In an interview with Invest:, Tommy Byrd of Whitley Penn emphasized the firm’s responsive, relationship-driven client approach and partner-owned stability amid industry consolidation. “Whitley Penn is still partner-owned, which allows us to grow organically and maintain continuity,” he said.

Why is Houston a strong market for Whitley Penn?

First, it’s in Texas, which is a great environment for business. Historically, the cost of living has been good, though that’s starting to change. Overall, it’s a place where people want to live and work. Houston is also more international than other Texas markets. As a port city, there’s natural global interaction, and you can feel that in the culture. Energy has always been central — when oil prices were high, Houston thrived. But over the past 20 years, the city has diversified into healthcare, technology, and renewables, which makes it more resilient.

How does Whitley Penn stand out in client service?

Client service is part of our DNA. We often hear from prospective clients that they couldn’t get their previous CPA to return a call or follow up. We emphasize responsiveness — if a client calls or emails in the morning, we respond by the end of the day or within 24 hours at the latest. It’s about being available. Beyond that, we work on building real relationships. We don’t want to be the firm clients hear from only during tax season. We want to know their business, their family, and develop genuine friendships. That trust helps us navigate challenges when they arise.

What industry trends are shaping Whitley Penn’s strategy?

Consolidation is huge. Many firm owners nearing retirement are selling to larger firms or private equity. That creates uncertainty for both staff and clients. Whitley Penn is still partner-owned, which allows us to grow organically and maintain continuity. That’s appealing to professionals and clients looking for stability and long-term relationships.

How is Whitley Penn helping clients with cybersecurity?

We have a full cybersecurity team that helps clients assess their networks for vulnerabilities. We identify risks and guide them on remediation. Internally, we run phishing tests, ongoing staff training, and closely monitor our systems. Public accounting firms handle a lot of sensitive data, so we take information security seriously.

What recent milestones has the Houston Whitley Penn office achieved?

Last November, we acquired Travis Property Management, a mineral and asset management group. They help clients manage oil and gas royalties, like a wealth manager for those assets. That complements our oil and gas accounting team and allows us to offer more consultative, value-added services, in addition to compliance work.

How is Whitley Penn using technology to boost efficiency?

All our software, from tax to audit to internal systems, allows us to be more efficient and reduces manual data entry. For example, instead of staff typing in information, it auto-uploads. That frees up time for more valuable client interaction. The goal is to spend less time inputting data and more time helping clients use that information to grow their business.

What is your outlook for Whitley Penn in Houston?

This year might be a bit odd with economic uncertainty, tax law changes, and tariffs. But overall, we’re positioned well. We’ve filled all our internship spots — about 90 firmwide — which shows that the tide might be turning on the accountant shortage. On the other end, firm consolidation continues, so there are opportunities to attract both clients and talent looking for a different kind of firm.

In an interview with Invest:, Ken Bullock, partner-in-charge of Frost Brown Todd, highlighted the firm’s dual-track growth amid energy sector volatility — expanding in traditional oil and gas while advancing renewables, AI, and carbon solutions. “Diversification and staying nimble are essential,” he said.

What changes over the past year have had the greatest impact on your firm and your strategy?

The last six months have been fascinating, full of ups and downs in a short span. In the energy sector, we’ve seen renewed interest and development in traditional oil and gas, especially in Texas. Upstream and midstream activity is strong, and we’re hearing similar reports from other states.

At the same time, the change in federal administration introduced some uncertainty around green energy incentives. While a few large renewable projects have faced funding pauses, many land-based wind and solar initiatives continue to advance, and Texas remains at the forefront of that growth. 

From a firm perspective, it’s also been a period of expansion and opportunity. Frost Brown Todd LLP and Gibbons P.C. have agreed to combine, effective January 1, 2026. The new firm, to be named FBT Gibbons LLP, will create a mid-market legal powerhouse with approximately 800 attorneys across 25 offices nationwide. This year, we also opened a new office in Denver, grew our presence in California, and welcomed several talented attorneys to our Houston energy team. The year ahead looks promising, and all indicators suggest our momentum will continue.

