The company said in recent securities filings that it expects to incur more than $2.7 million in legal fees and expenses in going public. Strait herself is not a lawyer, but her hire by Coinbase was touted by Paul Grewal, a former deputy general counsel at Facebook Inc. who joined the San Francisco-based company last summer as its chief legal officer. By Joshua Briones, Crystal Lopez, Sofia Nuo, Shearman and Hogan Lovells Call Off Merger Talks, Early Reports: 2023 Am Law 200 Financials, Beyond Excess Capacity, Pooled Services and Automation Expedite Staff Layoffs, Dozens of Law Firms Grew Their Equity Partner Tier, Even as Profits and Demand Plummeted. WIPL is the original global forum facilitating women-to-women exchange on leadership and legal issues. P.C. Like all great innovations, change comes with challenges, he wrote. Join Corporate Counsel now! The industry-leading media platform offering competitive intelligence to prepare for today and anticipate opportunities for future success. Tech startup Nillion has scooped up a former in-house legal leader for Coinbase to serve as the companys first-ever general counsel. The company disclosed last month that when it does go public it will do so via a direct listing. The industry-leading media platform offering competitive intelligence to prepare for today and anticipate opportunities for future success. At Coinbase, Grewal replaced Brian Brooks, who recently served as acting head of the Office of the Comptroller of the Currency. [16] Grewal defended the layoffs, arguing that it needed to be done to "ensure we stay healthy during this economic downturn. With Such Low Win Rates, Should Law Firms Respond to So Many RFPs? Danas Cohen was previously general counsel at Orchard Platform Markets LLC, a lending data and services startup sold in 2018 to Kabbage Inc. She then spent more than two years as legal chief for Velocity Markets Inc., a digital asset startup sold this past November to San Francisco-based Securitize Inc. A trio of other in-house additions joined Abraham and Rooney at the company this month. [3] In 2010, Grewal was named as a "Best Lawyer Under 40" by the National Asian Pacific American Bar Association (NAPABA). Engage and manage outside counsel to effectively and efficiently represent Coinbase. The company has also sought to bring on lawyers with regulatory ties, picking up chief of staff and counsel for trust and risk Hermine Wong in February after she served as special counsel in the Securities and Exchange Commissions offices of structured disclosure and chief counsel. Terms of Service. Abraham, in a message she wrote this month on LinkedIn, said she was excited to be making the switch from flying cars to crypto. She didnt respond to a request for comment about her decision to leave Kitty Hawk, which has promoted her former deputy, Angela Gandhi, to be its head of legal. Cohen most recently served as associate GC at Coinbase. Continuing to recruit legal talent from big-name companies,San Francisco-based digital currency exchange Coinbasehas brought on two new senior-level in-house attorneys, pulling from the legal departments of Google and Dyson. In his new role, Sabella will lead the cryptocurrency exchanges capital markets legal work. Prior to that date Coinbases customers were unable tobuy, Cash were, in general, able to engage in Bitcoin Cash License our industry-leading legal content to extend your thought leadership and build your brand. LexisNexis and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. Paul Singh Grewal is an American attorney working as chief legal officer at Coinbase. WIPL is the original global forum facilitating women-to-women exchange on leadership and legal issues. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas. Site Map, Advertise| A branded coffee mug at the Coinbase Inc. office in San Francisco. We're a group of hard-working overachievers who are deeply focused on building the future of finance and Web3 for our users across the globe, whether they're trading, storing, staking Coinbase disclosed in securities filings last month that Grewal received more than $18 million in total compensation after being hired from Facebook Inc. Coinbase has tapped Fenwick & West to advise on its direct listing. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas. Join Corporate Counsel now! Armstrong Teasdale corporate services partner Thor Mathison in St. Louis also came aboard as an associate general counsel. What Joseph L. Rini Knows, Attorney Rachel Y. Marshall A Pillar of Strength for the Community, SpotDraft Raises $26 Million in Series A Funding for AI-Powered Legal Software. LexisNexis and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information. He joins at least two other lawyers at USV in managing partner Andrew Weissman and partner John Buttrick, the latter of whom is a former corporate partner at Davis Polk & Wardwell. He also confirmed the recent hires of head of intellectual property Ariana Woods and two associate general counsel, Xiaolin Miranda Ma and Youli Lee. Grewal currently owns roughly $856,000 in Coinbase stock, per Bloomberg Law data. Access to additional free ALM publications, 1 free article* across the ALM subscription network every 30 days, Exclusive discounts on ALM events and publications. Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. In two statements posted Monday on his LinkedIn profile, Shirzad said that after 15 years at Goldman he was drawn to Coinbase by the companys potential to revolutionize financial services. Terms of Service. Lee, a former federal prosecutor who spent part of last year in a cybersecurity counsel role at the Commerce Department before joining the Biden-Harris presidential campaign, joined Coinbase in April as an associate general counsel. Not a Bloomberg Law Subscriber?Subscribe Now. Latham & Watkins is representing financial advisers on Coinbases direct listing. All Rights Reserved. Nicholas Iovino, Judge Grewal Leaves Bench to Join Facebook. Coinbase advertising its initial public offering at the Nasdaq MarketSite in New York on April 14, 2021. Grewal, McCullagh, and Minarik are part of at least a dozen lawyers added by Coinbase so far in 2020, following another legal hiring binge last year. Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends. Its pace of in-house additions accelerated after Grewals appointment, as Coinbase sought to build out a compliance, legal, and regulatory apparatus ahead of a potential public listing. WebPaul Singh Grewal is an American attorney working as chief legal officer at Coinbase. Senior Counsel, Litigation At Coinbase, our mission is to increase economic freedom around the world, and we couldn't do this without hiring the best people. WebPaul Grewal has served as our Chief Legal Officer & Secretary since August 2020. That same month Coinbase hired former E*Trade Financial Corp. associate general counsel Kirill Kan as a senior counsel and picked up a senior director of legal in Leah Bressack, who worked with Grewal at Facebook, where she was an associate general counsel and strategic counselor to the general counsel. Site Map, Advertise| Getting The Talent Balance Right: From Layoffs to Laterals to Mergers, How Can Firms Staff for Success? [3], Grewal was a former president of the South Asian Bar of Northern California and the Northern American South Asian Bar Association. Coinbases current stock price was $293.45 as of Monday evening. The company also this week announced its addition of a new non-lawyer head of capital markets in Brett Redfearn. Buying Legal Council Taps New Leadership as Founder Steps Back, Five Actions CLOs Can Take to Drive Successful Change Management in 2023, Inside Track: Determining when to Allow Executive Stock Sales is Getting Trickier, Data Privacy and Website Accessibility: Class Action Trends to Watch in 2023, Law.com Editors and Analysts Offer Top Trends to Watch for 2023. Our Team Account subscription service is for legal teams of four or more attorneys. https://www.law.com/corpcounsel/2022/05/04/coinbase-backed-crypto-consortium-appoints-new-general-counsel/. Law.com Compass includes access to our exclusive industry reports, combining the unmatched expertise of our analyst team with ALMs deep bench of proprietary information to provide insights that cant be found anywhere else. Site Map, Advertise| very deliberately, she stated Tuesday in an email. WebThe chart shows total cash compensation for the COINBASE Associate General Counsel, Consumer in the United States, which includes base, and annual incentives can vary anywhere from $245,459 to $386,885 with an average total cash compensation of $316,172. Coinbase is building out its stable of in-house lawyers as the company looks to go public. Law.com Compass includes access to our exclusive industry reports, combining the unmatched expertise of our analyst team with ALMs deep bench of proprietary information to provide insights that cant be found anywhere else. Coinbase touted McCullaghs previous experience working with product, engineering, and business teams behind disruptive technologies like artificial intelligence, Google Maps, and Google Search. To contact the reporter on this story: Brian Baxter in New York at bbaxter@bloomberglaw.com, To contact the editors responsible for this story: Chris Opfer at copfer@bloomberglaw.com; John Crawley at jcrawley@bloomberglaw.com. Your article was successfully shared with the contacts you provided. Signage is displayed at the front desk of the Coinbase Inc. office in San Francisco on Dec. 1, 2017. Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Amy Luo, senior counsel for global business development and stablecoins, wrote on her LinkedIn profile last month that she had become general counsel for the Centre Consortium, a group backed by Coinbase and cryptocurrency company Circle Internet Financial Ltd., the latter of which hired a new general counsel in September. Abraham, a former associate at Wachtell, Lipton, Rosen & Katz, joins Coinbase after four years at Mountain View, Calif.