Large law firms advising tech companies racked up millions of dollars in some of the largest IPO deals in 2021—one reason why law firm revenue in Silicon Valley continued to soar. And firms are expecting many more big deals in 2022.

A glance at securities filings shows seven large tech IPOs this year generated about $27.6 million in fees for outside corporate counsel. (The list does not include companies that went public via direct listing such as Coinbase and Roblox.)

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