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Thursday, September 24, 2015

Sadler Law Firm LLP Successfully Completes Chapter 11

Below is a letter I received today from Randall Sadler, managing partner of the Sadler Law Firm, LLP in Houston:

Dear Mr. Ellison,

On May 14, 2014 you posted a blog that Sadler Law Firm LLP had filed for Chapter 11 protection.  As with many law firms, the boom and the bust of 2014-2015 was not the reason for the financial difficulties of the firm.  The various sections of the firm experienced too much success too soon and decided, as many lawyers do so often, that they did need to be a part of something so big, that they could take what they had learned, the money they made, the clients they had been handed, and go do their own deal and make more money.  In a matter of 8 months, 5 sections (of 10-15 attorneys) representing a substantial portion of firm business left the firm to open their own firms.   I filed for reorganization instead of dissolution as a matter of integrity, for the benefit of our employees, and to do the best we could to satisfy the claims of our creditors.  On July 9, 2014, the plan of reorganization was approved by creditors and the court.  On September 21, 2015, the bankruptcy court signed a Final Order closing the case.  Since you found it news worthy to post a blog about our bankruptcy, I would appreciate you posting a blog about our success in navigating the reorganization process and our successive emergence from bankruptcy, reorganized and revitalized.
Our practice is concentrated in oil and gas law as it relates to the upstream oil and gas industry and the oil and gas A & D market.  We have downsized our firm 10 attorneys to accommodate the changing environment in those industries as a result of the dramatic downturn in energy prices in the last year.

Please feel free to contact me if you would like additional information.

Best Regards,

Randall K. Sadler
Managing Partner
Certified in Oil, Gas and Mineral Law
By the Texas Board of Legal Specialization
Since December, 1986

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