-based Kitty Hawk, which is backed by Alphabet Inc. co-founder Larry Page. With Such Low Win Rates, Should Law Firms Respond to So Many RFPs? We also want to echo the call that Coinbase General Counsel Paul Grewal made asking others in the financial services industry to step up with their own reports. Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. USV and fellow venture capital firm Andreessen Horowitz were among those registered to trade stock in the direct listing by Coinbase, whose successful stock market debut created USVs most profitable investment exit, while also disclosing the pay of Coinbases own top in-house lawyer. Copyright 2023 ALM Global, LLC. Coinbase Global Inc., the largest U.S. cryptocurrency exchange that expects to go public in April, has brought on veteran A Corporate Counsel Guide to Successful Contract Lifecycle Management, ADA Demand Letter Playbook: Your Guide to Responding and Reducing Future Risk, Women, Influence & Power in Law (WIPL) 2023, The American Lawyer Industry Awards (TALIA) 2023, Women, Influence & Power in Law UK Awards 2023, WORKERS COMPENSATION ATTORNEY - Hartford, CT, Offering an Opportunity of a Lifetime for Personal Injury Lawyers, What Does Your Business Agreement Really Mean? Both options are priced the same. Learn more about a Bloomberg Law subscription. Bloomberg News reported last month that Coinbases direct listing saw USVs stake in the San Francisco-based cryptocurrency exchange hit a whopping $4.6 billion as Coinbases stock price climbed as high as $429.54 in the post-listing period. Coinbase associate general counsel for regulatory Hailey Lennon also left the company in October to join the law firm Anderson Kill as a partner specializing in technology, media, and distributed systems. Law Offices of Gary Martin Hays & Associates Shirzad, Coinbases new policy chief, will report to Coinbases chief legal officer and corporate secretary, Paul Grewal, hired by the company last year from Facebook Inc. Coinbase disclosed in securities filings this year that Grewal received a total compensation package valued at more than $18 million. To view this content, please continue to their sites. A stablecoin backed by Coinbase reached $1 billion in market capitalization in July, a month after the company was advised by Fenwick & West on its acquisition of Tagomi Holdings Inc., a cryptocurrency brokerage startup backed by Peter Thiel. Coinbase disclosed McCullaghs hire along with its addition of deputy general counsel for litigation Katherine Minarik, who recently came aboard after serving as Americas legal chief at Dyson Ltd. The startup's new top lawyer, Lindsay Danas Cohen, served as an associate GC at Coinbase and, earlier in her career, helped build Bloomberg Law. Law.com Compass includes access to our exclusive industry reports, combining the unmatched expertise of our analyst team with ALMs deep bench of proprietary information to provide insights that cant be found anywhere else. [7] At that time, he was only the second sitting South Asian federal magistrate judge in the United States. Jade Clemons, a former attorney with Fenwicks flexible working arm, joined Coinbase in September as a commercial counsel. Nillion is a Web3 startup founded in 2021. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team. Janice Payne, head of supervisory affairs at CLS Group Holdings AG, a financial institution that serves the foreign exchange market, was hired by Coinbase in August as director of regulatory compliance. Coinbase acknowledged its latest batch of new recruits but declined to discuss them further. About Us| Coinbase, which has said publicly it will permit its employees to work remotely even after Covid-19 lockdowns have been lifted, also added Ma as an associate general counsel this month from her role as head of legal for OKCoin USA. Getting The Talent Balance Right: From Layoffs to Laterals to Mergers, How Can Firms Staff for Success? In the nine months that Paul Grewal has held the title of chief legal officer at Coinbase Global Inc., the legal department has more than doubled in size and the company has gone all-in on remote working while making history as the first major cryptocurrency firm to go public. Learn more about a Bloomberg Law subscription. Tech startup Nillion has scooped up a former in-house legal leader for Coinbase to serve as the companys first-ever general counsel. Crypto Giant Binance Seeks In-House Lawyers As Probes Pile Up, Davis Polk Assists Galaxy Digital on $1.2 Billion BitGo Deal, Novogratzs Galaxy Buys BitGo in $1.2 Billion Crypto Deal (1), Fenwick & West Sees Coinbase Listing as the Start of Crypto Work, Coinbase Selloff After Trading Debut Spills Into Bitcoin Rally, Cryptocurrency exchange adds policy chief from Goldman Sachs, Coinbase also hires lawyers from Walmart, OKCoin, Capital