Venture capital in London

Equally adept at advising investors and investees and also able to draw upon strong ancillary IP and IT expertise, Bird & Bird LLP provides ‘sound commercial advice‘ throughout the investment lifecycle. In addition to core expertise in equity investments and exit strategies (through IPOs or an M&A process), the firm has a fairly unique proposition on the debt venture side, an area that ‘excellent‘ team head Struan Penwarden has a market leading reputation, acting for core funders including Kreos Capital. Geraint Lloyd  is also one of the more experienced members of the team and brings significant commerciality and know-how of funds and investees engaged in healthtech and fintech, in particular. Of the more junior partners, the ‘phenomenal‘ Mark Rundall continues to impress as a result of his ‘commercially astute advice‘ to conventional investor clients (and investees), as well as corporate venturers. Associate Joseph Stolerman is also recommended, particularly for early stage work, including in relation to investments in the burgeoning cannabis market.

Involved in a huge volume of deals as a result of its 'market-leading' company side offering as well as a thriving practice for fund clients, Orrick, Herrington & Sutcliffe (UK) LLP is able to impart 'highly commercial' advice. With numerous US-qualified practitioners and an ability to tap into the expertise of the firm's Silicon Valley office, the team excels at advising on mandates with a transatlantic angle and, as well as being able to seamlessly help clients execute a 'Delaware flip' procedure, it is also well-placed to undertake exit strategies via the US capital markets. US-qualified team head Chris Grew is active in transatlantic work and also has an excellent understanding of the European venture capital ecosystem, as a result of many years' experience assisting entrepreneurs and investors across hi-tech mandates. The 'versatile and highly knowledgeable' Shawn Atkinson is very adept at handling cross-border transactions, while the 'exceptionally knowledgeable' Ylan Steiner acts for investors on the later stages of the funding process. Recently promoted partner Jamie Moore  has developed a strong reputation for advising on investments into fintech and AI, while senior associate Janine Suttie has a balanced offering for investors and start-ups, advising on UK and international transactions.

With partners based in London, Reading and Bristol who have a core focus on venture capital work, including life sciences and healthcare-focused specialists Justin Starling  and Rob Hayes , who joined the firm in February 2021 from Penningtons Manches Cooper LLP, Osborne Clarke LLP has the strength-in-depth to handle a range of VC work, running the gamut from fund formations and financings across the funding lifecycle through to exit strategies. The firm's longstanding experience in the market ensures that it has a 'deep but practical understanding of venture capital financings', enabling it to provide 'commercially-minded' advice on behalf a balanced roster of investors and investees. 'Extremely responsive' team head Robert Wood  remains a lynchpin of the practice, in particular as it relates to the TMC sector (including work involving investor syndicates). Mathias Loertscher is 'patient and attentive', acting for start-ups seeking early stage funding. Simon Jones has a good perspective from both sides of the negotiating table, as a result of his balanced offering for funds/angel investors and growth companies which are active in the TMC space. Associate Elizabeth Yell is also recommended.

Benefiting from well-established institutional fund relationships, as well as being experienced in the unique challenges faced by life sciences and technology start-ups throughout their growth strategies, Taylor Wessing LLP maintains its position at the pinnacle of the domestic venture capital market. The firm's deal volume, ranging from early stage financings through to later stage investments, ensures that it has practical and real world experience in transactions throughout the investment lifecycle, including cross-border mandates. 'Outstanding' team head Angus Miln has an excellent track record advising tech-start ups throughout the funding journey; he recently advised the UK Treasury on the establishment of its recent £975m Future Fund. Howard Palmer  has developed a particularly strong reputation advising investees and investors on venture capital work within the fintech and cleantech sectors. Josef Fuss  is also recommended, particularly in relation to his work for hi tech-based investee clients in the digital health, AI and Big Data sectors.

