Is Texas the New Goldmine? Out-of-State Law Firms Scrambling to Get a Piece of It
Recently, law firms have taken a keen interest in Texas. In fact, a majority of new law firms have set up shop in the wealthy state. While the established ones have opted to expand their operations in the region. But, what is really happening there?
It all boils down to Texas’ booming economy. The state currently has one of the highest-profile energy sectors in the United States.
In fact, quite a number of out-of-state firms had envisioned this long time ago, having set up offices more than 30 years back. And even these old-timers have taken note of the unprecedented surge of investment opportunities in the region. They’ve responded by expanding their operational reach as well as their services.
Newcomers worth mentioning are firms such as Shearman & Sterling and White & Case. They’ve covered quite the distance from New York all the way to the Lone Star State to become part of the high-profile firms that are extending their services to Texans.
Texas’ Energy Industry – an Irresistible Allure
Of note is that in the first quarter of 2018, a dozen firms had already set up offices in Kansas City, Dallas, Austin, and Houston. And behind the scenes, the energy industry is most likely to be credited for this mass exodus of law firms.
In fact, to call Texas an economic giant is an understatement. It is home to a myriad of 1000 Fortune companies; not to mention some of the most established and trustworthy corporate firms in the world.
Indeed with Texas, it seems like the market is ever-growing despite harsh economic times. For example, the likes of State Firm and Liberty Mutual recently announced that they would open offices in the northern area of Dallas. In Fort Worth, Facebook recently constructed a new state-of-the-art data center. Oh, and did you know that Mitsubishi Heavy Industries decided to relocate their American Headquarters to Houston from New York. Not forgetting to mention that Toyota is also in the process of transferring more than 4000 jobs from its California headquarters to Plano in the next couple of years.
The Tech Industry Skyrocketing in Texas
In the tech industry, things are looking up for Texas. Houston is at the apex when it comes to luring some of Silicon Valley’s finest companies to set up base. In fact, with regard to a recently-published article by the San Francisco Chronicle, it appears that about a dozen tech companies from Silicon Valley have made the migration to Texas since 2014! Even some of the most notable tech giants such as Oracle, Google, Dropbox, Amazon, and Apple have opened up major offices in the country.
In fact, such a shift in paradigm has highlighted one important feature; that Texas is at the heart of America’s technological and economic growth. It also shows that energy is not the only industry at the focal point of Texas’ growth and development.
Lawyers now Have the Opportunity for Lateral Movement
Turns out that law firms are not the only ones benefiting from the numerous opportunities available in the State. Thanks to all the numerous out-of-state law firms that have entered the market, lawyers are also ending up as big winners.
In fact, Texas lawyers now have the opportunity to move from their Texas-based law firms and integrate into those of newcomers. This ultimately results in more lucrative payments and better incentives for the lawyers.
The Energy Power Attraction
While not much has been divulged with regard to the vital role that the energy sector has played, oil and gas have had a monumental part in some of the mega-market moves that have been seen in 2018. In fact, some firms simply open offices in Texas to chase the massive oil and gas industry!
So, it’s no surprise to see many law firms setting their eyes and destination on the Lone Star State. Because it’s clear to see that Texas is gradually becoming the heart and soul of the American economy hands-down.
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