Sidley Austin, a prominent legal firm, is bolstering its emerging companies practice by welcoming Cynthia Lovering, a former partner at Cooley LLP, to its team in California. Lovering, who initially joined Cooley in 2017 after a tenure at DLA Piper, is assuming the role of partner within Sidley’s global finance practice. Her expertise lies in facilitating fund finance transactions for lenders, offering counsel on venture capital, and managing middle-market financing transactions primarily within the technology and life sciences sectors.
This strategic addition of Lovering marks yet another stride in Sidley‘s ongoing expansion endeavors within the realm of emerging companies and venture capital. Martin Wellington, a member of Sidley’s executive committee and the leader of its emerging companies and venture capital practice, shed light on the firm’s proactive strategy. He emphasized, “Our extension of the platform into the venture ecosystem has been a strategy that we’ve been really focused on for quite a while.”
The landscape of emerging companies, according to Wellington, has transformed from its insular origins, now encompassing a broader array of young firms and funds that are experiencing rapid growth. This evolution has led to an increased demand for comprehensive legal services from a reputable firm like Sidley, which aims to cater to the evolving needs of these entities.
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Lovering shared her perspective on the evolving legal landscape, stating, “It’s really hard to know exactly where everything is going to land, but the important thing for me is to be able to advise my clients in real time on these evolutions and helping them capitalize on opportunities that surface with change.”
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Sidley’s strategic move into the venture market mirrors a successful pattern previously employed by the firm. This involves leveraging their existing strengths—this time in financial services—and expanding into other areas of practice through the acquisition of talented lateral hires. Sidley’s application of this strategy has previously resulted in the establishment of a $550 million private equity practice and a $700 million life sciences group.
The firm’s recent recruitment activities underline its commitment to enhancing its capabilities across various practice areas. Earlier this year, Sidley made notable additions such as Kenneth Polite Jr., the former head of the Justice Department’s criminal division, who now serves as the global co-leader of the firm’s white-collar government litigation and investigations practice. Additionally, the firm expanded its international presence by bringing on partners from Paul, Weiss, Rifkind, Wharton & Garrison, including Ramy Wahbeh, the deputy head of the London office.
Lovering’s transition to Sidley was facilitated by Alejandra Nagel and Sabina Lippman of the global recruitment firm Lippman Jungers, highlighting the strategic efforts employed to strengthen Sidley’s team with top-tier talent.
In the fiscal year 2022, Sidley reported impressive financial figures, with gross revenue reaching $2.9 billion and profits per equity partner surpassing $4.1 million. These robust financials and a consistent track record of strategic expansion position the firm to thrive amid the evolving legal landscape and economic fluctuations.
Martin Wellington expressed his confidence in the firm’s trajectory, stating, “This is an incredibly strong platform and disruption in the legal markets and in the economy is always an opportunity for a strong platform to expand practices, to deepen practices, to lift brands and to get them to come out of it stronger.”
Sidley Austin’s strategic move to enrich its emerging companies practice through Cynthia Lovering’s addition exemplifies the firm’s dedication to staying ahead of industry trends and offering clients a comprehensive suite of legal services tailored to their evolving needs.
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