Law firms have a potential opportunity to gain business from Private Equity & Venture Capital firms, but they need to dispel certain myths about the work first
The Private Equity & Venture Capital space is at the center of many law firms’ strategic growth plans — and it’s little wonder why. These organizations spend on average, $35 million on outside counsel for fund- and deal-related work each year.
In its latest study with 100 U.S.-based Private Equity and Venture Capital (PE/VC) firms, Thomson Reuters interviewed both senior business leaders and General Counsel at PE/VC firms to see what it takes for a law firm to stand out with clients in this competitive space.
The results of this study exposed three pervasive myths about what it takes to win legal work with PE/VC firms.
It’s time for law firms to let go of the long-held belief that General Counsel are not involved in deciding which outside law firms are hired for PE/VC related work. Different than other legal work types, there’s no denying the heavy involvement of senior business leaders (such as Directors and Managing Partners) when it comes to appointing counsel for fund- or M&A-related work.
However, nearly 90% of General Counsel are also involved in these same decisions. In fact, when comparing both sets of buyers, slightly fewer senior business leaders report being involved in appointing counsel for M&A work than...
US President Donald Trump can shock people. And he did just that eleven minutes into his 40-minute address at the United Nations General Assembly (UNGA) on Tuesday (September 22). “Will a deal be ...