One. (Corrects throughout spelling of Samson Mesele's last name. Beijing-based OKCoin legal counsel Phoebe Gan and Megan Monroe-Coleman, a former senior director of compliance at Coinbase who OKCoin hired more Coinbase advertising its initial public offering at the Nasdaq MarketSite in New York on April 14, 2021. All four lawyers join Shirzad, a global co-head of government affairs at The Goldman Sachs Group Inc. hired by Coinbase to be its top in-house lobbyist. WebThe average salary for Associate General Counsel, Institutional at companies like COINBASE in the United States is $213,304 as of January 26, 2023, but the range typically falls between $177,424 and $249,184. Rooney, a former Davis Polk & Wardwell associate, has spent the past decade at Morgan Stanley, where he was most recently a managing director and head of global financial crimes infrastructure compliance in New York. Customer Service| What Joseph L. Rini Knows, Attorney Rachel Y. Marshall A Pillar of Strength for the Community, SpotDraft Raises $26 Million in Series A Funding for AI-Powered Legal Software. The new recruits by Coinbase, which has reportedly held talks with law firms and investment banks about going public, come even as a controversial new mandate banning political activism at work has resulted in roughly 60 employees taking exit packages offered by the company. Colin Moran, a graduate of Stanford Law School and former investment banking associate at the Goldman Sachs Group Inc., is a managing partner at Abdiel, which he founded in 2006. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team. General Counsel and In House Counsel Phillip Bantz In the nine months that Paul Grewal has held the title of chief legal officer at Coinbase Global Inc., the legal Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends. USV, co-founded by partners Fred Wilson and Brad Burnham, invested $2.5 million in Coinbase back in 2013. Prior to joining the SEC, Sabella served as an associate with Shearman & Sterling. Access to additional free ALM publications, 1 free article* across the ALM subscription network every 30 days, Exclusive discounts on ALM events and publications. He also previously clerked for U.S. Supreme Court Associate Justice Neil Gorsuch when Gorsuch was a judge on the U.S. Court of Appeals for the Tenth Circuit. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Dynamically explore and compare data on law firms, companies, individual lawyers, and industry trends. Both options are priced the same. Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Milana McCullagh, who spent the past 13 years in-house at Alphabet Inc.'s Google LLC, was announced Friday by Coinbase as its new deputy general counsel for product and commercial legal. Join Corporate Counsel now! Coinbase earlier this month hired Lowenstein Sandler counsel Alexander Zozos, a former special counsel in the Securities and Exchange Commissions Division of Trading and Markets, as a senior product counsel in New York. Predictive reporting, trend analysis, peer guidance and a practical playbook to help genetal counsels succeed in their increasingly high stakes roles as risk managers and corporate strategists. Coinbases new hires mark the latest batch of legal recruits by the newly public company, which was founded in San Francisco but as part of its decentralized corporate structure now has no official headquarters. Paul S. Grewal. USVs other investments include Casetext Inc., a legal research startup whose other backers include an unidentified large law firm and startup accelerator Y Combinator Continuity. The Commerce Application enables users to (i) accept cryptocurrency as a payment method for goods and services; (ii) self custody digital assets; (iii) access reporting and invoicing capabilities; and (iv) additional functionality as Toshi Holdings may add to the App from time to time (collectively the Services ). Our Team Account subscription service is for legal teams of four or more attorneys. Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Coinbase plans to go public through a direct listing, an alternative to an initial public offering, Bloomberg News recently reported. Contact Us| Customer Service| Women, Influence & Power in Law UK Awards honors women lawyers who have made a remarkable difference in the legal profession. Join Corporate Counsel now! Honoring outstanding legal achievements focused at the national level, largely around Big Law and in-house departments. Law Offices of Gary Martin Hays & Associates Our Team Account subscription service is for legal teams of four or more attorneys. [3] After his clerkship, he joined the law firm of Pillsbury Winthrop Shaw Pittman LLP (then known as Pillsbury, Madison & Sutro LLP), primarily practicing complex commercial litigation. [3] After working at Pillsbury, Grewal then served as a judicial law clerk for Judge Arthur J. Gajarsa of the United States Court of Appeals for the Federal