London’s status as a global tech startup hub was further backed today by the chief executive of Cooley – a Silicon Valley based law frim – who consider Google, Facebook and Linked-In amongst their clients. Joe Conroy, following the launch of the new London-based practice said, “Right now, it’s a fairly small and nascent community compared to the States, But increasingly our [private equity and venture capital clients] are coming over here and looking for the next big thing. For the first time, we think that community has real legs to grow.”
According to the promotional organisation London & Partners, British startup’s raised $1.4bn in capital funding last year, whilst increasingly attracting investment from overseas.
Tech City based in trendy East London is seeing rising interest from business support companies attempting to cater for the local startup community, amongst global powerhouses such as Barclays, KPMG and Taylor Wessing.
Initially launching with 55 lawyers, Cooley’s first Eurpoean Office will be headed by Justin Stock, former head of Morrison & Foerster’s London corporate practice. The firm will offer technology start-ups tailored services such as early-stage financing and data privacy advice.
“You can’t approach an emerging-growth company before it gets its first round of financing and say you’re going to charge £700 an hour to do an incorporation that is mostly form-driven,” said Mr Conroy.
Original article published on www.telegraph.co.uk