The following is an excerpt from Practice Perspectives: Vault's Guide to Legal Practice Areas.
Stephanie’s practice focuses on representing emerging growth companies throughout their lifecycles and venture capital firms in their investment activities. She advises entrepreneurs on formation and corporate structuring matters and has significant experience advising technology companies on a wide range of corporate transactions, including venture capital financings and mergers and acquisitions. She also represents many leading angel investors and venture capital firms in connection with their investments in technology companies.
Ibrahim represents a wide range of emerging growth companies from information technology, consumer and enterprise software, AI/ML, financial, healthcare, e-commerce, and other industries. He has experience in corporate formations and structuring, venture capital financings, private secondary markets, cross-border transactions, mergers and acquisitions, public offerings, and general corporate governance and strategic matters. Ibrahim’s counsel with emerging growth companies spans the entire lifecycle, from guidance at the earliest stages through to an exit. Ibrahim also represents many leading venture capital investment firms in their portfolio company investments across the world. During law school, Ibrahim was an editor of the Stanford Law Review, a member of the Venture Studio at the Stanford Graduate School of Business, and worked at both a startup and a seed-stage venture capital firm.
Describe your practice area and what it entails.
Stephanie: Corporate attorneys at Gunderson represent venture-backed startup companies and venture capital funds. We work with startups at all stages of their lifecycle, so about 70% of my time is spent representing companies. That work includes formations, venture capital financings, corporate governance, and M&A transactions. The remainder of my time is spent representing venture capital funds when they make investments into startups.
Ibrahim: As a corporate and securities associate, I provide comprehensive legal support throughout the lifecycle of companies. This includes assisting entrepreneurs in formation, governance, and operational matters. As the company grows, I address questions related to expansion and financing options. From day-to-day challenges to financings to M&A deals, IPOs, or direct listings, I am involved in every step. I act as outside general counsel for new companies without in-house legal teams, ensuring the smooth operation and growth of their businesses. Additionally, I represent venture capital investors in portfolio company investments, safeguarding their investments and facilitating healthy partnerships with founders for efficient operations and oversight.
What types of clients do you represent?
Stephanie: I work with a wide range of clients across many industries. My clients include software, fintech, direct-to-consumer, and life sciences companies, among others. I also represent venture capital funds and angel investors when they are making investments.
Ibrahim: I have experience working with companies across various industries, making me industry agnostic. Recently, there has been an increase of companies in artificial intelligence, healthcare/healthtech, fintech, and data security. In general, our clients typically have a technology component that plays a crucial role in enabling their business operations.
What types of cases/deals do you work on?
Stephanie: I work on a variety of transactions, primarily focusing on venture capital financings and sell-side M&A transactions. But as a corporate generalist, we also work on debt financing, buy-side M&A, and secondary transactions. Corporate attorneys at Gunderson also service our company clients’ day-to-day legal needs; since many of our clients don't have in-house counsel or have small in-house legal teams, we're accustomed to dealing with a wide array of legal issues, which includes smaller transactions that are outside of our core practice.
Ibrahim: Venture capital financings are a recurring drumbeat of our work, as we facilitate the deployment of capital from VCs into promising companies. This provides support and enables them to develop their ideas, expand their teams, and acquire the necessary resources to scale an idea into a valuable business. We play a pivotal role in the entire financing process, from structuring the deal and considering the economics involved, to leveraging our proprietary deal data and our market knowledge. We also implement governance and control mechanisms to ensure smooth investment operations. During negotiations, we navigate the term sheet, addressing important matters like board representation, voting rights, and share restrictions. Once the term sheet is finalized, we translate its provisions into the long-form transaction documents through a multilateral negotiation process between the company, various investors, and other stakeholders.
How did you choose this practice area?
Stephanie: I grew up in the Bay Area during the first dot com boom, so I always had an interest in startups. Heading into law school, I didn't know that representing startups and venture capital funds could make up my entire practice. During my interview with Gunderson, I was convinced this was the type of work that I wanted to do, in large part because the attorneys that I met had real excitement about their practice and their clients. This practice offered an opportunity for me to combine the practice of law with my long-held interest in startups, and to really tap into the excitement around startups in the Bay Area.
Ibrahim: During my formative years, I ran a small family business selling used cars, gaining valuable insights into the challenges faced by small businesses and the importance of legal and business advice. While attending Stanford Law School in 2012, I immersed myself in the vibrant startup ecosystem of Silicon Valley, developing a genuine interest in supporting startups beyond providing legal advice. In building strong relationships with my clients, I have become a trusted first point of contact during major events or when seeking advice, and I am grateful for the bond of trust we develop.
