While a worst-case-scenario was avoided after the FDIC backstopped SVB's deposits, the impact of the bank's demise will likely reverberate across the legal tech market, which has numerous ties to SVB, for weeks and months to come.
March 14, 2023 at 09:00 AM
8 minute read
The original version of this story was published on Legaltech News
When Silicon Valley Bank (SVB) collapsed last Friday, it sent waves of panic throughout the tech industry, with many worried they would be unable to access their bank deposits, and uncertain how much they would ultimately get back over the $250,000 FDIC-insured limit.
By Sunday, however, the worst seemed to be over: The FDIC committed to giving the bank’s clients full access to their all funds, well above the insured limit.
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