What makes Houston and Texas attractive locations for business growth and expansion?

Houston is an incredibly dynamic and diverse city, both in terms of population and industry. Besides being globally recognized as the energy capital, the region boasts a rich mix of industries — energy (both traditional and renewable), aerospace, biotechnology, real estate, manufacturing, healthcare, and beyond. High-tech innovation is becoming integral to energy development, whether in hydrogen storage, process chemistry, or carbon management. Proximity to institutions like NASA and Space Force HQ strengthens this innovation ecosystem. Add to that a vibrant, multicultural workforce and competitive cost structure, and Houston emerges as a compelling choice for firms like ours and clients alike.

How are you advising clients during this time of volatility and energy transition?

Volatility is the main challenge, especially around tariffs. We counsel clients to maintain active risk management strategies across their supply chains, especially given geopolitical shifts that affect both imports and exports.

On the energy front, our guidance is dual track. We reinforce confidence in traditional oil and gas projects, especially those tied to U.S. and Texas development. Simultaneously, we support clients in navigating the nuances of renewable projects like wind, solar, and innovative angles such as CCS, hydrogen, and carbon capture. The overarching message is that diversification and staying nimble are essential in this transitional period. We frequently hold policy briefings to keep clients up to date on federal incentive changes and regional infrastructure developments.

How are you approaching talent acquisition and retention in such a competitive legal market?

The legal space here is aggressively competitive. To stand out, we emphasize differentiation — showing candidates a strong mix of meaningful work, client access, advanced practice areas (like data platforming and emerging energy), and clear career trajectories.

For later-stage attorneys, it’s about presenting a compelling portfolio of sophisticated work and leadership opportunities. For law students, we develop close law-school partnerships across Texas and beyond, attending career fairs, offering clinics, and providing prominent visibility at campus events. These efforts ensure a steady talent pipeline. Retention comes down to engagement: mentorship, professional growth, and working on cutting-edge projects in the energy and tech-transitional arenas.

How is your AI data platform evolving, and what has client response been like?

The response has been overwhelmingly positive. We’ve seen strong demand in data, privacy, and security services. FBT has won awards for its AI innovation in client work, and we get excited about collaborating with our clients to explore how we can streamline time-consuming tasks for mutual benefit and leverage new technology to help clients meet their business goals. We partner with clients to better understand and test the ideal use cases for Gen AI and other technologies to ensure we’re aligned with their expectations and policies.

This lets us shift from educated guessing to empirical forecasting when advising on fee structures, case strategy, or risk assessment. Clients appreciate that shift to data-based precision. Distinguished recognitions this year for our data-driven service model highlight our commitment to innovation within a confidentiality-conscious environment.

What are your top priorities and outlook for Houston over the next two to three years?

Our strategy in Houston is tightly focused on three primary industry verticals: energy, industrial and manufacturing, and financial services. These areas not only align with Houston’s core economic strengths but also reflect the broader priorities of our firm nationally.

We’ve underscored our commitment to the market by securing a long-term lease in new downtown office space, designed to accommodate our projected growth. Looking ahead, we’re investing in the expansion of our energy practice to include emerging areas like hydrogen development and carbon markets. We’re also deepening our involvement with industrial clients, especially those in advanced manufacturing and logistics. On the financial services front, we continue to support clients with needs ranging from fintech and regulatory compliance to M&A and capital markets work.

We’re optimistic about the continued growth of our Houston office. The foundation is strong, and our plan is to keep building — through strategic recruitment, deeper industry alignment, and a consistent focus on delivering sophisticated, responsive legal counsel. Success will be measured by our ability to scale with client needs and maintain a high standard of service as the regional economy evolves.

