Orrick Podcasts

In this Legal Ninja Snapshot, we'll decode the cliff from multiple angles: what it is, why it exists, the different flavors it comes in, how it can serve as a strategic hiring tool, and how cliff cultures differ between PE-backed and VC-backed companies. As always, we'll draw on practical data and real-world examples.

This OLNS Snapshot reflects our experience advising tech companies through IPO processes on both sides of the Atlantic. 

In this second part, we turn to the middle ground: listing on the Frankfurt Stock Exchange while still accessing U.S. investors through an "ADR" (American Depositary Receipt) program. 

In this Snapshot, we explore how the diverging timelines between exit horizons and employee tenure are breaking traditional ESOP models – and what you can do about it.