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No good choices here. Retake.
What type of M&A do you practice/want to practice? All great options; a few thoughts (sorry for the long post):
- V&E has traditionally been the corporate king of Houston (HQed here, has deep relationships with Texas companies). You will see a mix of public, private and PE M&A. Their M&A practice is part of their MACM group, so my understanding is that you will also see some capital markets work (though this could depend on how junior you are… if you’re a midlevel/senior with no CM experience I doubt they’d have you do CM). Great partners, though there have been quite a few defections in recent years to K&E and LW. As others have mentioned, the atmosphere is fairly “fratty” and “old boys club”. Most of their partners are homegrown or lateraled over as juniors, so just keep that in mind (again, depending on how junior you are/what your plans are). Given their deep relationships with Texas companies, there are a lot of V&E alumni in house around town. If you want to stay in Texas, it’s at the top of name brand firms.
- K&E is just a powerhouse. They’ve grown exponentially and have taken a commanding market share in Houston that more than rivals V&E. Like V&E, you will see a mix of public, private and PE M&A, though I think K&E wins on sheer volume of work. K&E model is what it is, so you have to deal with a lot of NSPs and don’t have a ton of direct interaction with SPs. Have heard mixed things generally about the partnership, though honestly not sure if people are talking about the NSPs, SPs or both. They’ve been bringing in massive classes the last few years, and given their volume of work it SEEMS (outside perspective) that their juniors have been thrown in the deep end without guidance/instruction on how to do their jobs. Culture is in line with what you’d expect from K&E, though they’ve poached great partners from V&E, LW, etc. Given numbers/turnover, there will be a K&E alumni connection in house at most places. K&E has the best national reputation, in case you want to leave Texas later in your career. K&E hired like crazy during the pandemic years, so it would be interesting to figure out what they’re going to do with their large associate classes (and incoming associates) in a slowdown - presumably some/most would be shifted to their restructuring practice, but may be worth asking.
- Sidley is interesting. Less of a major player in the M&A space notwithstanding that they topped the league tables last quarter (was a surprise to us all I think). That being said, it’s still a great firm. I think they’re more private company and (middle market) PE M&A focused than public company deals. They’ve also been active in the renewables and infra spaces recently. I’ve heard one of their Houston co-managing partners is intense to work for, but that generally everyone is as pleasant as you can find in big law. Great name recognition/reputation, though unsure about their alumni connections in house in Texas.
^all of this
Mentor
Definitely KE. If you ever want to switch firms/ go in house/ leave, that’s the best one to have on your resume.
I’ve heard (as a summer) that V&E culture is horrible. 🤷🏼♀️
Come to Fulbright. Unless you want to hate your life
Relevant questions include which group, how many years out you are, and whether you’re a female. V&E has a huge bro culture so would avoid if you’re a woman.
Subject Expert
I’m a junior associate male M&A v15 in NYC
Subject Expert
V&E isn't the largest or most successful office in Houston.
Subject Expert
KE is largest by headcount and deal count.
Coach
Go to sidley or ke so that when you inevitably lateral out of the meat grinder people will recognize what firm you're from
Subject Expert
A1 - which one is then? I’m sure v&e has the largest office unless this has changed recently? They are headquartered in Houston
Subject Expert
A4 - you are right. Just saw that Sidley was ranked #1 in Texas last year in M&A per deal size. KE and Sidley seem to be the strongest in my practice area. I just assumed V&E had a stronger brand in Texas
https://texaslawbook.net/kirkland-sidley-ve-latham-top-cdts-2021-law-firm-ma-rankings-in-texas/
Subject Expert
Deal size is a misnomer. Deal count and PPP are typically the benchmarks you're really looking for to assess a firm's dominance (IMO).
V&E is really strong in Texas, particularly in Energy. However, there has been considerable attrition of young talent at V&E these last several years. In my career alone there has been a noticeable difference in the acumen and professionalism from 2016 to present. That said, there's a case to be made that they're still deeper in energy and a better place to start your career in Texas. I think V&E is still considerably stronger than Baker Botts, but you can see how they may start to trend towards a Baker Botts trajectory if they continue to lose talent or fail to develop and promote their star associates.
Feel free to DM if any questions about V&E.
Same as A6, current corporate Houston V&E associate. Generally am glad I’m here as compared to other firms. Happy to answer more in DMs
I know someone really smart that graduated from HYS and quit after 6 months — apparently the culture sucks
Mentor
I’m more surprised it’s not someone from YLS