Vethan Law Firm P.C. President Charles Vethan started his firm to assist mid-sized private energy companies after his experience at a firm that represented large, public energy companies. Since that time, Vethan Law Firm has continued to grow and is creating a relationship with another firm in Mexico City to increase offerings to clients in the energy industry.
BIC Magazine recently sat down with Vethan to learn more about this growth and his advice for managing a business.
Q: What led to your position at Vethan Law Firm?
A: After law school, I worked for a law firm representing large public energy clients. I found private companies on the other side that had good cases but were not adequately represented. I saw an opportunity for a specialty boutique firm that catered to mid-sized private energy companies. I decided to take a gamble to try to develop a client base of private companies in the oil and gas sector. It was a scary gamble, fraught with uncertainty, but I believed I could deliver a better, more customized service to my clients.
Two decades later, the large law firm I was originally with after law school is no longer around, but my team and I are just hitting our stride. It was the best gamble I ever made.
Q: What is your best management tactic?
A: Two points come to mind. The first is that when getting into a large deal, make sure you have laid the groundwork in operations, management structure and legal. Not every deal has a problem, but many times you must look at a deal and structure it as a prenup. If something goes wrong, what do you want to happen? What happens to the project? What happens to the profits? What happens if there is a disagreement as to how revenues and profits are shared?
The second pearl of wisdom I have is one you have probably heard before: Hire slow, fire fast.
Q: What is the biggest news at Vethan Law Firm right now?
A: The focus of our company is to represent privately owned businesses in the oil and gas sector throughout the U.S. We just signed a deal with a prominent law firm in Mexico City. We are looking forward to representing clients in trade secrets, noncompete agreements, partnership disputes and contract negotiations, including master service agreements on both sides of the border.
We are looking to expand our footprint and onboard critical legal talent to expand the legal services we may offer to our clients. After securing our business relationship with the law firm in Mexico City, our next move will be establishing an office in Oklahoma. This potential move seems like a natural fit for what we can bring to the oil and gas sector.
Q: Do you have a favorite quote? Why is it your favorite?
A: "You have to leave something on the table for the other guy when you negotiate." To quote one of my favorite clients in Louisiana, "Pigs get fat; hogs get slaughtered." It is my favorite quote because it is so true. When I help my clients negotiate contracts, especially some of the more complex longer-term deals, I probably use that quote at least once during the negotiations for either side.
Q: What is a "fun fact" about you people might not know?
A: I have been an avid motorcycle rider for 30 years. I have ridden my Harley from Texas to California and Texas to Fort McMurray, Alberta, where the oil sands are. I am planning a desert ride this coming summer. I used to be able to camp out when I was younger, but now I opt for air conditioning when I stop riding for the day.
For more information, visit www.vethanlaw.com or call (844) 824-2224.
