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Pivoting to a Post–Silicon Valley Bank Regulatory Regime

Rigorous banking regulations might be on the horizon, but companies are already responding to a changing financial services environment.

By Christine Schiffner | April 20, 2023 at 02:00 PM
Customers in line outside Silicon Valley Bank headquarters in Santa Clara, California, on March 13. Photo: David Paul Morris/Bloomberg Customers in line outside Silicon Valley Bank headquarters in Santa Clara, California, on March 13. Photo: David Paul Morris/Bloomberg

Silicon Valley Bank failed on Friday, March 10, after a run on deposits spurred by the bank’s sudden call to raise $2 billion in capital. That weekend, many of the attorneys at Orrick Herrington & Sutcliffe didn’t sleep. 

“We had a lot of friends saying things like ‘Sorry you had to miss that birthday party’ or sleep, etc.,” said Shawn Atkinson, co-leader of Orrick’s global technology companies group. “But this is cutting-edge work, and while we’re not pleased to be missing those things, dealing with the collapse of something that caused massive chaos and unrest with our friends, colleagues, and clients, we are here for them and we feel privileged to be part of the solution.”

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