As global law firms increasingly compete with the long-established players in Houston’s energy markets, the latest firm to ramp up its corporate and restructuring practices through a lateral hire is Sidley Austin.
Duston McFaul, who was previously a partner at Vinson & Elkins, is now a partner in Sidley’s restructuring and energy practices in Houston. McFaul advises lenders, borrowers, bondholders, and sponsors in restructurings. He represents clients in arbitrations and trials as well as transactions.
“The role moves from engagement to engagement. When working on a Chapter 11 or restructuring matter, usually it’s a hybrid of controversy work and transactional work. I’ve been fortunate to be heavily involved on both sides. This helps with a perspective and macro strategy toward resolution,” McFaul told IFLR1000.
“Sometimes when you have a Chapter 11 matter and there are contested issues on valuation, for example, new litigators may arrive and handle a trial if necessary. I have a history of handling contested matters as well and will continue working engagements from both sides,” he added.
While contested proceedings are fairly common under federal rules of procedure, clients in many cases can realistically hold out hope for negotiations.
“You may have a contested confirmation or valuation fight. But in many proceedings negotiated resolutions out of court are becoming increasingly common, so that there’s not an unnecessary delay litigating issues on an engagement,” McFaul stated.
McFaul studied at Duke University and at The University of Texas School of Law.