Douglas Bacon, partner at Kirkland & Ellis LLP, sat down with Invest: to discuss the firm’s rapid growth across Texas, particularly in Houston, and its strategic focus on energy, infrastructure, and emerging technologies. “Houston has a deep legal market, a sophisticated client base, and attracts smart law students from prestigious schools. It is a perfect market to grow, and we have found that to be the case,” Bacon said.

How would you characterize the firm’s continued growth and strategic focus in the region today? 

Kirkland & Ellis opened its Houston office in April 2014 and has seen rapid growth, not only in Houston but all across Texas. We have 500 lawyers across Texas, with offices in Dallas and Austin as well. The principal focuses of our business are sophisticated corporate transactions and major litigation. Since the beginning, we have been focused on the energy market, given that Houston is the energy hub of the United States. That focus has also spread into adjacent markets, such as infrastructure. This now includes digital infrastructure, data centers, AI, and power generation development. We have a diverse practice; however, our core focus remains energy and infrastructure. 

What makes Houston an ideal location for your practice, and how does it support the firm’s long-term goals? 

Houston has a deep legal market, a sophisticated client base, and attracts smart law students from prestigious schools. It is a perfect market to grow, and we have found that to be the case. It is an excellent market for legal talent. 

Houston has been the energy capital for a long time, and much of the capital raising, mergers and acquisitions, litigation, and debt finance activity associated with energy has been headquartered here. It creates an excellent and advantageous legal market from a personal and professional balance standpoint. Houston also has a more desirable lifestyle than many other markets, which is attractive to law students and young attorneys. It is a great place for these individuals to grow their practices and their families. 

How are you adapting your approach to continue to attract top legal professionals as competition intensifies across the Texas legal market? 

As we have grown and the legal market has continued to grow and develop in Houston, it has become one of the biggest and most attractive markets for legal talent across the country. I grew up in Houston, and as I was looking at law firms 25 years ago, most of the people working in Houston law firms were from Texas or the Southeast. Now the talent is increasingly coming from around the country and the world. The success of the marketplace in Houston has attracted great people and has enabled this market to stay robust and grow over time. Houston is a competitive legal market, but that competition has created a great environment for lawyers to move here to begin their careers or transition to the market. 

How are major transactions influencing competition in the power and clean energy industries? 

Much of the infrastructure activity we see these days is around the space referred to as digital infrastructure, which includes data centers and other infrastructure that fuels AI development. That is closely linked with power. As an example, Constellation Energy is buying Calpine, an independent power company. The combined company will hold and develop more assets that can drive U.S. power generation for data centers, including supporting the AI revolution we are currently in the midst of. These opportunities around data and digital are fueling a lot of activity. 

Many of the biggest energy companies in the world, which happen to be headquartered in Houston, are publicly pursuing this thesis of powering the AI infrastructure story. We don’t create the investment thesis for our clients; we just follow and help them succeed to the greatest extent they can in executing on those ideas. 

How is Kirkland & Ellis incorporating AI and the evolution of technology to enhance its legal services and drive operational efficiency? 

AI is something that we look hard at on a practice-by-practice basis. I foresee it creating many opportunities for improvement in the legal industry. It will change certain ways that we practice, but it will also enable us to deliver products to our clients in a faster, more efficient way, as well as help us gain market share by leveraging these technologies. We are going to be well-positioned through the AI revolution to take advantage of the technologies and continue to provide excellent service to our clients. 

How are elevated interest rates and inflation impacting deal activity, and how are you guiding your clients in response to these economic conditions? 

Mergers and acquisitions are directly impacted by macroeconomic factors in the economy. Having higher interest rates makes it more difficult for companies to buy other assets at attractive prices for sellers who purchased the assets in a lower interest rate environment. Inflationary environments can cause concern because they introduce greater uncertainty to markets. M&A markets tend not to react as well when the environment is unpredictable. However, even though there has been a lot of volatility in the marketplace with many geopolitical factors affecting it, we have remained quite busy and gained market share over the past three years. In general, M&A transactions have been down in recent years. However, the energy and infrastructure M&A market has proven to be countercyclical because the tailwinds for those developments are so powerful. Many of those are driven by some macroeconomic factors. 

