Startup law, often called emerging companies and venture capital (EC/VC) practice, covers the legal work a young company needs from formation to exit: incorporation and founder equity, intellectual property assignment, employee stock option plans, commercial contracts, seed and venture financings, and eventually acquisition or initial public offering. Firms that specialise in it typically represent both companies and the venture funds that invest in them, and many offer deferred or capped fees to early-stage clients.
This list ranks the ten law firms that advised on the most venture capital deals worldwide in 2025, according to PitchBook's 2025 Annual Global League Tables. The ranking is dominated by firms with roots in Silicon Valley and Boston, but it also includes the global firm DLA Piper and the boutique Silicon Legal Strategy.
Deal volume indicates how familiar a firm is with current market terms and how many investors its lawyers deal with. It does not measure the quality of advice, responsiveness to a particular client or price, and smaller regional firms or solo practitioners are often adequate for formation and early financings.
Contents
- What a startup law firm does
- Company-side and investor-side work
- Methodology
- The list
- Comparison table
- Fee arrangements
- Frequently asked questions
- See also
What a startup law firm does
A startup's first legal work is usually formation: choosing the entity (in the United States most venture-backed companies incorporate in Delaware), issuing founder shares subject to vesting, and ensuring that code and inventions created before incorporation are assigned to the company. Early fundraising often uses standardised instruments such as the simple agreement for future equity (SAFE) or convertible notes, followed by priced preferred-stock rounds documented in a stock purchase agreement, investors' rights agreement, voting agreement and amended charter.
As the company grows, the same firm typically handles option grants and 409A compliance, commercial and licensing contracts, employment matters, data-privacy terms and, at the end of the life cycle, a sale or IPO. Several large firms publish free template libraries for founders: Cooley GO offers guidance organised by company stage, a searchable document library and a SAFE financing document generator, and Orrick runs a resource centre called the Tech Studio.
Company-side and investor-side work
The most active venture firms act for both sides of the market. Gunderson Dettmer says that in 2025 it ranked first for total deal activity across venture financings, M&A and private equity, and Cooley says it ranked first for representing companies raising venture capital for a sixth straight year while placing second overall. Because the same firm may represent a fund in one deal and a portfolio company in another, conflicts checks are routine, and a startup may find its preferred firm is already acting for the lead investor in its round.
Methodology
Firms are ranked strictly by the number of venture capital deals they advised on worldwide in 2025, as published in PitchBook's 2025 Annual Global League Tables ('most active globally'). PitchBook's tables are behind a subscription; the counts used here are those reproduced by Silicon Legal Strategy and, for Gunderson Dettmer, confirmed in the firm's own announcement. Silicon Legal Strategy appears in the ranking itself, so readers should note that the table was reproduced by an interested party. League tables count deals on which a firm was credited, whichever side it represented, and count each financing once per firm regardless of size.
Descriptive facts such as office locations, headcount and founder resources are taken from each firm's own website. No client reviews or ratings were used. Fee levels are not published by these firms and are not stated.
The list
1
Venture-focused firm ranked most active VC law firm globally for twelve straight years
Best for: Venture-backed companies and funds wanting a VC-specialist firm
Gunderson Dettmer is a law firm built around the venture capital market, representing startups, growth companies and venture funds. PitchBook's 2025 tables credited it with 1,453 venture financings, the highest count of any firm, and the firm states that those deals involved more than US$158bn of invested capital, nearly double its 2024 figure. The firm says 2025 was its twelfth consecutive year at the top of the global ranking and that it held leading positions in 21 geography, deal-type and industry categories. It lists offices in Silicon Valley, Ann Arbor, Atlanta, Austin, Beijing, Boston, Los Angeles, New York, San Diego, San Francisco, São Paulo and Singapore. Its practice is narrower than those of full-service firms, with little litigation or regulatory work.
- VC deals (2025, PitchBook)
- 1,453
- Capital in deals advised (2025)
- More than US$158bn (firm figure)
- Offices
- 12 (Silicon Valley, Boston, New York, São Paulo, Singapore and others)
Strengths
- Highest VC deal volume of any law firm in 2025
- Represents both founders and a large share of active venture funds
Limitations
- Limited litigation and regulatory capability compared with full-service firms
- Frequent investor-side work can create conflicts in a company's own round
2
Full-service firm ranked first for representing venture-backed companies
Best for: Founders who want one firm from formation through IPO
Cooley is a full-service firm with nearly 1,400 lawyers across 19 offices in the United States, Asia and Europe. PitchBook's 2025 tables credited it with 1,360 venture deals, second globally, and the firm says it ranked first for representing companies in venture financings in the US and globally for the sixth year running, as well as first for exits and late-stage deals. Cooley states it handled more than 1,200 financings in 2025 raising over US$80bn. Its free founder platform, Cooley GO, provides stage-by-stage guidance, a document library and generators for SAFE financings and Delaware public-benefit-corporation incorporations. Cooley also has large life-sciences, litigation and public-company practices, which helps companies that expect to go public.