With a ‘real commitment by the firm to UK venture‘, as a result of numerous high-profile hires in recent years, the team at Goodwin has made a sizeable impact in the market for both investors and investees, which leverage its ability to provide ‘commercially strong and business-focused advice’. While the practice has also been active on purely domestic mandates throughout the funding lifecycle, it has been particularly effective in leveraging the firm’s strong US heritage. The ‘sharp and personable‘ Ali Ramadan is ‘able to cut through the noise to give pertinent advice’ to start-ups, high-growth companies and investors, including in the proptech space. ‘Excellent’ Cambridge-based associate Adam Thatcher  is also recommended as a result of his balanced company and investor side practice across the technology, healthcare and life sciences sectors. David Mardle leads the practice. Sophie McGrath is well regarded for her ‘unbeatable knowledge and experience‘ in the life sciences and technology industries.’

Under the guidance of the 'experienced, commercial and pragmatic' David Strong, Marriott Harrison LLP has 'good knowledge and experience in technology venture capital deals', including those relating to AI, fintech and e-commerce. Although the firm is active on deals throughout the investment lifecycle, it has developed particular expertise advising investor clients on early stage funding with a flow of instructions from core investor clients including Balderton Capital and Accel Partners. Much of the investor side work is handled by Strong, whose 'detailed knowledge of the BCVA standard documents' and 'ability to cut through issues quickly' is increasingly recognised by US clients investing into the UK. Corporate head Daniel Jacob has developed a strong reputation among entrepreneurs and start-ups securing the funding necessary to grow their businesses.

With experts spread across the firm’s Birmingham, Reading, London and Leeds offices, Shoosmiths LLP provides a ‘very efficient and commercial service‘, acting for investors and a growing roster of investees. The team remains most visible on early stage financings. ‘Very commercial and savvy‘ Birmingham-based team head Alastair Peet spearheads the firm’s established relationship with Octopus Ventures and has been particularly active advising it during the pandemic on supporting its portfolio companies, including through the provision of innovative convertible loan note structures. On early stage matters, clients also appreciate the firm’s mastery of the Enterprise Investment Scheme (EIS) process, an area that Thames Valley-based tax specialist Tom Wilde  is particularly proficient. London-based partner Steve Barnett  continues to grow the firm’s company-side visibility.

Able to provide a 'good overview of the market from multiple perspectives', Bristol-based firm Ashfords LLP is well placed to provide a 'very proactive and commercial service' to its core roster of fund clients and a growing number of company stakeholders engaged in tech-focused venture capital work. Chris Dyson is 'very easy to deal with' and provides 'very pragmatic' advice to single funds, as well as investor syndicates, on domestic and international fundraisings and exits. Andrew Betteridge is also one of the more experienced members of the team and is well regarded by a balanced mix of funds and growth company clients. Rory Suggett co-heads the team alongside Dyson and has particular expertise in advising emerging companies and investors.

Leveraging the firm’s strong overarching IP credentials and its significant resources on the ground in the US, Brown Rudnick LLP is well-suited to advising start-ups, entrepreneurs and investors on domestic and international venture capital work involving IP-rich products and services. Mark Dorff is adept at advising investees and investors on venture capital-related life sciences and fintech mandates, and is able to provide particular added value on transatlantic deals by virtue of his dual US and UK qualifications. Neil Foster co-heads the team alongside Dorff and has, since his arrival from Baker Botts (UK) LLP at the end of 2020, further strengthened the firm’s corporate and venture credentials, particularly as a result of his strong ties with investor and investee stakeholders in the technology and health sectors.

The 'rock solid' team at Cooley (UK) LLP 'knows the venture business inside out' and is well-placed to provide 'commercial and result-oriented advice' to investors and investees throughout the funding lifecycle. Able to draw from the resources and knowledge of the firm's market-leading US offering and US capabilities on the ground in London, the firm excels at handling cross-border deals and advising US-based investors. US-qualified partner Ryan Naftulin excels at advising on mandates involving a strong transatlantic component, and co-heads the team alongside Aaron Archer, who provides advice to investors and venture-backed companies in the life sciences and disruptive technology space. Notably, Archer was also recently selected to advise the government on the establishment of the Future Fund.

Leveraging the firm's well-regarded IP and technology capabilities, Harbottle & Lewis LLP's venture capital team provides 'exceptional and solution-oriented advice' to media and technology entrepreneurs and start-ups, through every step of the funding process, from early stage access to SEIS/EIS capital through to follow on rounds of equity finance provided by larger institutional funds. Team head Tony Littner takes the lead on the majority of the firm's work for investee clients, which praise the 'strategic' nature of his advice. The firm also continues to grow the investor side of the practice and has begun to pick up some notable mandates from corporate venturers. Appreciated for his 'thorough' advice, senior associate Tom Macleod is gaining significant market visibility.

