The impending resurgence of the IPO market in 2024 is set to offer a significant boost to M&A dealmakers and general counsels (GCs), many of whom are eyeing this as an opportunity to add prestigious milestones to their professional portfolios. Despite a lackluster IPO scene in 2023, with only a few high-profile companies like Instacart and Arm making their public debuts, analysts predict a more vibrant market next year due to anticipated interest-rate reductions.
Legal experts emphasize the transformative impact that guiding a company through an IPO can have on a GC’s career. Danielle Sheer, general counsel at Commvault, describes this experience as a career-defining journey, crucial for those aspiring to be public company GCs or simply seeking to broaden their professional experience. She recounts her own journey with Carbonite, where her initial goal of taking the company public in 2011 ultimately led to a robust career as a public company GC.
Similarly, Lora Blum, who played a pivotal role in SurveyMonkey’s 2018 IPO, highlights the distinct challenges and responsibilities faced by GCs in public companies compared to their roles in private companies. Her unique experience in this domain was a key asset during SurveyMonkey’s transition to a public entity.
However, some voices in the industry, like Dan Haley of Sprinklr, caution against overvaluing IPO experience. While acknowledging its significance, Haley argues that an IPO is just one of many high-stake scenarios a GC might navigate, and the expertise gained is often specific to that company’s journey to going public.
Despite varying opinions on its impact, the experience of leading a company through an IPO is highly sought after in the C-suite, especially among executives of companies without this experience. Stephen Kim of Avicanna considers IPO experience a crucial enhancement to a GC’s career, offering invaluable insights into business operations and strategy.
The path to becoming a public company GC often starts in securities law within law firms, as evidenced by Elliott Mark's journey. His extensive experience in securities law at Goodwin Procter laid the groundwork for his later successes in taking companies public, underscoring the multifaceted nature of the GC role in these processes.
Jennifer Pileggi, who guided Zuora through its IPO in 2018, reflects on the experience as both intense and rewarding. It not only provided her with a platform to build a strong legal team but also fortified her relationships with key company executives.
As the IPO market gears up for a potential boom in 2024, GCs are poised to play a critical role in steering their companies through these complex, high-stake processes, leveraging their unique skills and experiences to influence the trajectory of both their careers and their organizations.
