“Startup Exits Explained: IPOs, M&A, and the Lawyer’s Role”

February 5, 2026 12:30-1:30 at the Alumni Reception Center

What does it really mean for a startup to “exit”? From strategic M&A to IPOs and secondary transactions, exits are defining moments for founders, investors, and counsel alike. This lunch-time panel brings together company counsel, investor counsel, and buyer counsel to unpack how exits actually work in practice, with a particular focus on M&A transactions. The discussion will explore how incentives diverge among stakeholders, how the exit market has evolved, and where junior lawyers can add real value early in their careers.

Francesca Crisera Ruiz, M&A Partner at Squire Patton Boggs (Hastings ‘04)

Heidi Walas, Corporate ECVC Partner at Gunderson Dettmer (Hastings ’07)

Jake Winton, Associate General Counsel at 8VC (Hastings ’20) 

Moderator: Professor Evan Epstein, UC Law SF