Drawing upon a ‘fantastic breadth of expertise’ and ‘good industry knowledge’, due to its longstanding presence in the market and familiarity of “what is market”, Bird & Bird LLP provides a ‘responsive and helpful’ service to funds and investees throughout the investment life cycle. The firm’s overarching knowledge, including across regulatory matters, commercial and IP-related matters within the tech space is also of huge value to clients, enabling the team to provide a one-stop-shop service to start-ups, in particular, as they scale up. Vastly experienced team head Struan Penwarden provides ‘sound practical advice‘ to investees and investors providing/seeking equity investment, as well as having a niche specialism advising providers of venture debt. Geraint Lloyd is also an experienced practitioner whose work spans both private equity and venture capital investments, including a considerable volume of work for longstanding client Albion Capital. The ‘superb’ James Baillieu is well-versed in handling investee and investor work within both the tech and life sciences sectors, and has also been pivotal to the firm’s growing number of clients within the corporate venturing space (as well as advising those receiving investment from these funds). The ‘fantastic’ Mark Rundall provides ‘very commercial’ advice to a varied client base that includes corporates, VCTs, venture debt providers and corporate venturers. Joseph Stolerman joined Index Ventures as a legal counsel in June 2021.

Spearheaded by the ‘vastly experienced and skilled’ Chris Grew, Orrick, Herrington & Sutcliffe (UK) LLP‘s ‘dynamic’ nine-partner team provides ‘commercial and pragmatic‘ advice to an increasingly balanced roster of company and fund clients within the technology sector. Active throughout the investment life cycle, from “idea to exit”, clients not only benefit from advice that is ‘current, accurate and on market’ (gleaned as a result of the huge volume of deals the group handles) but also attracts US investment and is able to undertake exit strategies via the US capital markets by virtue of its Silicon Valley office. Recognised as a ‘real heavyweight’, Shawn Atkinson ‘is not only a brilliant lawyer, but he actually knows the commercials and the market extremely well’, ensuring that he is a popular choice among a mix of investors and high growth technology companies. Recognised by one client as ‘one of a few junior partners in London to have the ability to face-down any US powerhouses,’ consequently Jamie Moore is highly valued by a more investee-focused client base, many of which are utilising disruptive technologies (including fintech). Investor-focused Ylan Steiner is also well regarded at a partner level, while senior associate Stephen Tallon, whose ‘ability to cut through the noise’ and ‘willingness to go the extra mile’ is valued by investors and investees alike. The arrival in May 2022 of Peter Sugden from RPC further bolsters the team.

With seven core venture capital partners spread across the firm’s London, Bristol and Reading offices, as well as being able to draw upon a sizeable presence in Europe, Osborne Clarke LLP has the strength-in-depth to handle a huge range and volume of purely domestic and cross-border mandates for a balanced roster of investors and investees. Led by ‘excellent’ Reading-based partner Robert Wood, the firm is active throughout the investment life cycle where it is able to ‘combine exceptional legal ability with a very commercial and practical approach to getting the deal done’, particularly on transactions within the technology and life sciences sectors. Particularly focused on TMT-related transactions, London-based Mathias Loertscher has a strong reputation acting for both funds and companies raising venture and growth capital rounds, as well as for shareholders of venture-backed businesses on their exits. Combining excellent technical skills alongside an ‘incredible commercial approach’, Reading based Rob Hayes has made a strong impact to the practice following his relatively recent arrival from Penningtons Manches Cooper LLP, partcularly in the context of life sciences mandates. An ‘absolute rising star’, Reading-based associate Elizabeth Yell has also impressed since joining from Penningtons Manches Cooper LLP and provides ‘commercial and practical‘ advice.

