Law firms could make hundreds of millions of dollars on the SPAC boom, as elite firms elbow in on a growing market

Virgin Galactic co-founder Sir Richard Branson, CEO George Whitesides, and Social Capital CEO Chamath Palihapitiya pose together outside of the New York Stock Exchange ahead of Virgin Galactic trading on October 28, 2019. The company was taken public through a SPAC. Brendan McDermid/ReutersSPACs used to be a small segment of the market, but elite law firms have flocked to the sector in 2020. They stand to make millions on deal advice. Such companies often pay around $300,000 for legal advice on their IPOs, and the eventual merger often results in legal fees that can be 3 to 5 times what it cost to go public, attorneys say. Underwriters, sellers and investors often have to retain their own lawyers, creating more work for the fees aren't often disclosed. Visit Business Insider's homepage for more stories. Special purpose acquisition companies have taken 2020 by storm, and it's not just the banks that are cashing in. Law firms stand to collect more than $30 million in fees from the roughly 99 blank check companies that have announced IPOs so far in 2020, like Bill Ackman's Pershing Square Tontine and Michael Klein's two new billion-dollar Churchill Capital SPACs. And they could bill about To keep reading about Law firms could make hundreds of millions of dollars on the SPAC boom, as elite firms elbow in on a growing market, Click on the link. Seoul, Korea
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