A Goldman Sachs banker who leads a team that helped clients like Delta and Norwegian Cruise Line raise $120 billion in debt to weather the pandemic shares his 2021 outlook for the travel industryLaw firms like Cooley, Goodwin Procter, and Wilson Sonsini Goodrich & Rosati have deep roots in new-economy hubs like Silicon Valley and Boston and have done brisk business with many health-care and technology companies, like AbCellera and Upstart Holdings, going public.
While law firm financials aren't public, the capital-markets boom has helped some firms pay extraordinary bonuses to their associates. Davis Polk told associates in September that it would pay themSome firms have also profited when their clients have gone public because they tookearly on. And IPOs that made fewer headlines also generated high fees for law firms; AI software company C3.ai spent $2.
Mitchell Bloom, who co-heads Goodwin's life sciences practice, also said capital-markets work has kept his team consistently busy this year, even in the spring as other industries pulled back on public-offering plans. The firm in November advised therapeutics development company Galecto on its $85 million IPO and recently represented underwriters in SQZ Biotechnology's $81 million public offering and Opthea's $128.2 million public offering.
Not all IPOs are million-dollar engagements for law firms, and capital-markets lawyers have had plenty of work outside of the IPO context. Firms have seen a high volume of work from companies that have issued anof new debt and follow-on equity issuance, even after the first few months of the pandemic.
Companies that are already publicly traded have also continued to raise capital, creating work for their lawyers. Tech giants including Apple, Gilead Sciences and Uber have raised billions from bond sales in the third and fourth quarter of 2020.. Tesla said earlier this year that it would issue $5 billion in new stock in the coming years.
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