© Reuters. Signage is seen outdoors of the regulation agency Orrick, Herrington & Sutcliffe, LLP in Washington, D.C., U.S., August 30, 2020. REUTERS/Andrew Kelly/File Photo
By David Thomas
(Reuters) – U.S. regulation agency Orrick, Herrington & Sutcliffe on Tuesday mentioned it has employed the ex-head of startup banking at Silicon Valley Bank, which was a high lender to tech startups earlier than it collapsed earlier this yr, as a managing director of its expertise firm and fund relationships.
The former government, Lewis Hower, mentioned he desires to supply Orrick’s purchasers recommendation that goes past conventional authorized companies. Startups and different purchasers “need good counsel” as they face evolving rules and different challenges, he mentioned.
Hower labored greater than 5 years at Silicon Valley Bank, most not too long ago as the pinnacle of its startup banking. Prior to that, Hower labored at Nike (NYSE:) and different enterprise capital and funding companies.
Silicon Valley Bank collapsed in March after its clients, similar to enterprise funds and startups with company accounts, withdrew $42 billion in a single day. It was one of many largest banks to fail because the 2008 monetary disaster.
That financial institution run additionally introduced down Signature Bank (OTC:) and worn out greater than half the market worth of a number of different U.S. regional lenders. Silicon Valley Bank was later purchased by First Citizens BancShares.
Hower mentioned the financial institution’s collapse didn’t play a job in his choice to affix Orrick.
