April 21, 2004
Nobody Ever Got Fired for Hiring Skadden
In what it would be convenient to characterize as more evidence in favor of the consolidation trend mentioned in the Wilmer-Cutler/Hale & Dorr posting, this article discusses New York firms' successful invasion of Silicon Valley. They have opened new offices in the Valley and in San Francisco proper, and high-tech companies that previously used Wilson-Sonsini, [the late] Venture Law Group, et. al, are now turning to the likes of Skadden, Davis-Polk, and Simpson-Thacher.
While I would be as happy as the next New Yorker to gloat over the belated recognition of the superiority of our heavy-weight firms, I actually think the high-tech companies are simply being rational economic decision-makers. When the deal on the table (ca. 1995—1999) is a simple IPO, go with the local talent that has a proven record in that field. And, when the deal on the table (ca. 2001—2004) is a $1.8-billion acquisition, with complex antitrust, securities, tax, and financing issues built-in, go with the one-stop-shop that provides that array of expertise.
Published by Bruce at April 21, 2004 3:46 PM | TrackBackPublished to Finance | Globalization
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