What are your firm’s top strategic priorities for the next two to three years, and how would you describe its overall outlook? 

My general outlook is positive. At Kirkland, specifically, I would like us to continue to be the market-leading firm for the transaction and litigation work that is the most important to our client base. I am looking for us to expand our client base. More broadly, for the Houston market, I want it to continue being a hub for energy, infrastructure, transactional activity, litigation, and top-tier legal advice. I am a huge believer that this is one of the top legal markets in the world and will continue to be successful.

In an interview with Invest:, Yessica Perez, tax partner at Calvetti Ferguson, noted renewed client confidence in 2025, driven by legislative changes and economic incentives. The firm remains focused on manufacturing, private equity, and maintaining independence amid industry consolidation. “We’re proud to say we’re not, and do not plan to be, private-equity owned. We’re committed to organic growth and building long-term relationships. That’s resonating in the market,” Perez added.

What changes in the Texas business climate have had the biggest impact on your advisory work in the past year?

2025 has been an interesting year. We saw a positive outcome right after Jan. 1. Companies began moving past the uncertainty around interest rates and were ready to grow. Many clients became more intentional about their growth strategies, and we focused on aligning our services with their goals.

Toward the end of Q1, tariffs began to take effect. This led to a significant increase in business-related questions, especially about how tariffs impact not just our clients, but their clients as well. We worked closely with them to navigate those challenges.

Eventually, the noise around tariffs began to settle. Then, on July 4, a major bill was signed into law, and we started receiving an exponential number of questions from investors about its implications: how it would impact them, benefit them, and benefit their clients. We’re currently in deep conversations with bankers because we anticipate a heavy Q4 due to all the bonus depreciation and economic incentives available to companies.

Overall, it has been a busy and optimistic year. At Calvetti Ferguson, we continue to grow. We’ve doubled our size in the past 10 years. Ten years ago, we were only in Houston. Now we’re also in San Antonio, Fort Worth, Dallas, and Nashville, our newest market, where we’ve been for two years. On Aug. 1, we acquired Randy Walker & Associates in San Antonio, doubling our presence there.

What makes Houston an ideal location for your headquarters, and how does it differ from other Texas markets?

Houston is often viewed as an oil and gas city, but it’s much more than that. With the port nearby, the city is unique. We see a significant number of foreign investors, along with local investors, conducting business related to the port.

Houston also has a strong medical community and a growing number of private equity firms investing, not just in the firms themselves but also in their portfolio companies. While energy remains central, we also see growth in alternative investments, manufacturing, and privately held businesses.

There’s also notable expansion north of Houston in areas like The Woodlands, Conroe, and Montgomery, where there’s substantial private wealth.

Where are you seeing the strongest demand, and what sectors are you targeting for future growth?

We’re focusing heavily on manufacturing companies. With the full suite of services we offer, this is a sector where we can invest and partner meaningfully to help them reach their goals.

We’re also targeting private equity firms more intentionally. While we’ve always had the capacity to perform private equity fund audits, we’re now being more proactive about it. We can implement automation and efficiencies that we believe will bring them significant value.

Given the ongoing consolidation in the industry, what is your outlook for independent firms like Calvetti Ferguson?

One of our biggest differentiators is that we remain independently owned. In recent years, private equity has actively acquired CPA firms, leading to widespread consolidation. Many clients have told us they’re seeing declining service quality despite increasing fees.

We’re proud to say we’re not, and do not plan to be, private-equity owned. We’re committed to organic growth and building long-term relationships. That’s resonating in the market; new prospects frequently ask whether we plan to sell, and hearing that we’re staying independent is a major relief for them.

We believe this commitment gives us a lasting competitive advantage, and we will maintain it.

How is your firm incorporating AI and automation to improve efficiencies while maintaining strong client relationships?

