When do we think Milbank will open in Houston? Seems a natural fit with their Project Finance / Energy and Infra practices...

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Cant wait to lateral to the true V1 firm

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Which is what

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The firm is really resistant to opening new offices domestically given past failures. I don't see it happening anytime soon.

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They’re generally lenders’ counsel, no? NY is the mothership for obvious reasons

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LW and V&E are better for energy finance in Houston.

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We have three US offices. Houston is def not going to be #4 lol.

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There’s a SpongeBob clip that explains it pretty well

Despite Houston being a conventional energy “capital” there isn’t much PF work in Houston.

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Idk Houston getting pretty crowded. PW also opening there apparently.

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SMD1 Calder hasn’t really been running Houston day to day for several years now. He’s been on the Firm Committee focusing on global issues, and is now the head of firmwide transactional (aka #2 behind the chairman for everything except litigation). So while he lives in Houston, comes to events, participates in Texas management, etc most of his time is spent on global stuff.

Day-to-day is run by Bacon and Pitts (and Rotman for lit), although now Bacon is on the Firm Committee too so he’s spending time in global management as well. So yeah I don’t anticipate any real change in Houston operations if (likely when) Calder becomes chairman, he’s already abstracted pretty high up the chain already.

Calder becoming chairman definitely makes Houston more attractive.

I don’t agree about other firms looking to be the next KE as a real threat (barring some major fundamental shift of course). No firm has a bigger war chest or a bigger pie to offer slices of - at best they are slightly worse. KE also shows no signs of slowing down, continuing to put up crazy growth numbers each year, opening new offices, aggressively poaching laterals, and so on. There would need to be some dramatic shift in the firm’s momentum that we have yet to see signs of.

Hard to tempt away partners when minimum draw is now over $3m (and growing quickly) and max is over $30m.

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Would be a fit, but when was the last time they opened a new office? My guess is they'll more seriously look it if they keep on losing energy partners. Firms often open new offices when lateral opportunities are tapped out in existing markets

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Feel like Milbank is very finance heavy and sticks to financial hubs (NYC, Singapore, London, Hong Kong)

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F

Many firms have either tried to open unsuccessfully (PW) or just outright failed/collapsed (Willkie) in Houston. It’s not easy to do what KE/Latham & Co. have done here.

FYI this is because Latham did it first, and Kirkland did it best (also not too long after Latham). Those two sucked up all the oxygen at the top of the market years ago and a wave of copycats have competed over the ensuing years to fight with native firms over the second, third, and fourth tiers. If PW had come in 10 years ago when Kirkland did, they’d have a chance. Now? Wayyyy too late.

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