- VC deals (2025, PitchBook)
- 1,360
- Lawyers
- Nearly 1,400
- Offices
- 19 (US, Asia, Europe)
- Founder resources
- Cooley GO
Strengths
- Ranked first for company-side venture work six years in a row
- Free Cooley GO templates and document generators
Limitations
- Large-firm billing rates apply once a company outgrows startup fee arrangements
- Very early-stage clients may be staffed mainly by junior lawyers
3
Boston-rooted firm with strong technology and life-sciences venture practices
Best for: Biotech and life-sciences startups
Goodwin Procter advised on 779 venture deals in 2025 according to PitchBook, third worldwide. The firm describes its focus as six industries: healthcare, investment funds, life sciences, private equity, real estate and technology. That mix gives it unusual depth on the investor side, since it acts for many private-equity and venture fund managers, and in biotechnology, where financings involve licensing, clinical-stage milestones and later public offerings. Goodwin is a common choice for life-sciences startups in the Boston and Cambridge cluster and for technology companies whose investors are already Goodwin fund clients. As with other large full-service firms, standard hourly rates apply once early-stage fee arrangements end.
- VC deals (2025, PitchBook)
- 779
- Industry focus
- Healthcare, investment funds, life sciences, private equity, real estate, technology
Strengths
- Deep life-sciences and biotech financing experience
- Large investment-funds practice gives insight into investor terms
Limitations
- Fund-side relationships can raise conflicts for company clients
- Deal volume less than Gunderson or Cooley, so less benchmarking data on small rounds
4
O
Global firm with a technology and innovation sector and founder resource hub
Best for: Startups operating across the US and Europe
Orrick, Herrington & Sutcliffe advised on 741 venture deals in 2025, fourth worldwide in PitchBook's ranking. The firm organises its work around sectors including Technology & Innovation and runs the Orrick Tech Studio, a library of legal and business resources for founders; its website also features recent work for AI companies such as Mistral and OpenRouter. Orrick lists around 27 office locations across the United States, Europe and Asia, which makes it relevant for startups raising from European investors or expanding into Europe. It also has substantial energy, infrastructure and public-finance practices, which some climate-technology companies use alongside their venture work.
- VC deals (2025, PitchBook)
- 741
- Office locations listed
- About 27
- Founder resources
- Orrick Tech Studio
Strengths
- Strong presence in European venture markets
- Energy and infrastructure practices useful for climate-tech companies
Limitations
- Venture practice is one part of a broad full-service firm
- Large-firm rates once early-stage arrangements end
5
WS
Silicon Valley firm long associated with technology companies and IPOs
Best for: Technology companies preparing for an IPO
Wilson Sonsini Goodrich & Rosati is a Silicon Valley firm long associated with technology companies and equally known for public-company, IPO and M&A work. PitchBook credited it with 614 venture deals in 2025, fifth globally. The firm's mix leans toward later-stage companies, IPOs and corporate governance more than toward high-volume seed work, which makes it a frequent choice for companies that expect to list. It also has significant patent, antitrust, privacy and regulatory practices relevant to technology businesses. The firm's website could not be accessed for this review, so office and headcount figures are not given.
- VC deals (2025, PitchBook)
- 614
Strengths
- Long-established IPO and public-company practice
- Strong patent, antitrust and privacy capabilities for technology companies
Limitations
- Venture deal count less than half Gunderson's in 2025
- Rates and staffing are geared to growth-stage rather than pre-seed clients
6
DP
Global law firm with venture practices across many countries
Best for: Startups expanding into several countries early
DLA Piper describes itself as a global law firm operating through separate legal entities in many countries. It advised on 464 venture deals in 2025, sixth in PitchBook's global ranking. Its advantage for startups is geographic: few firms can document financings, employment arrangements and subsidiaries in as many jurisdictions under one brand, which matters to companies hiring internationally or raising from investors in several countries. Its venture practice is a smaller share of the overall firm than at Gunderson or Cooley, and service levels and fee arrangements can differ between the separately constituted member entities in each country.
- VC deals (2025, PitchBook)
- 464
- Structure
- Separate legal entities under one brand
Strengths
- One brand covering many jurisdictions
- Can combine venture work with employment, tax and regulatory advice abroad
Limitations
- Venture practice is a small part of a very large firm
- Practice quality and pricing vary between national entities
7
Boutique firm focused on startups and venture financings
Best for: Seed and Series A companies wanting a specialist boutique
Silicon Legal Strategy is a professional corporation with offices in San Francisco, Los Angeles (Culver City), Denver and Austin, focused on entrepreneurial companies and the investors that fund them. PitchBook credited it with 438 venture deals in 2025, seventh globally and the only boutique among the ten most active firms. The firm states it has handled more than 2,000 venture capital and angel financings and more than 150 M&A transactions since 2021. A boutique of this kind typically offers lower overhead than a large firm but cannot supply in-house litigation, tax, regulatory or international teams, so clients refer those matters elsewhere.
