When it comes to the energy industry, there is an art to taking charge of technically tricky deals. Just ask Elaine Walsh, a partner at Kirkland and Ellis LLP focused on the energy industry. She counsels clients regarding energy asset acquisitions, asset management and trading arrangements.

Walsh began her work in the energy industry after joining Salomon Brothers, an investment bank, where she gained experience in energy trading. After she graduated from Washington University School of Law and completed her master’s degree in economics from Washington University, Walsh started her practice with telecom work and commercial litigation.

A family move to Boston led Walsh to Citizens Power, where she works in energy trading. In 2001, Elaine joined Kirkland and Ellis and focused on an energy transactional practice. She has been highlighted by Chambers & Partners in the 2009 and 2010 America’s Leading Lawyers for Business. She has also been selected as one of Law360’s “Rising Stars,” a list of the top 10 energy attorneys under 40.

Midstream: What would you say led you to focus on the energy industry?

Walsh: I worked at Salomon Brothers before law school, so I knew a bit about trading. At Citizens Power, I discovered that I really enjoyed energy, and I honed my focus toward that. It’s exciting, and it was something that presented a new problem or a new challenge every day. I found that someone who was relatively junior could become an expert a little more quickly than in other areas because of all the rapid changes in regulation and market dynamics. Energy is a very interdisciplinary area. That makes the job very exciting and enjoyable.

Midstream: What is your day-to-day practice like?

Walsh: I think the variety makes work interesting. Our group mainly focuses on transactional work, and we do some regulatory work, but generally in support of deals and trading issues. In large part, our practice is based on M&A transactions and corporate restructurings, but we also do marketing and commercial transactions in energy. We have great clients. It’s rewarding to work with clients who look at you as part of the team, rather than a walking transaction cost. When you are doing a deal, as opposed to litigation, everyone has a common goal—to get the deal done. Naturally, it can get tense with the opposing counsel trying to win the points that you want, but at the end of the day everyone is motivated to a single end.

Midstream: Is the diversity a challenge?

Walsh: With such a diverse practice, we have a lot of irons in the fire at any given time. Keeping clients happy and providing the best service that you can is a juggling act. This industry keeps you on your toes.

Midstream: Is the midstream industry especially prominent in your work?

Walsh: Oh, yes. At any given time, we are working on several transactions. For example, I’m working on some pipeline leases and throughput agreements, but also doing some refinery transactions. We’re also doing several M&A deals. Some are with power plants, but others are with pipelines, terminals and refineries.

Midstream: M&A deals are in abundance right now. Is there anything you are involved with that you are particularly proud of?

Walsh: Definitely. The most complicated deal I’ve been a part of involved three parties, including my client and two other parties, and it was essentially a three-way asset swap. We all had assets that the other one wanted. The parties were motivated for two reasons. First, it involved strategic assets. Second, it allowed the parties to do a beneficial deal without too much cash out the door. That was complicated, and it took quite a while. There were many different hurdles that we had to clear, such as construction that needed to integrate the new assets and various rights-of-first-refusal waivers. It actually took a matter of years. It’s funny, but I started the deal before I took maternity leave, and when I came back, I was able to pick up where I left off.

Midstream: Do you see continued or increased M&A activity on the horizon?

Walsh MLPs continue to be a popular avenue for investment. In this market, companies are going to keep re-evaluating their businesses. The strategic folks are focusing on core businesses and divesting non-core assets, which we’ve seen over the past several years. I think the entire energy industry is trying to re-assess and focus on either their core businesses or certain discrete areas they can really grow or that provide needed synergies, like shale investments.