AI is a sensitive topic, especially in our field, where we handle confidential data: Social Security numbers, financial details, and more. We are using automation tools to streamline data entry, making it more cost-effective and allowing us to focus on delivering value.

We also utilize bots for process automation and global resources to improve efficiency. However, when it comes to AI, we’re cautious. We have strict policies in place: not everyone has access to AI tools, and any implementation must be approved by our CIO and management committee. We require human oversight in AI use to ensure client data is protected.

How would you assess the talent pool in Houston, and how are you attracting and retaining top professionals?

Finding CPAs has become more challenging. It’s a more limited pool now, but cities like Houston, DFW, and Nashville still offer strong talent. We actively encourage our employees to earn their CPA licenses. We provide bonuses and incentives for those who pass within their first year, along with access to learning tools and support for exam preparation.

To retain talent, we focus on making employees feel valued and invested in. We prioritize learning, growth opportunities, and recognition. Pairing that with competitive compensation helps us maintain low turnover and a strong, motivated team.

How is your firm building strategic partnerships and contributing to the community?

Relationships are at the core of what we do. We are active in many local organizations, and our partners are deeply involved in the community, whether through food banks, cultural institutions, churches, or children’s museums.

We also support educational outreach. For example, we partner with a program that brings underprivileged high school students into our firm for internships. We expose them to different departments and help them understand what it’s like to work in a CPA firm. Our goal is to inspire them to pursue college and consider a future in our industry.

What are your top priorities for the firm and the tax practice over the next few years?

Our No. 1 priority is to impact our communities and give back. Our founding partners are Christian-based and strongly committed to community service. We believe that what goes around comes around.

We’re also focused on investing in our people. Happy employees provide better service, so we want to continue showing our team they’re valued. And of course, we remain committed to helping our clients meet their goals and get there faster with our support.

In an interview with Invest:, Ryan Wheless, CEO and founder of Allied Wealth, discussed navigating market volatility, Houston’s economic evolution, and the firm’s client-focused growth strategy. “The Houston market is wildly underserved, and there is a tremendous opportunity for a good wealth management firm in this space,” Wheless said.

What significant changes over the past 18 months have impacted your operations in Houston?

It has been an incredible year of growth, and a substantial part of that growth has resulted from adapting quickly to a rapidly changing landscape. We have witnessed considerable market volatility, especially in February of this year. We refer to that period as the “tariff tantrum,” when the market was down approximately 23% early on. We also navigated elevated interest rates, new tax policies, and a new administration in the White House. Many things were happening all at once, and for numerous families here in Houston and The Woodlands in the Greater Houston area, that created significant uncertainty. At Allied Wealth, our response was to double down on proactive planning, which is our specialty. We continued to refine our Summit System, which is our proprietary system used to help individuals develop a financial plan that brings them to and through retirement. We further refined our process to stress test every client plan against multiple market and tax scenarios. This ensures that, with increased market volatility and ongoing legislative changes, our clients’ plans will hold up under new tax laws. That agility, the ability to adapt their plans quickly to a rapidly changing environment, has helped our clients maintain confidence. It has fueled our growth and is profoundly important to us. As more families seek a nimble and forward-thinking firm, we intend to remain at the forefront.

What makes Houston an ideal location for your work, and how does it differ from other markets within the industry?

Houston is an incredibly diverse city of industry. For years, we have described Houston as the Hollywood of oil, and that identity remains. The oil market can be resilient in many ways, but it is also subject to economic forces and trends. Historically, as goes oil, so goes the Houston economy. That is not so much the case anymore because we have become technical. There are many technical businesses here in Houston, a great deal of healthcare, and a number of financial businesses. We have developed a more diverse economy. We are one of the largest cities in America, but many professionals are underserved in the discipline we provide.

How are you converting newcomers to Greater Houston into future clients?

