The former head of Silicon Valley Bank's startup banking has joined the American law firm Orrick, Herrington & Sutcliffe as a managing director of its technology company and fund relationships.
Prior to its demise earlier this year, the Silicon Valley Bank was a leading lender to tech companies.
Lewis Hower, the previous executive, stated that he wishes to provide Orrick's clients with guidance that goes beyond standard legal services. According to him, startups and other companies "need good counsel" as they deal with changing laws and other difficulties.
Hower spent more than five years leading Silicon Valley Bank's startup banking division, most recently. Hower held positions at Nike and other venture capital and investment organizations before that.
Due to $42 billion in withdrawals made in a single day by its clients, which included venture funds and businesses with corporate accounts, Silicon Valley Bank failed in March. Among the biggest banks to fall after the financial crisis of 2008 was this one.
Along with bringing down Signature Bank, that bank run destroyed more than half the market value of a number of other regional lenders in the United States. First Citizens BancShares later acquired Silicon Valley Bank.
According to Hower, his decision to join Orrick was unaffected by the bank's failure.
