‘Shaping the City’s tech industry’ – Perkins Coie lands in London with hire of private equity veteran Bagshaw

US West Coast firm becomes latest to target London tech transactions market with eye-catching hire of ex-White & Case dealmaker

West Coast firm Perkins Coie has become the latest US player to set up shop in London, launching a technology-focused corporate practice led by former White & Case, Linklaters and Clifford Chance partner Ian Bagshaw (pictured).

The move marks a return to law for Bagshaw, who left White & Case – where he was global co-head of private equity – in 2021.

As office managing partner at Perkins, he will initially lead a team of six lawyers in London, all of whom previously worked at White & Case. Three of the group were previously based in Prague – Jan Andrusko, who joins as European head of M&A, fellow corporate partner Jan Stejskal and senior counsel Jan Jakoubek. Former White & Case associates Craig Fagan and Barry O’Driscoll are also joining as partners after spells in-house.

With 21 offices worldwide, this is Perkins Coie’s first international office outside Asia, where it has three offices, with the rest located across the US.

Looking ahead, Bagshaw said the firm plans to grow in multiple practice areas, with an emphasis on aligning its strengths with the wider US practice, including private capital investment, tech transactions, privacy and litigation.

Instead of opening offices across Europe like Paul Weiss, which recently launched in Brussels after its London launch, Perkins Coie intends to use London as the central hub for its European operations. ‘We want to build a European team in London, with one culture and one form of training for everyone,’ explained Bagshaw.

The firm will initially focus on advising high-growth tech companies, their founders, mid-market private equity funds, and family offices in corporate transactions, complementing its US tech focus. The firm last year represented Microsoft in its acquisition of Fungible, a tech startup specialising in hardware and software platforms for data centres, as well as its acquisition of video game developer Activision Blizzard King, and also works with other key clients such as Amazon and Stripe.

Perkins’ decision to invest in London comes amid a busy time for the UK startup scene, with UK startups raising $21.3bn in 2023, the third highest annual total on record, according to data provider Dealroom.

So far in London, Bagshaw and his team have advised Highview Power, an energy storage pioneer, in securing a £300m combined debt and equity investment for the first commercial-scale liquid air energy storage plant in the UK, alongside firms such as White & Case, Orrick, and Hogan Lovells.

The move comes after fellow West Coast tech-focused firms Cooley and Wilson Sonsini both put down roots in London over the past decade – Cooley in 2015 and Wilson Sonsini in 2018.

According to a partner at another US firm, the interest of West Coast tech firms in London ‘mirrors that of West Coast VC funds’.

‘A decade ago, there were few West Coast funds or tech firms in London, but the recent growth is fostering a US-like ecosystem in the UK, with these firms playing a significant role in shaping the city’s tech industry.’

The Perkins London team is currently working from a base in Fitzrovia but is looking at a move into more substantial offices in the City, with 22 Bishopsgate – home to US firms including Cooley, Skadden and McDermott – reportedly the likely destination. ‘Our headcount is focused on being at the right level for the volume of client work we generate. We are not going to build a law firm like its 1999,’ Bagshaw adds.

After having previously worked at much larger firms, there has been some surprise in the market about Bagshaw’s choice of Perkins for his return to law, after three years which have seen him take up a number of board roles and chair Zero Gravity, a UK tech startup aimed at enhancing social mobility for students.

Bagshaw said he was enthused by the prospect of building up a practice, rather than returning to a bigger firm. ‘The European tech scene has grown fast and really matured, and there are not many firms who can make it a priority from a client perspective. The same thing happened with private equity in the early noughties – this is a classic business opportunity,’ he said.

‘My priorities have changed – I now want to build a “mission business” with a clear purpose. For me, the purpose is as big a motivator as the commercial mission, to be honest,’ he added.

‘I looked at different opportunities and I’ve learnt a lot since I left White & Case. I love the startup culture and scaling a business, working with founders and growth capital investors – I enjoy being with them on their journey.’

elisha.juttla@legalease.co.uk