Beyond the Founding Team | A Leadership Playbook for Growth: General Counsels

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GCs are appointed to ensure legal and regulatory compliance, provide advice and counsel, manage strategic transactions and build a legal function for the long-term.

GCs are usually hired within a year of major funding, and the majority stay on through IPO

Source: 2022 RRA Growth Co Analysis, n = 39 General Counsels

General Counsels at time of IPO

The profile of leaders who provided securities law advice related to equity offerings:

^{Source: 2022 RRA Growth Co Analysis, n = 34 GCs at IPO}

<sup>*GCs stepping into the role for the first time were either divisional or regional Heads of Legal, or had legal experience across relevant corporate practice areas:
- start-up representation - venture financings - capital markets transactions
- public company reporting - mergers and acquisitions</sup>

All GCs had degrees in Law, but at varying levels

^{Note: 83% of companies that listed on the NYSE or NASDAQ had a GC with a JD}

^{Source: 2022 RRA Growth Co Analysis, n = 34 GCs at IPO}

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Authors

• Robert Alexander is a member of Russell Reynolds Associates’ Technology Knowledge team. He is based in New York City.
• Agnes Greaves co-leads the firm’s Core & Growth Technology practice globally and the Consumer Digital & Media practice in Europe. She is based in London.
• Tuck Rickards heads the firm’s San Francisco office and co-leads the Core & Growth Technology practice. He is based in San Francisco.

Methodology and Notes

• Analysis of 40 tech/tech-enabled companies that were founded since 2005 and IPO’d 2017-2021, were largest by region according to valuation at time of deal, and achieved ≥20% revenue growth rate over the three-year period prior to IPO
• Industry verticals included: fintech, healthtech, automotive/transportation, eCommerce/marketplace, software/cloud
• Analysis includes only the appointment of non-founder executives
• Major funding rounds: approximate point in time at which each company reached series C/later stage funding
• APAC excluded from study due to data accessibility
• Sources: Pitchbook, Board Ex