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The Experience Gap
As the economy improves and deals begin to flow into Silicon Valley anew, firms are again relying on mid-level corporate associates to do a lot of the work. Trouble is, 3 years of deal drought have left many of those associates short on the experience necessary to handle the tasks.
“There is a hollowing out of lawyering skills in Silicon Valley,” says Weil, Gotshal & Manges partner Rod Howard. Some young lawyers “don't have a normal, reasonable toolbox.”
Mid-level associates are valuable to firms because they have more experience than rookie attorneys, yet usually are not involved in originating their own deals, as are more senior associates and partners. Instead, firms rely on mid-level associates to do a substantial amount of the work associated with corporate deals, ranging from conducting due diligence to writing first drafts of crucial documents.
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