close

For more than four decades, Fenwick & West LLP has helped some of the world’s most recognized companies become, and remain, market leaders. From emerging enterprises to large public corporations, our clients are leaders in the technology, life sciences and cleantech sectors and are fundamentally changing the world through rapid innovation.  MORE >

Fenwick & West was founded in 1972 in the heart of Silicon Valley—before “Silicon Valley” existed—by four visionary lawyers who left a top-tier New York law firm to pursue their shared belief that technology would revolutionize the business world and to pioneer the legal work for those technological innovations. In order to be most effective, they decided they needed to move to a location close to primary research and technology development. These four attorneys opened their first office in downtown Palo Alto, and Fenwick became one of the first technology law firms in the world.  MORE >

From our founding in 1972, Fenwick has been committed to promoting diversity and inclusion both within our firm and throughout the legal profession. For almost four decades, the firm has actively promoted an open and inclusive work environment and committed significant resources towards improving our diversity efforts at every level.  MORE >

At Fenwick, we are proud of our commitment to the community and to our culture of making a difference in the lives of individuals and organizations in the communities where we live and work. We recognize that providing legal services is not only an essential part of our professional responsibility, but also an excellent opportunity for our attorneys to gain valuable practical experience, learn new areas of the law and contribute to the community.  MORE >

Year after year, Fenwick & West is honored for excellence in the legal profession. Many of our attorneys are recognized as leaders in their respective fields, and our Corporate, Tax, Litigation and Intellectual Property Practice Groups consistently receive top national and international rankings, including:

  • Named Technology Group of the Year by Law360
  • Ranked #1 in the Americas for number of technology deals in 2015 by Mergermarket
  • Nearly 20 percent of Fenwick partners are ranked by Chambers
  • Consistently ranked among the top 10 law firms in the U.S. for diversity
  • Recognized as having top mentoring and pro bono programs by Euromoney

MORE >

We take sustainability very seriously at Fenwick. Like many of our clients, we are adopting policies that reduce consumption and waste, and improve efficiency. By using technologies developed by a number of our cleantech clients, we are at the forefront of implementing sustainable policies and practices that minimize environmental impact. In fact, Fenwick has earned recognition in several areas as one of the top US law firms for implementing sustainable business practices.  MORE >

At Fenwick, we have a passion for excellence and innovation that mirrors our client base. Our firm is making revolutionary changes to the practice of law through substantial investments in proprietary technology tools and processes—allowing us to deliver best-in-class legal services more effectively.   MORE >

Mountain View Office
Silicon Valley Center
801 California Street
Mountain View, CA 94041
650.988.8500

San Francisco Office
555 California Street
13th Floor
San Francisco, CA 94104
415.875.2300

Seattle Office
1191 Second Avenue
10th Floor
Seattle, WA 98101
206.389.4510

New York Office
1211 Avenue of the Americas
32nd Floor
New York, NY 10036
212.921.2001

Shanghai Office
Unit 908, 9/F, Kerry Parkside Office
No. 1155 Fang Dian Road
Pudong New Area, Shanghai 201204
P.R. China
+86 21 8017 1200


Up Rounds and Valuations Rise at a Record Pace in Silicon Valley

August 11, 2014

Fenwick & West corporate partner Barry Kramer was quoted in an article by Reuters PE Hub about the findings of the firm’s 2Q 2014 Silicon Valley Venture Survey, co-authored by Kramer and corporate partner Michael Patrick. 

Valuation results were the strongest ever measured by the survey. The Fenwick & West Venture Capital Barometer™ showed an average price increase of 113 percent, the highest amount since the firm began calculating this statistic in 1Q 2004. In addition, up rounds exceeded down rounds 80 percent to 6 percent, a 74-point difference that was the largest since the survey began calculating up/down rounds in 1Q 2002.

The Reuters article described the survey results as demonstrative of the confidence that game-changing companies are inspiring in the Silicon Valley venture capital community.

“I think we’re seeing some large bets on a select group of companies that investors feel have a reasonable chance to really disrupt their industries, or create new ones,” said Kramer. “It’s ‘winner take all.’”

But Kramer doesn’t view the record increases as an indicator of a tech investment bubble, because a bubble would require a much higher volume of individual venture financings, initial public offerings, and merger and acquisition deals.

“I don’t believe that we are seeing ‘irrational exuberance,’” Kramer said.

Other findings of the survey, which examined the financing rounds for 174 Silicon Valley technology and life sciences companies during 2Q 2014, include:

  • The median price increase of financings in 2Q 2014 was 75 percent, the highest amount since the firm began calculating medians in 2010.
  • The internet/digital media, software and hardware industries all had very strong results, with internet/digital media having the highest Barometer (169 percent) and median (99 percent) increases, software continuing not only to have strong valuations but also increasing its percentage of post Series A financings to 48 percent, and the hardware industry registering a very strong second-best Barometer result of 132 percent. The life science industry also posted solid results, while cleantech lagged other industries but still had reasonable results.

The full article is available through the Reuters PE Hub website.