On November 3, the Berkeley Center for Law, Business and the Economy (BCBLE) hosted a lunchtime talk with Bob Gunderson, a founding partner of Gunderson Dettmer. Mr. Gunderson discussed his firm’s origins, shared his unique perspective on venture capital finance, and offered advice for young attorneys and entrepreneurs.
In describing his firm’s origins, Gunderson explained that at the time of its founding, he had no particular desire to introduce another firm into an already crowded space. But he suspected the burgeoning VC finance sector could be better served by a kind of firm that was, at that time, largely missing—one specifically designed to meet the needs of venture capitalists and entrepreneurs. Thus, he and his partners founded a “business law firm solely of business lawyers,” with a singular focus on the venture capital and emerging technology marketplace.
Gunderson Dettmer’s origin story provided a segue into a discussion of the broader forces affecting today’s private legal market. Gunderson noted, as many have, that the ‘department store’ firm structure—where breadth of practice area is favored over depth of expertise—is out of step with the large-scale forces affecting the legal marketplace. The modern tendency, he explained, is toward lean firms that are the ‘best in breed’ in a narrower range of practices, and branded accordingly.
The shift toward the ‘lean and mean’ model is evidence of the tectonic changes shaking the private legal market. It is no longer any secret that, driven by cost pressures and technological advances, big firms are being forced to re-think the very structure of their enterprises. Gunderson acknowledged that, depending on your perspective and position, the future might not be so rosy. Nevertheless, he sounded a positive note for young attorneys and offered some time-tested advice. Sniff out an area of growth, and plant yourself in it. Sound guidance, to be sure.
Recap: Perspectives on Venture Capital Finance—A Conversation with Bob Gunderson (PDF)