Gunderson Dettmer, a law firm known globally for representing venture capital-funded companies and investors, has opened its first Austin office — though it's just virtual for now.
Wesley Watts, a native Austinite and longtime lawyer in the startup space, heads the office as a partner with the firm, which is based in Silicon Valley and operates legally as Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP. Watts was previously a partner in the Austin office of Vinson & Elkins LLP, where he spent almost five years.
Luke Thomas joins Watts in co-founding the Austin office. Thomas also came from Vinson & Elkins’ Austin office, where he worked for more than five years and focused on mergers and acquisitions and capital markets.
Among those first congratulating Watts and the firm was William Hurley, aka Whurley, co-founder and CEO of quantum-computing startup Strangeworks Inc. and co-founder and general parter of investment firm Ecliptic Capital LLC.
“This is very exciting on multiple fronts,” he wrote in a LinkedIn post. “First Wesley Watts has been amazing to work with at Ecliptic Capital, second GD is Strangeworks legal firm so having someone local will be nice, and finally this is yet another sign of how much Austin’s entrepreneurial ecosystem is growing!”
Watts said among the most appealing traits of his new law firm was that Gunderson Dettmer is “at the top of the heap” of firms that “really understand the core issues of a business traveling along its path and journey.”
The firm on April 26 announced its Texas capital expansion. Watts began a couple weeks prior to that, preparing for the opening, he said.
Gunderson Dettmer is “actively recruiting” staff members for the Austin office — lawyers, paralegals and other support staff, Watts said, though no set number exists.
“We plan to grow in a way that makes sense to support our clients,” he said.
The firm has yet to secure a physical office space due to the pandemic, “but we’re actively looking,” Watts said. The firm is working with a commercial real estate broker whom Watts declined to identify.
Gunderson Dettmer boasts 10 offices worldwide and 350 attorneys. The firm said it “represents more than 2,500 venture-backed companies and over 450 of the world’s top venture capital and growth equity firms, along with thousands of their underlying funds.”
Austin Business Journal spoke with Watts about his new firm's plans for Austin.
What do you want founders and investors to know about your firm and Austin office?
“Founders and investors know Gunderson Dettmer is the most active law firm for VC-backed companies in the world, ranked by PitchBook for the last seven years. That’s important because it means we see market trends some people never see, and before some other people recognize them. We have deep institutional knowledge. This is all we do. We don’t sue people. We’ll help you find a litigator. We’re exclusively focused on representing investors and growth companies from inception through exit and beyond. We see issues investors and entrepreneurs are dealing with time and again, and provide practical advice in a way many are unable to do.”
What advice do you have for potential clients?
“Broadly, don’t be afraid to chase greatness. That’s the beauty of being an entrepreneur: You have the opportunity to do something unique and potentially world changing. That takes a lot of bravery and flexibility. On the other side of the same coin, surround yourself with people who have done similar things before. Don’t be afraid to take advice. Nobody can do it alone. You really need to surround yourself with experienced, level-headed people who can get you through rough waters.”
What’s your firm’s vision for Austin?
"This is an incredible city going through an incredible point in time. The decision to open an office here is a strategic one for the firm. We’ve had clients here in Austin for a number of years before opening the office. But this will be the first time we’ll have a physical location and boots on the ground. And we’re not thinking just Austin. This initiates our strategic vision regionally. This is the launching point for that."
