SAN FRANCISCO — Bay Area teams from Wilson Sonsini Goodrich & Rosati and Cooley have connected on LinkedIn's proposed $1 billion follow-on offering.

Since 2002, there have been only nine Internet equity raises totaling $1 billion or more, according to The Wall Street Journal. LinkedIn will capitalize on its stock's staggering appreciation over the past two years: In May 2011, the company debuted on the New York Stock Exchange at a share price of $45; on Wednesday, it closed at $238.93.