What is a typical day like and/or what are some common tasks you perform?
Stephanie: I represent a large number of clients with a wide variety of legal needs, so every day is different. I begin and end every day by evaluating and prioritizing my tasks. This may include reviewing financing documents, marking up a merger agreement, and addressing client inquiries on deals, equity grants, corporate governance matters, or other legal matters. Throughout the day, time-sensitive tasks may arise, such as drafting a term sheet for a new deal. Additionally, I provide legal guidance during board meetings. As a hiring partner, I dedicate time to recruiting and interviewing candidates, planning the summer associate program, and other recruiting matters. Every day is different and that keeps this job interesting.
Ibrahim: My daily routine encompasses two distinct aspects: providing advice to clients and handling drafting and negotiations. I make myself available through every possible manifestation to ensure seamless communication. In terms of drafting and negotiations, I focus on the details of the deals and other agreements. Currently, I am working on a significant and complex merger transaction. This involves reviewing legal documents, coordinating with specialists, and delivering results that are as protective as possible for our clients. As a corporate associate, I specialize in corporate and securities law, with additional knowledge in labor and employment law, executive compensation, tax, commercial partnering, and privacy. When needed, I collaborate with my specialized colleagues to translate complex concepts into a business-forward solution that best serves our clients' needs.
What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?
Stephanie: The best thing to prepare for this job is to gain firsthand experience working with startups. If your law school offers a startup clinic, that's a great way to get exposure to the startup and venture capital ecosystem and learn some terms that we use and ways that we structure transactions. Working in the legal department of a startup through an internship either during the summer or the school year is also a great way to get exposure. In terms of law school classes, practical, transactional-focused classes and classes that focus on negotiation skills are beneficial in building skills that we use in our everyday practice. Corporations, Securities Regulation, and IP classes also provide useful knowledge about the legal foundation of our practice.
Ibrahim: During my time in law school, I found practical classes to be invaluable. They emphasized drafting and provided a solid foundation of fundamental legal principles. Securities law and regulation courses were particularly valuable, as I use those skills daily. Tax classes were also immensely beneficial, giving me a comprehensive understanding of business transactions and their tax implications. Outside of the law school, I took computer science, financial accounting, and business school classes. These interdisciplinary studies have provided a deeper understanding of our clients’ pain points and processes. For instance, knowing computer programming helps me collaborate effectively with engineer clients.
What is the most challenging aspect of practicing in this area?
Stephanie: Balancing the needs of a large number of clients in a fast-paced environment can be challenging. Our deals tend to have short timelines and we don't always have advanced insight into upcoming transactions for our clients, and that can make advanced planning challenging. At any given time, I could be working on seven to ten venture capital financings, so good project management skills are required in order to successfully juggle so many deals. As corporate attorneys, we must be nimble and flexible in order to service our clients’ needs quickly and efficiently. The flip side of that is the practice is never boring, because there are always new things coming down the pipeline, and our clients are keeping us on our toes.
What is unique about your practice area at your firm?
Stephanie: One unique thing about our practice area is that while we specialize in exclusively representing venture-backed companies and venture capital funds, our corporate attorneys are really corporate generalists. There aren't that many practices where you can work on venture capital financing, debt transactions, buy-side and sell-side M&A, and public offerings, sometimes all in the same week. It’s a unique practice in some ways, but also very general in other ways, and that offers some really great opportunities for professional development for our associates.
What kinds of experience can summer associates gain in this practice area at your firm?
Ibrahim: The summer associate program at Gunderson Dettmer offers a unique opportunity to explore various practice areas. Our firm's practice is divided into three main groups: corporate, technology transactions, and fund formation. As a summer associate, you will experience all three areas and determine which aligns with your interests and strengths. Throughout the summer, you will actively engage with clients, working on meaningful projects and gaining firsthand experience. This exposure allows you to make informed decisions about your future career path. At Gunderson Dettmer, we prioritize summer associate development and ensure a fulfilling and impactful summer experience. You won't be confined to a back office; instead, you'll be out front, actively involved in client work, providing valuable support and contributing to the team.
What are some typical career paths for lawyers in this practice area?
Stephanie: For those who don't want to stay at a law firm and make partner, there are really exceptional exit opportunities. Some of our corporate attorneys go in-house to startups or venture capital funds. We also have attorneys who leave to do something more business oriented, such as becoming an investor or moving into an operations role at a company. The exit opportunities here are quite broad.