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ARTICLE · 24 JUNE 2026

A Room With A View: What The Secondaries Boom Is Really Telling Us About Private Markets

The Texas Business Court has weighed in on a critical question facing modern litigation: can conversations with AI tools like ChatGPT be shielded from discovery? In a June 2026 ruling,...

United StatesLitigation, Mediation & Arbitration

Between the two of us, we have been practicing law in Silicon Valley since the late 1990s. We have watched the dot-com bubble inflate and burst, the credit markets seize, the long zero-rate boom that followed, and the reckoning that came after. We have sat across the table from founders at the top of the market and the same founders eighteen months later, and the one thing you can count on in this business is the cycle. So when a corner of private markets that nobody used to talk about openly suddenly becomes the thing everybody wants to talk about, we pay attention.

Five and a half years ago, our team joined Foley & Lardner to restart its presence in San Francisco. The firm had deep roots across the country, but we believed it needed a real home in the place where so much of the private capital story actually gets written. Not a satellite office. A home. That took patience. It took years of building relationships one conversation at a time, of showing up for clients through a

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