Deeply embedded into the venture capital ecosystem as a result of many years’ involvement at the very pinnacle of the market, Taylor Wessing LLP is consequently able to provide real world, cost-effective and commercial advice to a technology and life sciences centred investee-focused client base throughout the funding continuum. ‘Knowledgeable and experienced’ team head Angus Miln frequently takes the lead on advice to disruptive tech companies, including a considerable amount of recent later stage work for fintech companies, including for Monzo Bank which he advised on its oversubscribed Series H funding round. As well as his knowledge of venture capital work within the cleantech space, Howard Palmer is also very adept at handling fintech-related work, including for early stage fund Dawn Capital. Based out of Cambridge, Ross McNaughton is particularly effective at handling work for life sciences/healthcare companies throughout their growth strategies, and is well-suited to advising on matters with a transatlantic angle by dint of a period of time based out of San Francisco. 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. All named practitioners are based in London unless otherwise noted.

Goodwin‘s strategy several years ago of hiring some of the best names in the industry from numerous leading law firms is continuing to pay off. This, coupled with the firm’s strong corporate finance/funds heritage and US platform, has ensured that in spite of its relative nascence it is already a major presence in the market. Led by David Mardle out of London, but also drawing upon a strong presence in Cambridge, the team has ‘an impressive breadth of expertise and experience’ and is able to ‘handle the most complex transactions with calm authority’. Benefitting from a ‘very commercial mindset’, tech sector expert Ali Ramadan exemplifies the firm’s versatility in the sector, being equally at home handling early stage work for start-ups, as he is in a later stage scenario for investors. As well as conventional technology and life sciences venture mandates, Sophie McGrath also has a core focus on impact investing and ‘is simply stellar when it comes to healthtech deals’. Other recommended practitioners include ‘technical, commercial, cool headed and strategic’ Cambridge-based partner Elizabeth Rhodes; the ‘phenomenal’ Andrew Davis, whose workload includes a considerable amount of transactions in the proptech space; and associate Adam Thatcher, who divides his time between the firm’s Cambridge and London offices.

Even in the relatively short period since it was established in 2020, Latham & Watkins‘s ‘incredibly impressive’ London emerging companies team has rapidly gained market traction in the tech space. This success has been built upon the combination of the firm’s existing finance, corporate and UK/US platform, coupled with the intellectual capital of the lateral hires it made, and has enabled the firm to ‘service both investors and start-ups all the way from the top of the funnel with seed investments deals through to IPO and M&A’. Mike Turner is a ‘veteran of the industry’ and leverages his vast knowledge gleaned through his many years’ experience in private sector, as well as those formed during his tenure as a general partner in a technology-focused venture capital fund. An ‘absolute rock star’, Shing Lo ‘understands the plight of founders but also the commercial drivers of investors’, enabling her to provide very effective and efficient advice regardless of whether she is advising investors or investees. The ‘responsive and knowledgeable’ Robbie McLaren co-heads the team alongside Turner and Lo and is a key member of the practice that also includes ‘extremely responsive and commercial’ senior associate Samantha Peacock.

Able to provide ‘high-quality advice based on their comprehensive knowledge of market norms’, Shoosmiths LLP remains visible in the market among a slew of very active investors, including Gresham House Ventures and Octopus Ventures. Birmingham-based team head Alastair Peet has been pivotal to the success of the team as a whole, effectively knitting together expertise across key regions, including the Midlands, Thames Valley and London, as well as successfully implementing cost-efficient document automation, which has proved particularly useful for volume investors, including Octopus Ventures. Also based in Birmingham, Alistair Hammerton is gaining significant traction among an investor-focused client base and is appreciated for his ability to provide ‘concise and accurate advice‘. ‘Methodical and balanced’ in his approach, London-based partner Steve Barnett provides ‘commercial and pragmatic’ advice and continues to grow the firm’s company side credentials. Other key members of the national team include corporate partner Sanjeev Sharma, whose work encompasses a significant amount of venture capital mandates and tax partner Tom Wilde, who is ‘a standout individual for his knowledge of the EIS and VCT rules’. Helen Burnell, who leads the firm's spHERe initiative to support female founders and venture capitalists, was recently promoted to partner.