- VC deals (2025, PitchBook)
- 438
- Offices
- San Francisco, Los Angeles, Denver, Austin
- Financings since 2021 (firm figure)
- More than 2,000
Strengths
- High venture deal volume for a boutique
- Practice concentrated on startup and investor work
Limitations
- No in-house litigation, tax or international capability
- Fewer resources for IPO-scale transactions
8
PW
Full-service firm with growing venture work in AI, space and deep tech
Best for: Deep-tech, space and AI-infrastructure companies
Pillsbury Winthrop Shaw Pittman advised on 354 venture deals in 2025, eighth in PitchBook's global ranking. The firm lists 22 offices, from Silicon Valley, San Francisco, New York and Washington, DC to London, Tokyo, Taipei, Doha and Riyadh. Its recent announced work includes counsel to SambaNova on a US$1bn Series F, to Modal Labs on a US$750m Series D and to Stoke Space Technologies on a US$1bn Series E, indicating a focus on large AI-infrastructure and deep-technology rounds. Its Washington regulatory practice is relevant to startups dealing with government contracts, export controls or energy regulation.
- VC deals (2025, PitchBook)
- 354
- Offices
- 22
Strengths
- Experience with very large late-stage deep-tech rounds
- Regulatory, government-contracts and export-control capability
Limitations
- Smaller early-stage deal volume than the venture specialists
- Founder-resource offering less developed than Cooley or Orrick
9
Global full-service firm whose emerging-companies practice feeds its capital-markets work
Best for: Well-funded growth companies heading to large exits
Latham & Watkins is one of the largest global law firms, with offices in 14 countries. It advised on 353 venture deals in 2025, ninth in PitchBook's global ranking. Latham's main strengths lie in capital markets, M&A, private equity and litigation, and its emerging-companies practice tends to serve well-funded growth-stage companies and their investors rather than pre-seed founders. The firm is a frequent choice for companies planning large financings, cross-border acquisitions or public listings, where its transactional bench is deep. Its rate structure is among the highest in the market.
- VC deals (2025, PitchBook)
- 353
- Countries with offices
- 14
Strengths
- Very strong capital-markets and M&A practices for later stages
- Broad international footprint
Limitations
- High rates relative to venture specialists
- Early-stage startups are a small part of its client base
10
Firm focused on technology and life-sciences companies
Best for: Technology companies that may become large public companies
Fenwick & West describes itself as purpose-built for technology and life-sciences companies at every stage of growth. PitchBook credited it with 323 venture deals in 2025, tenth globally. The firm states that it acted on more than 40% of the highest-value technology IPOs of 2025, citing Deal Point Data, and that it is business counsel to nearly half of US technology companies valued above US$25bn, citing PitchBook. Its practice is concentrated on the companies themselves rather than on fund formation, and it has strong intellectual-property, tax and executive-compensation teams. For very early companies it competes directly with Cooley and Gunderson, though with a smaller annual deal count.
- VC deals (2025, PitchBook)
- 323
- Share of top-value tech IPOs (2025, firm claim)
- More than 40%
Strengths
- Concentrated on technology and life-sciences companies
- Strong IPO track record in 2025
Limitations
- Lowest deal count of the ten in 2025
- Practice concentrated on two sectors, so less suited to startups outside technology and life sciences
Frequently asked questions
Which law firm does the most startup deals?
In PitchBook's 2025 Annual Global League Tables, Gunderson Dettmer advised on the most venture capital deals worldwide, 1,453, followed by Cooley with 1,360 and Goodwin with 779. Cooley separately ranked first for representing companies rather than investors. Rankings change quarterly, and deal counts treat a small seed round and a billion-dollar round equally.
Does a startup need a big law firm?
Not necessarily. Formation and a first SAFE round can be handled by a boutique or an experienced solo practitioner using standard documents. Larger firms become more useful for priced rounds with institutional investors, complex IP or regulatory issues, international expansion and exits, where their familiarity with market terms and the investors involved reduces negotiation time.
How much does a startup lawyer cost?
Pricing varies widely and the major firms do not publish rates. Many venture-focused firms defer fees for formation and the first financing until the company raises money, or offer fixed fees for standard packages. Priced venture rounds involve both the company's legal costs and, usually, a capped reimbursement of the lead investor's counsel fees.
What documents does a startup need at formation?
A typical US formation includes a certificate of incorporation, bylaws, initial board and stockholder consents, founder stock purchase agreements with vesting, intellectual-property assignment agreements, an equity incentive plan and an 83(b) election filed with the IRS within 30 days of a founder share issuance. Firms such as Cooley publish template versions of many of these.
Can the same law firm represent the startup and its investors?
Large venture firms routinely act for funds in some deals and companies in others, but a firm cannot act for both sides in the same financing without informed consent, and in practice the company and lead investor each retain separate counsel. Startups should ask early whether their preferred firm already represents a likely lead investor.
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