Cooley Godward Kronish has secured a deal to take on a 35-lawyer team from the Venture Law Group of dissolving West Coast giant Heller Ehrman, writes The Recorder.
It is the first major group of Heller lawyers to depart since the 118-year old Heller voted to dissolve a week ago becoming one of the largest
Cooley said the move will allow it to challenge Wilson Sonsini Goodrich & Rosati's dominant position in the
It also marks the end of the Venture Law Group, an independent law firm that clung to its culture, name and acorn logo even after being acquired by Heller in 2003. At Cooley, said firm CEO Joe Conroy, VLG will no longer continue as a distinct brand.
"Our firm culture would not be consistent with a firm within a firm," he said.
Mark Medearis, who co-founded VLG in 1993, said his team was ready to let go of that identity. "Obviously we have a lot of affection for all those things," he said, "but we've learned a lot about the practice of law, and we're really excited to be joining Cooley."
The VLG lawyers drew a lot of interest and were still in talks with other law firms like Morrison & Foerster as late as Tuesday. But Cooley had emerged as the group's leading choice.
"It's a great fit," said consultant Peter Zeughauser, whose Zeughauser Group was not involved with the deal. "The VLG group has got some great emerging-company lawyers, and Cooley has one of the top practices."
Fifteen emerging-company partners and nearly 20 associates will be joining the firm in Silicon Valley,
Along with Medearis, senior lawyer jumping ship include Mark Weeks, who headed the business department at Heller; Jon Gavenman, who headed Heller's Menlo Park office; Elias Blawie, a clean tech practice leader; Renee Deming, a benefits partner; and tax partner Mark Windfeld-Hansen. Younger partners John Sellers, Keith Miller, Amy Paye and Mavis Yee also are coming over.
The group, the core of the practice, represents nearly half of VLG's West Coast presence. Heller's website lists about 30 partners, 40 associates and 10 special counsel from
Often ranked second to Wilson Sonsini's formidable emerging-company practice in Silicon Valley, Cooley now moves into a "neck-and-neck" race with
The acquisition by Cooley does come at a price. Sources familiar with the negotiations said that top VLG partners were seeking more than $1.3m (£720,000) each. But Zeughauser said it is likely that Cooley, with a strong year in 2007 and so far this year, can afford the move.
Cooley's Conroy contended that the investment will pay "almost immediate dividends" adding that the group would contribute to earnings in its first year.
The VLG lawyers in
The rest of Heller's lawyers are still figuring out where they will land. Failed merger partners Winston & Strawn and Baker & McKenzie have had offers on the table for large chunks of the firm.
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