Led from Bristol by Chris Dyson and the ‘calm and strategic’ Rory Suggett, Ashfords LLP has a strong reputation among funds, as well as a growing roster of tech sector investees, particularly as it relates to early-stage financings. The team was also recently enhanced by the arrival of several lawyers with in-house fund-side expertise, including London-based Kim Hawkins who joined in February 2021 from now defunct impact EIS fund Earthworm VC. Praised for its market knowledge, gleaned from many years’ experience advising on transactions in the sector, the firm knows ‘where market standard is at any one time’, and is thereby well-positioned to provide the most appropriate advice dependent on where the company seeking investment is within its growth journey. Head of the firm’s corporate department and business services division, Andrew Betteridge also has significant venture capital expertise, as does Jocelyn Ormond, who has a particular niche advising companies and investors in the digital health/life sciences sector.

Maintaining strong transactional traction within the life sciences space (one of the firm’s core overarching areas of sector strength) but also increasingly active for investors and investees on tech and energy transition matters, Brown Rudnick LLP has significant visibility in the market throughout the funding life-cycle (where it is able to add value by virtue of its concomitant IP and licensing expertise). Neil Foster has been one of the chief architects of broadening the firm’s offering (following his relatively recent move from Baker Botts (UK) LLP) in light of his company side expertise on cleantech matters, and on the investor front, for his corporate venturing knowledge. Foster co-heads the team alongside Mark Dorff, whose dual UK and US qualification (and ability to leverage the firm’s broader US network of offices) is a value add to his life sciences client base on transatlantic deals.

Benefitting from ‘a strong understanding of the life cycle of emerging companies’, Cooley (UK) LLP is well-placed to handle ‘matters very smoothly and appropriately’ for both investors and investees at any stage of the funding continuum. 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 team excels at handling cross-border deals and advising US-based investors. In this regard, US-qualified team head Ryan Naftulin ‘has an unparalleled understanding of the UK and US fundraising and company building process’. As well as his transactional work, Naftulin is also engaged in thought leadership and broader knowledge sharing, and is one of the British Venture Capital Association (BVCA)’s key advisers on its legal documentation and drafting committee which annually looks to review its standard documents. Aaron Archer is also recommended.

Under the expert guidance of the ‘outstanding and technically excellent’ Joseph Altendorff, Dentons‘ venture capital continues to gain traction in the market for a varied mix of clients, including investees, funds, family offices and corporate venturers. With a ‘good understanding of what’s important and a keen eye for detail’, as well as the firm’s core venture capital strength throughout the funding continuum, the team is also effectively able to leverage firmwide sector strengths in energy and financial services (among others), ensuring that it is well-positioned to provide guidance on specific regulatory issues, for example. The ability to draw upon the expertise of lawyers throughout the firm’s vast international network is also a strong selling point and has been utilised to good effect for investors, including Octopus Ventures, on its European investment strategies. ‘Trustworthy, responsive and pragmatic’ senior associate Joseph Collingwood is also recommended.

Appreciated for its ‘commercial awareness and pragmatism’, Harbottle & Lewis LLP provides ‘high-quality work’ to an investee-focused client base, within the tech and media space, from early stage access to SEIS/EIS capital through to follow on rounds of equity finance provided by larger institutional funds. As well as its sector knowledge, which is very much in the DNA of the firm as a whole, and its pure venture capital expertise, clients also benefit from the firm’s private client credentials, as well as on IP-related issues. ‘Extremely experienced and commercially astute’ team head Tony Littner ‘knows what is and is not market’, enabling him to provide the most appropriate guidance/advice to startups/entrepreneurs, as well as a small but growing roster of fund clients. ‘Knowledgeable, reliable and committed’ senior associate Tom Macleod regularly assists Littner on many of his transactions, and is also increasingly taking the lead on his own matters, including for high growth tech companies.

‘Exceptional at early stage Series A and Series B venture capital work’, Mishcon de Reya LLP provides ‘an excellent service to companies and investors alike, that is cost-effective but of incredible quality’. The team, which is also able to leverage complementary strengths across IP, commercial contracts and data privacy, has practitioners in situ in the science hubs of Cambridge and Oxford, as well as in the tech innovation centre of London. ‘Fantastic’ Cambridge-based partner Chris Keen heads up the emerging companies team and is noted as the ‘the best of the best for advising early stage companies’, including as it relates to university spin-outs. Cambridge-based Charles Fletcher also handles a considerable amount of venture capital work in the context of his role as overarching corporate head.

