© Reuters. Signage is seen outside of the law firm Orrick, Herrington & Sutcliffe, LLP in Washington, D.C., U.S., August 30, 2020. REUTERS/Andrew Kelly/File Photo
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By David Thomas
(Reuters) – U.S. law firm Orrick, Herrington & Sutcliffe on Tuesday said it has hired the ex-head of startup banking at Silicon Valley Bank, which was a top lender to tech startups before it collapsed earlier this year, as a managing director of its technology company and fund relationships.
The former executive, Lewis Hower, said he wants to offer Orrick’s clients advice that goes beyond traditional legal services. Startups and other clients “need good counsel” as they face evolving regulations and other challenges, he said.
Hower worked more than five years at Silicon Valley Bank, most recently as the head of its startup banking. Prior to that, Hower worked at Nike (NYSE:NKE) and other venture capital and investment firms.
Silicon Valley Bank collapsed in March after its customers, such as venture funds and startups with corporate accounts, withdrew $42 billion in a single day. It was one of the largest banks to fail since the 2008 financial crisis.
That bank run also brought down Signature Bank (OTC:SBNY) and wiped out more than half the market value of several other U.S. regional lenders. Silicon Valley Bank was later bought by First Citizens BancShares.
Hower said the bank’s collapse did not play a role in his decision to join Orrick.
Source: Investing.com
