I get that Texas is growing, but why are all of these firms making a push into the Texas market? There aren’t enough lawyers here to build out offices for each firm. Recent new office openings:
Houston - S&C, Dechert and Paul Weiss, Dallas - Dechert, K&S (already here but major expansion and supposedly Latham and Weil - Austin.

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I think there is some truth to what you are saying, but it's not the only way in which many firms are chasing after the same piece of a pie that isn't growing. So many firms are trying to hi-grade and chase the highest rate work and there won't be enough to go around.

But there are themes unique to Texas. Energy is becoming a more important industry at firms that aren't historically active in energy due to their PE/tech clients being heavily invested in data centers, so the expertise and relationships are key and maybe don't require a massive presence. There is also a clear migration of companies, talent and potentially even students to texas that some are probably expecting to grow the local pie for everyone and should lead to a more diverse market than historically. There still aren't enough local books to make everyone a winner, but they'll all try since their competitors are.

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Companies are moving to Texas. People are moving to Texas. Y’all Street is about to open. Texas could become the greatest state for economic growth. If you think Texas is going to grow, you probably want a bigger presence here.

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Bring it! Great news for the Texas market!

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Latham has been in Austin since Kirkland was here. TBD how big Weil will get, but the M&A partner helping to open the office has been remote in Austin from a while from what I’ve heard.

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