The following is an excerpt from Practice Perspectives: Vault's Guide to Legal Practice Areas.
Anthony S. Wang, Partner—Corporate (2022)
Tony focuses his practice on corporate and securities law, with an emphasis on venture capital, private equity, mergers and acquisitions, and Greater Asia-related transactions in a broad range of industries, with a particular focus in the technology, media, and entertainment sectors. Tony began his legal career in Silicon Valley in the 1990s, before spending much of the next decade in China. Since joining O’Melveny’s Newport Beach office in 2015, he continues to work closely with colleagues around the firm—including in Silicon Valley and Greater Asia—to help clients, big and small, do business in a global market.
Describe your practice area and what it entails.
I have a broad corporate practice that I’m very grateful for. I started out in Silicon Valley with a traditional Valley-style practice working with technology companies. I also have a very international component to my practice, because I spent 10 years in China and when I came back to O’Melveny, part of the appeal was the cross-border expertise that O’Melveny has. So, I would say that my practice is a combination of advising emerging technology and growth companies in the U.S., as well as a cross-border practice that focuses on U.S./China inbound and outbound strategic transactions. The China practice has slowed down because of the modern geopolitical tensions between the two countries, but if anything, the role of lawyers is even more critical to get those deals done. National security concerns, antitrust, data privacy—all those things that are making deals more challenging are also the things I help my clients navigate with our O’Melveny platform.
What types of clients do you represent?
I represent various private equity and venture capital funds, mostly technology focused. A great example is Breakthrough Energy Ventures, one of the leading clean energy venture funds. Their core focus is to solve climate change. I work for other funds such as Norwest Venture Partners, and various healthcare biotech funds out of China. I also advise many startups, whether in Silicon Valley or in other U.S. tech hubs.
What types of deals do you work on?
For clients like Breakthrough Energy Ventures, we do lots of early-stage investments, late-state investments, pipe investments for SPACs, and more recently, the trend involving de-SPACs and reverse merger exits. I also do lots of strategic cross-border joint ventures between U.S. and China companies. If a Chinese and U.S. party want to set up operations either in America or in China, for example, I would work on the joint venture related to that. I also work on M&A deals—buying and selling deals where I represent sellers in the U.S. selling to companies, or buyers looking to buy companies.
How did you choose this practice area?
It goes back to the 1990’s when the internet was first coming out. I graduated law school in 1998 and I had a choice to stay on the East Coast in New York or the DC law firms or go west. In 1997 I decided to go west to Silicon Valley during the initial dotcom 1.0, and loved it. Over the last three decades, I’ve been able to be part of the expansion on a global scale. Since coming back to O’Melveny in Orange County, I work closely with not only Silicon Valley but also with the startup scene in Southern California. If anything, COVID has shown that being located in Silicon Valley isn’t necessary. People are innovating around the world.
What is a typical day like?
A typical day starts very early in the morning, because I often wake up to dozens if not hundreds of emails from clients in Asia or on the East Coast. I get through my emails, work on transactions here in the U.S., and catch up on my deals out of China so I can be ready to talk to them my late afternoon, which is their morning. Work often continues at nighttime, because my late evening is the middle of the day in Asia. So, a typical day is a long day, because somewhere it’s working hours! A typical day also means negotiating transactions, reviewing transaction documents, talking to clients, working with our specialists, having business development meetings, and helping to mentor and train the associates and counsel I am working with so they can become the best lawyers they can be.
What training, classes, experience, or skills development would you recommend to someone who wishes to enter your practice area?
In terms of training and classes, I would say do your best in law school to learn to think critically, regardless of the specific legal subject. I also suggest taking business classes such as basic corporate finance, mergers and acquisitions, negotiations, accounting, even spreadsheets. The old misnomer is that lawyers are not good at math. Well, if you want to be a corporate lawyer, you’d better become good at math right away because you are dealing with lots of large dollar amounts and cap tables. To grow and develop your skills, my best recommendation is to be proactive, i.e., not just doing what’s being asked of you but thinking one or two steps ahead and trying to help your team in any way possible. Be willing to go outside your comfort zone and really push to learn and to do—go above and beyond the call of duty.
What do you like best about your practice area?
I like the cooperative nature of transactional practice. We’re focused on solving problems and getting things done, and that means working with our opposing counsel in a collaborative manner. With early-stage companies in particular, I love the fact that we’re taking big risks to really change the world, particularly when it comes to renewables and clean energy. We’re helping facilitate the creation of new markets, new technologies that will not only improve people’s lives, but also improve the sustainability of the world through reducing greenhouse gases. To see the alignment of my work with my client’s mission is rewarding.
What misconceptions exist about your practice area?
I think the misconception about lawyers is that they are generally litigious and adversarial. In my experience, corporate lawyers are very much problem solvers, very commercial in an intelligent way. Many times my opposing counsel on deals have become my friends, because we work together. We don’t always have the same interests, but we try to resolve things in a professional manner. When we advocate for our clients, we do it in a respectful way, which actually builds further respect and camaraderie amongst opposing counsel. I closed two deals this morning, and when all was said and done, everyone was thanking everyone else for their cooperation and patience, and that’s nice.
How do you see this practice area evolving in the future?
I think the world continues to get smaller and the challenge of a cross-border practice is that you're navigating various legal jurisdictions. With the U.S. and China, for example, it’s not just the law; it’s also the geopolitical environment you have to navigate. Those challenges continue to be real, and a lawyer's job is to try to navigate them in a way that complies with law but also achieves the business objectives of the client. When it comes to climate change, a problem that big can’t be solved just in the U.S.; it's going to be solved internationally. It means crazy time zones issues, but it also means I get to deal with people from all around the world to solve difficult problems through investments in technology. I think the practice will continue to evolve on a global basis, which will require compliance with multiple legal jurisdictions and more challenges, but also gives room for lawyers to do more problem-solving and is more rewarding.
What are some typical career paths for lawyers in this practice area?
Some lawyers go in-house and become the general counsel or in-house counsel at startup companies that then grow to become large public companies. Others may decide that they want to go into the business side and become venture capital investors or operators. Some go into government service. There are lots of avenues that are open to you. Here I am, still at a big law firm 22 years later. But I’ve also pivoted in my practice focus within my legal career, so my path has felt dynamic and interesting. My recommendation for young lawyers is do your best that you can do at your early job and every few years reevaluate your career and see if you want to pivot or take those skills to a different area. But while you’re doing what you’re doing, do the best you can do.