We maintain a prominent presence in the markets we need to serve through a radio show, a television show, a prolific YouTube channel, and a podcast. In addition to that, we conduct outreach programs where we teach investing, retirement, estate planning, tax planning, and financial planning classes at local community colleges, universities, high schools, and community centers. This allows us to connect with people on a one-on-one basis and provide them with the education to empower them to make excellent financial decisions when it comes to being smart with their money.

What specific wealth industry trends or dynamics should people be aware of? 

The wealth management industry as a whole is undergoing many changes. We are seeing a major shift from accumulation-based thinking to outcome-based planning. Individuals are no longer solely asking how large they can grow their portfolio. There is more to it than that. They are asking how to turn what they have built into a sustainable income stream that allows them to live the life they have imagined, the one they have worked for all these years. Especially here in Houston, where we have many executives and business owners as clients, they want strategies that blend tax efficiency, reliable cash flow, and risk management. It is less about chasing returns these days than it was in the past and more about designing their ideal lifestyle and then reverse engineering the financial plan to support that. I will also note that the rising and lowering tides in various industries create a need to serve people experiencing layoffs. When people go through layoffs, they lose a job, their 401(k) plans become portable, and their pensions become portable in many cases. They need help navigating that space. We help people on the successful side of the spectrum and those going through transitions, such as layoffs. The Houston market is wildly underserved, and there is a tremendous opportunity for a good wealth management firm in this space.

From your vantage point, are there any specific solutions or tailored products that have had the highest demand among your clients? 

There are a few areas that stand out. One of those areas is tax strategy, which is huge. Taxes will likely be an individual’s largest expense in retirement, potentially even more than healthcare costs. Income planning is also huge. It involves taking retirement assets and cash assets and using them to replace a paycheck. That is what must be done to finance an ideal lifestyle in retirement. We also utilize many risk management investment designs. Another important caveat is that the private equity, private credit, and private real estate space is a vastly growing sector in wealth management. What is really interesting is that previously, there were 7,000 publicly traded companies, and now there are 35,000 publicly traded companies. The average retail investor only has access to those 35,000 companies. Consider OpenAI, a privately held company worth billions upon billions of dollars. The average person cannot invest in a company like that, yet they should be able to. The plumbing for more average retail investors is now available, making these options accessible in private equity, private credit, and private real estate funds. We are seeing a massive shift into the alternative investment space in wealth management in Houston, and we are implementing that with our clients tremendously. Private credit has been a great way to generate outsized yields for income generation. Private equity has been a great way to generate outsized returns while lowering risk dynamics and volatility in a client portfolio. That is a big space. Additionally, with taxes likely to rise in the coming years, we are helping many families execute proactive tax planning strategies. These include estate planning strategies, Roth conversion strategies, and building tax-diversified income plans. We are also designing strategies that are more resilient to market volatility, which aligns with the private equity and private credit strategies. When in retirement, the order of returns matters more than the average market return, and we call it sequence of returns risk. The solutions we provide resonate with families who want peace of mind, especially in a market as fast-paced as Houston’s and the broader economy.

What is your outlook for the next two to three years, and what are your top two or three priorities for the firm?

Looking ahead, we are incredibly optimistic about the future. Houston is a wildly underserved market, and we are here to serve it in a big way. Our focus is on expanding our footprint throughout Greater Houston. We already have a solid footprint, but we are continuing to expand that footprint. We stay committed to the Woodlands because it is where we are from. It is where we live, where we dwell, where we work, and where we play. We want to serve more families who are approaching retirement and looking for that next-level guidance, not just a financial plan, but a life plan. What are you going to do in retirement? Who are you with? Where are you? Are you retiring to something? We are strong believers that you do not retire to a La-Z-Boy chair. Over the next few years, we will continue to scale our Summit System and grow our team of world-class advisers and support staff. We will invest in technology that keeps up with our client experience, that grows it to continue to be second to none. Our vision is simple: to help people stop worrying about money and start living the life they work so hard to build. That is what redefining retirement is all about.