas: Technology: Corporate & Commercial
    • Texas: Austin & Surrounds: Corporate/M&A
    • Nationwide: Energy: Oil & Gas (Transactional)
    • Nationwide: Projects: Oil & Gas
    • Nationwide: Advertising Litigation