Startups, Emerging Companies Regroup from Silicon Valley Bank Failure
In the wake of Silicon Valley Bank's failure, leaders of startups and emerging companies across the country had to pivot, react swiftly to changing circumstances - and soothe their own jangled nerves.
Gregory L. Seltzer, Practice Leader of the firm's Emerging Companies and Venture Capital Group, was in Austin at SXSW as the fallout occurred. He spoke to several outlets about how startup and emerging company leaders were feeling and what might be next for what's left of Silicon Valley Bank. He also spoke about the formation of a cross-practice task force to address client questions and provide strategic guidance on immediate concerns, as well as long-range planning issues, following the collapse of Silicon Valley Bank, part of the firm's larger Distressed Assets and Opportunities Initiative.
“We had an amalgamation of expertise from traditional banking lawyers to emerging company and venture capital lawyers, and those communities of expertise typically do not mingle,” he told The American Lawyer. “On Saturday, we brought in a labor and employment lawyer because we had specific questions on payroll, like what happens if you can’t make payroll if your account was frozen?”