Latham & Watkins' emerging companies team has gained acclaim from both investees and investors as a result of its 'versatile and highly competent' offering which has shown a 'willingness and ability to flex on venture capital deals.' The firm's US heritage and its capital markets prowess, on both sides of the Atlantic, ensures that it is particularly adept at advising on investments utilising US capital; it also has the flexibility to advise on exits via IPO. Mike Turner  'has masses of experience' at handling TMT-related venture capital deals and is a key member of the team that also includes the 'very commercial' Shing Lo, who has 'an excellent understanding of the market - on both UK and international deals'; Lo spearheads most of the firm's work in the early stage financing space. Robbie McLaren also contributes to the firm's healthcare and life sciences expertise.

Following a number of departures, including that of Erika McIntyre  to Taylor Vinters and Robert Glass, who moved in-house, Withers LLP maintains a solid offering for investors and emerging companies, advising on fundraising activity throughout the investment lifecycle, particularly within the life sciences and technology sectors. ‘Experienced‘ team head James Shaw  is very well-versed in advising on university spin-out mandates, an area that the firm has shown a clear ongoing focus on thorough its Cambridge office, which is headed by Susanna Stanfield. The team’s ability to leverage the firm’s private client credentials is also a key strength, particularly in light of the increased private wealth capital in the space.

Maintaining a strong deal flow for tech-based start-ups seeking early stage funding, and also increasingly visible at a later stage for a growing roster of investor clients, Browne Jacobson LLP has a balanced perspective of deals in the UK venture capital market. Jon Snade has developed particular expertise in insuretech matters (including for start-ups that have been nurtured through the firm's well-received and cost-effective legal support offering, Grow). Birmingham-based corporate partner Mike Jackson co-heads the team with Snade and regularly advises regional start-ups and investors on venture-backed mandates in the automotive and greentech space.

With a cross-disciplinary offering that draws on the expertise of practitioners in the IP, employment and financial regulatory groups, Dentons delivers a 'high-quality experience' to a growing roster of early stage companies and investor clients. Leveraging strong relationships with stakeholders throughout the VC sector, the 'bright and hardworking' Joseph Altendorff  is able to effectively provide a 'very joined-up service' to clients, ranging from start-ups to institutional fund clients. On the investor front, Altendorff played a pivotal role in securing instructions from new client Octopus Ventures (including US transactions) and has also been central to the firm's efforts to strengthen its ties with corporate venturers. Edinburgh-based partner David McGrory  co-heads up the team alongside Altendorff.

While DLA Piper handles a noticeable amount of traditional venture capital work for investees and institutional investors, its core strength lies in its representation of corporate venturers, both on fund formation and pursuant downstream investments. Particular sector strengths include the TMT, sports and media industries, and clients also benefit from access to the firm's vast global network of offices, as well as a dedicated online resource for entrepreneurs through the firm's Accelerate offering. London corporate group head Jon Kenworthy handles a significant amount of venture capital work throughout the investment life cycle and is a key member of the team that also includes Luca Gori, whose strength includes work for private equity and venture capital investors.

Forming an integral part of the firm’s mid-market private equity capabilities, Gowling WLG‘s group handles a significant volume of venture capital mandates for a varied roster of venture capital houses, corporate venturers and investees. While it is active on deals throughout the funding space, the team has developed particular strength in advising on early-mid stage financings in the life sciences, technology and energy space. As well as handling domestic mandates, team head Ian Piggin has developed significant expertise in advising international investment syndicates.

Mills & Reeve LLP is able to provide a comprehensive service to investor clients thanks to its ability to advise on initial fund structures, as well as subsequent downstream investment work. Cambridge-based partner Zickie Lim is regularly at the forefront of the most significant work handled by the team (including a number of mandates involving Future Fund contributions); she has carved out a particularly successful niche in handling university spin-outs.