Circuit. Don't miss the crucial news and insights you need to make informed legal decisions. Coinbase Global Inc., the largest U.S. cryptocurrency exchange that expects to go public in April, has brought on veteran Morgan Stanley lawyer Ian Rooney as its new [8], On May 12, 2016, it was reported that Grewal would leave the bench in June 2016 to join Facebook as their vice president and deputy general counsel. Worden, a former Paul Hastings associate, spent the past half-dozen years at Walmart, where she was most recently a senior director of program governance and U.S. ethics and compliance. Isabelle Young, a senior litigation counsel at Google LLC, where the former Simpson Thacher & Bartlett and Cleary Gottlieb Steen & Hamilton associate spent a dozen years at the Alphabet affiliate, was hired by Coinbase in February as a director and associate general counsel for litigation. Your article was successfully shared with the contacts you provided. [15] On June 14, 2022, Coinbase announced that it would layoff 18% of its workforce. Your article was successfully shared with the contacts you provided. We are pursuing many complex investments across our web and mobile, crypto, and climate platforms, Mesele said in a statement about his new general counsel role. P.C. Our growing legal team is building out its litigation practice. About Us| Coinbase to Lose Dozens of Staffers Over Ban on Politicking (1), Crypto Firms Grow Legal Ranks With Dyson, Goldman Recruits (2), Andreessen Horowitz-Backed Crypto Vault Adds New Legal Chief (1), Crypto Firm Circle Hires New Top Lawyer as Regulation Looms (1), Krakens Legal Chief Has No Time to Educate Firms About Crypto, Paul Grewal as its new chief legal officer, roughly 60 employees taking exit packages, Ex-Googler Milana McCullagh tapped as deputy general counsel, Crypto exchange sees some leave due to new work politics ban. Getting The Talent Balance Right: From Layoffs to Laterals to Mergers, How Can Firms Staff for Success? Coinbase Global Inc., the largest U.S. cryptocurrency exchange that expects to go public in April, has brought on veteran Morgan Stanley lawyer Ian Rooney as its new head of enterprise compliance. Buying Legal Council Taps New Leadership as Founder Steps Back, After Trial by Fire, Robinhood Legal Chief Knows Keys to Getting Along With SEC, Five Actions CLOs Can Take to Drive Successful Change Management in 2023, Inside Track: Determining when to Allow Executive Stock Sales is Getting Trickier, Law.com Editors and Analysts Offer Top Trends to Watch for 2023. Shirzad, who started his career as an associate at Robins Kaplan and Skadden, Arps, Slate, Meagher & Flom in Washington, didnt respond to a request for comment about his decision to leave Goldman for Coinbase. Copyright 2023 ALM Global, LLC. Coinbases rapid growth has not come without controversy. Law.com Compass delivers you the full scope of information, from the rankings of the Am Law 200 and NLJ 500 to intricate details and comparisons of firms financials, staffing, clients, news and events. A Corporate Counsel Guide to Successful Contract Lifecycle Management, ADA Demand Letter Playbook: Your Guide to Responding and Reducing Future Risk, Women, Influence & Power in Law (WIPL) 2023, The American Lawyer Industry Awards (TALIA) 2023, Women, Influence & Power in Law UK Awards 2023, WORKERS COMPENSATION ATTORNEY - Hartford, CT, Offering an Opportunity of a Lifetime for Personal Injury Lawyers, What Does Your Business Agreement Really Mean? Growing Mineola firm with national practice seeks associate (with 3-6 years experience) to handle complex general liability matters.Competit CASH KRUGLER & FREDERICKS LLC is Celebrating Our 20th Anniversary & Newest Partners! McGeorge School of Law, A Conversation with Judge Grewal about IP and the Northern District of California. Coinbase is an $8 billion Silicon Valley startup that is one of the largest digital currency Site Map, Advertise| I appreciated very early on that Coinbase had some of the most challenging and industry-impacting issues of any company in crypto anywhere on the planet, said Paul Grewal, the crypto exchange's chief lawyer. [9] Grewal retired from the bench on June 3, 2016. Established in 2012, Coinbase was the first major cryptocurrency company to go public and had an $85 billion opening day valuation when it debuted on Nasdaq. Coinbase currently lists over 20 in-house legal and compliance jobs on its online careers page, including several associate general counsel roles and head of legal and compliance chief positions in Japan. Fenwick has served as primary outside counsel to Coinbase for many years, representing the company in more than 15 transactions, including its Nasdaq direct listing, strategic acquisitions of Bison Trails, Earn.com, Tagomi and skew, its $100 million Series D and $300 million Series E financings and more than 70 investments by Coinbase Ventures.
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