The way the tech industry is financed has changed, and law firms with strong private equity practices were among those reaping the rewards in 2018.

The buyout boom and its effect on the legal industry goes beyond Silicon Valley, with private equity chipping away at the dominance of traditional Wall Street banks—and their traditional advisers. But as Silicon Valley’s darlings are putting off going public, favoring private equity investors over IPOs, the shift is forging stronger alliances between buyout firms and their lawyers in the Bay Area. 

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