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Austin has become a crucial hub for technology projects and is of great interest to law firms

Latham & Watkins (LT) has announced the opening of a new office in Austin, Texas, along with the addition of three new partners to lead the emerging companies advisory practice: Samer Zabaneh, Jenifer Smith, and Scott Craig.

The decision by a major law firm such as Latham & Watkins to open a new office in Austin is significant. 

LT is not the only firm that has sought to strengthen its presence in this city. Over the course of this year, other law firms such as Kirkland & Ellis, Quinn Emanuel, Urquhart & Sullivan, and O'Melveny & Myers have announced office openings in the Texas capital.

John Bash, a partner at Quinn Emanuel in the Texas office warns:

“In terms of the patent docket, and in terms of all the different established and emerging companies located in Austin—or locating campuses in Austin—there’s going to be a huge demand for the absolute top tier elite legal services.”

For the past few months, the city of Austin has been emerging as an international tech hub, trying to overtake Silicon Valley's leadership. 

The facts reflect it all: major global firms such as Apple, Facebook, Tesla and Oracle have decided to open new offices in Austin, with the expectation that all of them will relocate their headquarters in this city. The reason: lower cost of living and better quality of life.

Tesla's factory in Austin

Austin is preparing to position itself as the technology and digital capital of the world. In the last 20 years, Austin has grown from a population of 1,240,000 to nearly 2,300,000, according to the official US census. Austin has managed to recover 96% of the jobs lost due to the pandemic.

Will Austin be the new Silicon Valley? Despite the moves of several large technology firms, it is not yet possible to foresee the fall of Silicon Valley in the face of the Texas city. 

According to a survey conducted by the online community Blind (with 5,641 respondents), it anticipates that 29% of respondents would say that Texas will be the new Silicon Valley, while 36% say that Silicon Valley will remain the leading tech hub.

Regardless of which city is the capital of the tech economy, Austin is a land of opportunity for law firms right now.