Proskauer has hired Steve Burwell, a former associate general counsel at Deutsche Bank, for its capital markets practice, as demand for Big Law work in the area remains high.
The ex-head of Americas corporate finance and capital markets at Deutsche Bank’s legal department most recently worked as a partner at Foley Hoag.
“I plan to continue to focus on practice areas of representing both issuers and underwriters across the array of capital markets options,” said Burwell, who will be based in New York.
“His background in corporate and securities law, including in vertical growth sectors such as technology, healthcare and life sciences, will add tremendous value for our clients and is synergistic with many of our practices,” Chip Parsons, co-chair of the firm’s corporate department, said of Burwell in a statement.
Burwell has also worked with special purpose acquisition companies, or “blank check companies” that raise capital for the sole purpose of merging with a target private company that they will then take public.
The practice, which is often called a back door to going public, boomed in 2020. Last year, SPAC IPO deal counts rose 658% and the value of SPAC IPOs jumped 1,028% over 2019, according to a Bloomberg Law analysis.
“It’s a product that has been around for some time but grown in visibility recently,” Burwell said. “I expect that trend to continue this year.”
Burwell joined Foley Hoag in 2019 after spending 16 years at Deutsche Bank. Before joining the financial sector giant in 2003, Burwell was an associate at Simpson Thacher & Bartlett for five years.
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