Decades-Long SPAC Bet Pays Off for Law Boutique Beating Titans

Douglas Ellenoff became a true believer in special purpose acquisition companies when his first one found him almost two decades before they became the next big thing on Wall Street.

But even he never foresaw $33 billion of deals being done in a single month, as was the case in February, or that they’d lure investors from hedge-fund billionaires to athletes and celebrities like Alex Rodriguez and Shaquille O’Neal. The feverish pace has Ellenoff’s 120-lawyer firm, Ellenoff Grossman & Schole, working harder, hiring faster, and watching its back more than ever to keep its lead in helping SPACs go public. ...