Following a number of high-profile departures, including that of Rob Hayes  and Justin Starling  who joined  Osborne Clarke LLP in January 2021, Penningtons Manches Cooper LLP maintains a significant offering for investees, as well as handling university spin-outs from its Oxford office. James Went is one of the main contacts for this work and is appreciated for his ‘responsiveness and clarity of thought‘, acting for venture-backed companies in the technology and life sciences sectors. Corporate tax expert Kathy Hills is also a key resource in relation to investments made through tax efficient schemes, including the government-backed EIS and SEIS initiatives.

Headed out of Bristol by Mark Shepherd, and aided by a growing offering from the firm's Edinburgh office, Burges Salmon LLP's 'flexible, helpful and approachable' team is well versed in advising its investor-focused client base, which includes conventional VCTs, pension funds and family offices, on investments in core areas of industry strength including the energy and infrastructure sectors. On the investee front, the firm has visibility among start-ups, primarily by virtue of its involvement in several accelerator programmes.

Charles Russell Speechlys LLP provides a 'commercial and solution-oriented' service to a balanced mix of investor and investee clients on deals throughout the investment lifecycle. The team is particularly well equipped to handle mandates in the TMT, healthcare and fintech sectors. The firm's private wealth expertise has led to a significant amount of work for family offices, a growing class of investor in the venture capital ecosystem. Chris Putt co-heads the team alongside Rossana Conti  and is noted for his corporate venture debt expertise, as well as his work for entrepreneurs and family offices.

Following its absorption of technology-focused City-based firm Kemp Little LLP in February 2021, Deloitte Legal now has a notable venture capital offering. Charles Claisse was one of the new arrivals and leads the firm's corporate team, which has a core focus on assisting IP-rich technology start-ups (including fintech entities) with growth through the funding lifecycle.

Utilising the firm’s alternative business model, Keystone Law is particularly well equipped to advise venture capital clients. With experience in advising clients throughout the funding lifecycle, Catherine Williams has also gained particular acclaim for her ‘brilliant‘ support to small start-ups on early stage fundraising efforts. The ‘experienced and knowledgeable‘ Dee Sian focuses more on investor-side mandates and is accomplished at handling EIS, SEISS and VCT transactions. Nadim Zaman is also a key name to note. Sector strengths include the technology, healthcare and media industries.

Norton Rose Fulbright handles a regular stream of instructions for investors, investees and corporate venturers . A considerable amount of this venture capital work sits within the fintech sector, an area in which Sean Murphy  has particular expertise, both on the transactional side, as well as advising on accompanying regulatory concerns. Many of the mandates handled by the team have a cross-border element and the firm has a particular strength advising on Africa-based emerging markets mandates, which the ‘outstanding’ Bayo Odubeko has a particular focus on. Murphy co-heads the venture capital and growth capital team.

As part of the firm's wider M&A group and also utilising the firm's broader IP and commercial contract strength, Arnold & Porter's venture capital offering is particularly adept at advising investees and investors on life sciences-related mandates, from early stage through to exit. Jeremy Willcocks has a strong track record in the space and is also picking up work in the burgeoning cannabis investment market.

Led by the 'very commercial' Graham Spitz, Fladgate LLP's 'hardworking' growth capital group is particularly active in early stage funding rounds, acting for a growing investor-focused client base that includes family offices, institutional investors and smaller funds. The arrival in May 2021 of the 'absolutely outstanding' Howard Watt  from Sheridans adds excellent experience in acting for investors and investees in the European venture capital market.

Venture capital work forms a core part of niche technology and media-focused boutique Humphreys Law, which has an ability to provide 'clear and trustworthy legal and commercial advice' to an investee-focused client base. 'Helpful and trustworthy' founding partner Henry Humphreys is 'knowledgeable of and experienced in the early stage venture market'' He is aided by a combination of full-time employees and consultants that includes 'very smart' tax expert Annette Beresford, who is able to provide invaluable input to clients on EIS-related mandates.

With a particularly strong presence throughout the Midlands, Shakespeare Martineau LLP advises investees and investors on regional and national early stage work, particularly within the healthcare sector. Splitting her time between the Birmingham and London offices, Kavita Patel  heads up the investment funds team and is particularly adept at handling early stage investments involving tax considerations, including matters relating to the EIS.