Three years after the pandemic drastically altered the trajectory of many industries, with a push for more automation and more reliance on technology, the tech sector stands at an inflection point in 2023. What consisted of rapid growth in hiring and impressive funding rounds came to a hesitant falter at the close of 2022. Since then, tech companies, large and small, have tightened their belts with staff cuts and lulls in hiring.
To be sure, these changes have had far-reaching impacts, especially for the law firms serving this market. Big Law, for instance, has begun shrinking its emerging companies and venture capital (ECVC) practices to reflect the new economic reality. At the same time, however, midsize firms have actually hit the gas on their ECVC work, using the startup growth instigated by the dip in the market to their advantage.