The Houston-based lawyer said: 'Companies are being very careful on where to deploy their capital. We're starting to see the activity heating up in mergers and acquisitions. Expect to really see that in the third quarter.'

Better shape than before

Houston has been badly hit in the past by the low points of the energy industry. University of Houston law professor Jacqueline Weaver remembers previous downturns and having to ring ahead before going out to lunch in case the restaurant had gone bust that morning. But Mark Kelly, chair of Vinson & Elkins, Houston's largest law firm, said: 'This is my fourth cycle. No one knows how long it will last, but we are in better shape than we were in the '80s.' Houston has attracted hundreds of energy lawyers over the past decade. Source:  Houston Chronicle