Withers LLP provides ‘very responsive and helpful’ advice to both investors and investees on mandates throughout the investment lifecycle, particularly within the life sciences and technology sectors. The team is also able to leverage the firm’s private client strength, of particular importance due to the growing involvement of family offices investing in the asset class. In addition, practitioners based in Boston and San Francisco ensures that the team is well-placed to take advantage of the flow of technology and capital across the Atlantic. James Shaw has longstanding experience throughout the funding lifecycle for entrepreneurs and investors and heads up a team that also includes the ‘extremely smart and very commercial’ Cambridge-based Susanna Stanfield, who acts for a number of Cambridge-based companies to help them commercialise their scientific discoveries or technology.

Able to call upon ‘some extremely talented lawyers with great experience’ in the field, Browne Jacobson LLP ‘is knowledgeable in the legal proceedings for raising start-up capital’, ensuring that it is a very popular choice among entrepreneurs and start-ups, in particular. In this regard, Jon Snade has a particularly strong reputation among tech clients (including insuretech), many of which have been nurtured through the firm’s very propular GROW programme. ‘Very commercially minded’ Birmingham-based partner Mike Jackson co-heads the team alongside Snade and is noted for his work on behalf of regional start-ups and investors on venture-backed mandates in the automotive and greentech space. A growing fund offering includes a significant amount of work for corporate venturers and traditional investors, including BGF.

Although it previously had some capability in the space, primarily in relation to growth capital work, the emergence of Fladgate LLP as a serious venture capital player can largely be attributed to the arrival of the ‘amazing’ Howard Watt, who joined the firm as team head in May 2021 from Sheridans. Since that time, the firm has advised a slew of investor and investee clients on transactions at various stages of the funding life cycle in the tech space. ‘Cost-effective, efficient and brutally good at their job’, clients are particulary appreciative of being able to tap into Watt’s vast transactional expertise (both in private practice, as well as in-house at a fund), which ensures that the practice has ‘an up to date understanding of what is “normal” on a particular deal’.

Combining transactional expertise with the industry sector experience of a full service law firm, Gowling WLG derives a significant volume of investor side work from funds, including in the context of renewables and tech venture capital mandates. Although the team handles its fair share of later stage mandates, its sweet-spot lies in advising on early to mid stage financings. Team head Ian Piggin has developed significant expertise in advising international investment syndicates.

Led from Cambridge by the ‘practical and responsive’ Zickie Lim and also able to marshal resources from Norwich and London, Mills & Reeve LLP handles a significant volume of early stage work, in particular, for both funds and investees, including a considerable amount of university spin-out matters. As well as standalone transactional work, Dona Ardeman‘s fund formation expertise also regularly leads to the subsequent downstream investments handled by these entities.

Primarily centred out of its Oxford office, Penningtons Manches Cooper LLP has ‘deep experience in understanding the requirements of both investors and investees’, particularly in the context of tech and life sciences matters. ‘Exceptional’ team head James Went is regularly at the forefront of the highest-profile mandates handled by the team, including a significant amount of university spin-out work. 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.

Baker Botts (UK) LLP‘s London venture capital offering. Nevertheless, the firm still houses several lawyers within its overarching corporate offering boasting significant expertise in the space, including senior associate Sonia Namutebi, who ‘works tirelessly to ensure that the right solution is provided’ to life sciences, tech and energy companies, in particular. Tech-focused corporate partner David Marshall joined in January 2022 from Norton Rose Fulbright and softens the blow of the departure of former team head David Ramm to Crowell & Moring in June 2022.

