2015 has been a hard time for anyone in the oil and gas industry, the legal side of the industry included. Lower commodity prices have seen clients go out of business, dramatically reduce their capital spending and find new and creative ways to use outside counsel as little as possible. The result has been law firms laying off lawyers in staggering numbers and more than one firm going under completely. And few people think 2016 will be appreciably better than 2015.
So what then does an oil and gas attorney have to be thankful for this year? We are thankful:
- To be working in a resilient industry where despite hard times, more companies will survive than one would be justified in expecting, and most of those that survive will be leaner, meaner, more resourceful and in a better position to take advantage of the rise in prices that will be coming (sooner or later).
- That the industry continues to adopt new technologies to push toward efficiencies to make the US shale industry even more competitive.
- That recruitment programs are still recognized as being a crucial factor to avoid a talent shortage when prices come back.
- That there are at least some words from OPEC giving hope for a price increase in 2016.
- That some interesting legal issues are being litigated across the country, keeping good lawyers on their toes.
- That there will be a new Star Wars movie out in December.
- That there is never a dull moment as firms close their doors and lawyers change firms.
- For those energy companies doing good deeds and taking care of their employees.
- For gasoline under $2.00 a gallon (even oil and gas attorneys like to save money at the pump).
- For really good friends and colleagues, at our firm and others, across the country.
- And (we hope) for a Thanksgiving free of talks of layoffs, depressed prices, ISIS or Donald Trump.
Happy Thanksgiving everyone.
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