Donald Vieira.Skadden CFIUS Partner Goes In-House as CLO of Venture Capital Fund
The market for experienced attorneys who can advise clients undergoing reviews by the Committee on Foreign Investment in the United States has been hot as new changes are proposed to the review process.
October 15, 2019 at 04:26 PM
3 minute read
The original version of this story was published on The American Lawyer
Skadden, Arps, Slate, Meagher & Flom national security partner Donald Vieira has gone in-house as chief legal officer of venture fund Sequoia Capital.
Sequoia confirmed that Vieira joined the company in late September. Vieira had originally joined Skadden in July 2017 as a partner in the firm's Washington, D.C., office. Previous stops include a six-year stint at Wilson Sonsini Goodrich & Rosati and the U.S. Department of Justice's national security division, where he was chief of staff.
Skadden did not respond to a request for comment on the departure. Vieira was unavailable to speak on his move.
Vieira represents clients whose investments are being reviewed by the Committee on Foreign Investment in the United States, known as CFIUS. He also provides cybersecurity and regulatory guidance. In 2016, he provided regulatory and compliance counsel to LinkedIn Corp. on its $26.2 billion acquisition by Microsoft Corp.
Sequoia Capital, based in Menlo Park, California, is a big player in the venture capital space. The company has made 1,276 investments and has raised a total of $15.3 billion over 22 funds, according to startup analysis site Crunchbase. The company's site says it has invested in companies whose market value is worth, on aggregate, $3.3 trillion.
CFIUS experience is highly valued, as there has been high demand for CFIUS expertise over the last year. Last year, President Donald Trump signed the National Defense Authorization Act for the Fiscal Year 2019, and CFIUS practitioners have been seeing an uptick in the administration's staffing, monitoring and monitoring efforts.
On top of that, changes to the law and review process are currently underway. In September, the Treasury Department released new guidelines, which among other rules require a CFIUS review of minority stakes in investments in more industries and additional real estate transactions.
With this uncertainty comes increased client need to navigate the new regulations, and firms have been beefing up their CFIUS practices. In July, Skadden lost another CFIUS lawyer, Jonathan Gafni, to Linklaters, and Vinson & Elkins poached Damara Chambers from Covington & Burling. Just a month before, experienced CFIUS practitioner Stefan Reisinger jumped from Morgan, Lewis & Bockius to Norton Rose Fulbright.
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