The Los Angeles Lakers traded point guard Derek Fisher and a first-round draft pick to the Houston Rockets for Jordan Hill in a last-minute deal before the NBA's trade deadline at 3 p.m.

Yahoo Sports' Adrian Wojnarowski first reported on Thursday that the Lakers decided to trade their long-time point guard in exchange for Hill. Hill is currently averaging 5.6 points per game in 15.6 minutes per game.

The former Arizona standout was drafted by the Knicks with the No. 8 pick in 2009 before being dealt as a part of the Tracy McGrady trade.

The deal of Fisher to Houston likely signals the end of an era in Los Angeles. Fisher came into the NBA in 1996 with Kobe Bryant and spent a total of 12 seasons with the Lakers. He played for the Golden State Warriors for two seasons and the Utah Jazz for a single season in 2006 before returning to the Lakers.

The trade was made so that the Lakers could avoid a luxury-tax bill, according to ESPN's Marc Stein. The Rockets could potentially release Fisher so that he'd be free to return to the Lakers, but Wojnarowski reported that the Rockets are looking for some point guard help to pair with Kyle Lowry.

Steve Blake will likely assume more playing time with Fisher's departure.