Wilson Sonsini Goodrich & Rosati, a leading law firm with a strong focus on technology clients, has made a strategic move to enhance its life sciences practice with the addition of Karen Deschaine, a prominent partner from rival Silicon Valley-founded law firm Cooley. The announcement was made on Monday, marking another significant development in the competitive legal landscape of the region.
Karen Deschaine brings a wealth of experience to Wilson Sonsini, having spent an impressive 16 years at Cooley, where she was part of a team that advised on high-profile deals, including the acquisition of U.S.-based biopharmaceuticals company Vividion Therapeutics by Bayer in 2021. The deal involved a substantial $1.5 billion upfront payment and potential milestone payments of up to $500 million. Additionally, Deschaine played a key role in the successful $185 million initial public offering of clinical-stage drug developer Structure Therapeutics earlier this year.
Wilson Sonsini’s recent hire of Deschaine comes after their June addition of another life sciences partner from Cooley, Matt Dubofsky, based in Boulder. The firm’s strategic approach of tapping into talent from its rival reflects its commitment to expanding its corporate life sciences practice and strengthening its position in the market.
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Both Wilson Sonsini and Cooley have faced challenges in terms of profitability, despite experiencing overall revenue growth in 2022, according to financial data compiled by The American Lawyer. Cooley’s revenue surpassed an impressive $2 billion; however, its average equity partner profits experienced a notable 19.6% decline. Similarly, Wilson Sonsini saw its revenue rise to $1.35 billion but encountered a 9.5% drop in profits per equity partner during the same period.
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Industry experts have indicated that IPOs by small private biotech companies are expected to make a resurgence later in the year, which could create opportunities for firms with a strong focus on life sciences practices.
Deschaine’s move to Wilson Sonsini was influenced by the fact that many of her M&A clients at Cooley already relied on the firm for patent work. The integration of both practices under one roof is expected to streamline services and offer clients comprehensive legal support.
Although Deschaine did not disclose her clients’ identities, she expressed confidence that a significant number of them would follow her to Wilson Sonsini. She praised the firm’s patent practice and cited it as a key factor in her decision to join the team.
In response to the hire, Wilson Sonsini’s managing partner, Doug Clark, stated that it is “another stride forward” in the firm’s ongoing efforts to expand its corporate life sciences practice.
Conversely, Cooley has recently made moves to strengthen its intellectual property capabilities by hiring three intellectual property partners who specialize in representing life sciences companies in high-stakes patent infringement matters.
As the legal landscape in Silicon Valley continues to evolve, the addition of Karen Deschaine to Wilson Sonsini‘s San Diego office demonstrates the firm’s commitment to staying at the forefront of the life sciences industry. With their growing roster of experienced partners and a focus on technology and life sciences clients, both Wilonsini and Cooley are poised to navigate the challenges and opportunities that lie the dynamic legal market. The legal community will undoubtedly be watching closely to see how these developments impact the competitive landscape and client services in the months to come.
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