Paul Hastings has added energy transactions heft in Houston by hiring former Baker Botts partners Ned Crady and David Peterman.

Crady and Peterman joined Paul Hastings as partners Tuesday. The two longtime colleagues were part of a nine-lawyer energy transactions group that moved to Baker Botts from Norton Rose Fulbright in early 2017.

Peterman said he and Crady talked to a number of firms in Houston, but were drawn to Paul Hastings above the rest.

"It has a great entrepreneurial spirit. They've got great lawyers and they've been recruiting really great lawyers as well," he said of the firm.

He also said that Paul Hastings does an exceptional job of integrating lateral hires and has "very strong financials." Profits per equity partner at the Am Law 100 firm averaged $3.35 million in 2018, according to the Am Law 100 report.

"It just checks all of the boxes," Peterman said.

Peterman said he represents domestic and international public and private companies mostly in the energy sector. He primarily does M&A, but also handles capital markets work.

The energy lawyer generally declined to identify clients, but said he could mention that he does work for Genesis Park—a private equity company founded by Paul Hobby, the grandson of former Texas Gov. William P. Hobby. Peterman led the deal team when a subsidiary of Genesis Park bought Texas Monthly magazine in 2016 from Emmis Communications Corp.

Crady could not immediately be reached for comment, but he works on energy projects and transactions in the oil and gas and power sectors in the United States and in countries including Brazil, Canada, Mexico, Spain and Venezuela.

In a press release, Crady wrote that Paul Hastings' leading M&A, capital markets, finance, private equity and tax practices—coupled with its strength in Houston, New York and London—was very attractive to them and their clients.

When asked what Paul Hastings provides for their practice that Baker Botts didn't, Peterman said his new firm has particularly strong restructuring and alternative financing practices, which are valuable because the energy sector is "going through some challenges at the moment."

Seth Zachary, chairman of Paul Hastings, wrote in the press release that adding to the firm's energy strength is a strategic priority, because the energy sector is an "important driver" of growth in the legal market.

Paul Hastings opened its Houston office in 2012 to support its global energy practice. Counting the two new lateral hires, Paul Hastings has 28 lawyers in Houston.

A spokeswoman for Baker Botts did not immediately provide a comment on the departures.

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