Led from the firm’s Bristol headquarters by Mark Shepherd, Burges Salmon LLP provides a “cradle-to-grave” service to an impressive roster of funds from fund formation, through to their downstream investments and exits. As well as work for conventional venture funds, the firm also has significant traction among family offices and pension funds, which are increasingly deploying capital for investments in early stage companies. On the investee front, the firm has visibility among start-ups, primarily by virtue of its involvement in several accelerator programmes. Edinburgh-based corporate finance partner Danny Lee is also a key member of the firm’s national offering and handles work for investors and investees, including within the tech, life sciences and renewable energy sectors.

Drawing upon ‘a deep knowledge of venture capital deal structures’, Charles Russell Speechlys LLP provides ‘creative solutions’ and a ‘commercial approach’ for investors and investees on deals throughout the investment lifecycle, including on tax-incentivised matters relating to EIS and SEIS-qualifying investments. The team, which is co-headed by the ‘knowledgeable and commercial’ David Coates and the ‘exceptional’ Rebecca Burford, is also well-placed to leverage the firm’s overarching private wealth strength and thereby to exploit the increasing tendency among ultra-high-net-worth individuals and family offices to invest in the asset class.

Well-positioned to withstand the vagaries and alteration of working practices faced by law firms (due to Covid-19), by virtue of its existing alternative business model, Keystone Law has performed well in recent years on behalf of a balanced mix of investee and investor clients. Clients have access to numerous experienced practitioners within the team who have knowledge at advising on EIS, SEIS and VCT fundings, including Dee Sian, Catherine Williams and Nadim Zaman, who are all adept at advising on work throughout the funding life cycle.

Drawing upon its broader corporate finance/private equity credentials, as well as being able to avail itself of a multi-disciplinary approach whch feeds into regulatory and IP expertise, in particular, Norton Rose Fulbright has strong credentials among investors and investees in relation to venture capital and growth equity mandates. Fintech/insurtech is a particular sector strength, an area that the firm is able to add value by virtue, not only of its transactional strength in the area but also its regulatory knowledge. Global head of the fintech practice Sean Murphy is particularly well-suited to advise both funds and start-ups in the sector and is able to draw upon a deep well of experience in the space, including during a period spent in Silicon Valley with a leading US law firm. Emerging markets venture capital work is also a strength, an area that Bayo Odubeko is particularly adept, primarily in relation to Africa-based mandates. Victoria Birch and Sophie O’Connor co-head the team.

Led by Jeremy Willcocks, who has ‘incredibly strong market awareness’,  Arnold & Porter is particularly well-positioned to advise investors and investees in the life sciences space, where both investors and investees benefit not only from the firm’s transactional strength but also its IP, commercial and regulatory prowess. The firm also continues to generate work in the cannabis sector.

Combining a ‘strong grasp of the relevant substantive law with pragmatic and business-focused advice’, Bristows LLP is well-versed at advising investee and investor stakeholders, on mandates throughout the investment life cycle, particularly in the firm's sector specialisms. Marek Petecki ‘knows the VC and life sciences industry inside out’ and is a key practitioner within the team that also includes the ‘fantastic’ David Horner, who is particularly adept at advising on university spin-out mandates. Iain Redford heads the team.

Strengthened from London by the arrival of Thomas Colmer  from PwC Legal in September 2021 and also benefitting from a strong regional offering, Fieldfisher provides ‘calm and measured support’ to innovative growth companies and investors in heavily regulated sectors, including tech, media and life sciences. The ‘exceptional’ Tom Ward heads up the team from the firm’s Manchester office and is particularly adept at advising on early stage financings within the tech space, although he has also been active of late acting on several Series C+ mandates as companies scale up.

Niche venture-tech boutique Humphreys Law is a ‘lean, agile and nimble outfit’ which is particularly well-suited to advising start-ups and funds on deals throughout the life cycle in the tech and crypto space. Key to the firm’s success in the space is founding partner Henry Humphreys, who ‘goes above and beyond to provide detailed and commercially sound advice’. 

Combining transactional, regulatory and tax expertise, Shakespeare Martineau LLP‘s Kavita Patel is a popular choice among funds clients both in relation to structuring work and on subsequent downstream investments (including those in the VCT space). Nottingham-based partner Duncan James has an investee-side focus that includes a considerable amount of work for family-run companies.