News & Analysis as of

Pay-To-Play

Cooley LLP

Q4 2025 Venture Financing Report: Up and Flat Rounds Increased; Recapitalization, Pay to Play and Redemption Decreased

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Cooley handled 221 reported venture capital financings in Q4 2025, representing $8.9 billion of invested capital. In Q4, deal volume decreased slightly across Series Seed, B, D and higher rounds, while Series C deal volume...more

Skadden, Arps, Slate, Meagher & Flom LLP

New Year, New Political Law Trends

As we enter a new election year, we thought it would be helpful to point out some notable trends and developments in political engagement and their impact on political law risks. Below are some, but not all, of those trends....more

Skadden, Arps, Slate, Meagher & Flom LLP

Political Law Due Diligence in M&A Transactions Is Increasingly Critical

In recent years, governments have been playing more pivotal roles in regulating industries and emerging technologies, and selecting companies for large contracts and public-private partnerships....more

Cooley LLP

Q3 2025 Venture Financing Report – Interview With Mark Spoto

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On capital concentrating in fewer, later‑stage ‘category winners’: The surge in invested capital in Series D rounds and beyond even as deal counts fell is clearly attributable to the growth in artificial intelligence-related...more

Cooley LLP

Q3 2025 Venture Financing Report

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Cooley handled 217 reported venture capital financings in Q3 2025, representing $23 billion of invested capital. Deal volume decreased slightly since last quarter. In Q3, deal volume decreased across Series Seed, A and C...more

Skadden, Arps, Slate, Meagher & Flom LLP

Managing Pay-to-Play Risk When Federal Officials Run for State Office

In recent weeks, Congresswoman Elise Stefanik, R-N.Y., announced her campaign for governor of New York and Congressman Eric Swalwell, D-Calif., announced for governor of California, joining several federal officials already...more

Skadden, Arps, Slate, Meagher & Flom LLP

Maryland Expected to Update Contribution Reporting Portal for Pay-to-Play Filers and Lobbyist Employers on November 10, Impacting...

On November 10, 2025, the Maryland State Board of Elections (SBE) is expected to launch an updated version of its Business Contribution Disclosure System, where persons doing public business in Maryland (pay-to-play filers)...more

Akin Gump Strauss Hauer & Feld LLP

Compliance Reminder: Upcoming Pay-to-Play Reporting Deadlines

As the end of the year approaches, businesses with government contracts should review political contribution reporting obligations under state and local pay-to-play laws. Contribution disclosures for government contractors...more

Cooley LLP

Pay-to-Play Remains High at 10.1%; Invested Capital Increased for Late-Stage Rounds and Tech Venture Financings

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Cooley handled 217 reported venture capital financings in Q3 2025, representing $23 billion of invested capital. Deal volume decreased slightly since last quarter. In Q3, deal volume decreased across Series Seed, A and C...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Lobby Bar: a Political Law Podcast | Welcome to the Lobby Bar: Battleground 2025 – Navigating Pay-to-Play Laws

We are excited to present Skadden’s new political law podcast “The Lobby Bar,” hosted by partners Charlie Ricciardelli and Tyler Rosen. In the debut episode, they break down the complexities of pay-to-play laws in New Jersey,...more

Nossaman LLP

Compliance Notes - Vol. 6, Issue 21

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RECENT LOBBYING, ETHICS & CAMPAIGN FINANCE UPDATES - Campaign Finance & Lobbying Compliance California: Gov. Gavin Newsom signed AB 1167, a bill prohibiting California utilities from charging customers for lobbying and...more

Troutman Pepper Locke

What’s in a Down Round? Key Features of a Down Round

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Startup financing is a dynamic process, and down rounds have emerged as a critical mechanism for companies navigating challenging economic climates. These down rounds are characterized by a reduction in company valuation and...more

Morgan Lewis

Corporate Venture Capital Survey: Q2 2025

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Our second quarter 2025 corporate venture capital (CVC) survey indicators continue to show challenging market conditions. However, valuations are on the rise in surveyed transactions. In this survey, we track investment...more

Goodwin

The 15-Minute Founder’s Guide: Pay-to-Play Transactions

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If your startup continues to follow the proverbial “hockey stick” of uninterrupted, exponential growth that you presented in your seed round pitch deck, you might always have easy access to capital and never encounter a...more

Cooley LLP

Deal Count Increases and Invested Capital Down for Late-Stage Rounds; Valuations Rise and Pay-to-Play Reaches 10.1%

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Cooley handled 238 reported venture capital financings in Q2 2025, representing $6.5 billion of invested capital. Deal count increased by more than 20% across all stages of financing compared to the previous quarter, with...more

Skadden, Arps, Slate, Meagher & Flom LLP

Reminder: Illinois Pay-to-Play Registration Updates Due Quarterly

The next quarterly update required under the Illinois pay-to-play law is due August 14, 2025. As described in earlier mailings, Illinois law requires many companies with aggregate state bids, proposals and contracts totaling...more

Fisher Phillips

What Should Your Athletic Department Know About Trump’s New NIL Executive Order Attacking “Pay for Play” Deals? 3 Steps For...

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In yet another sweeping move impacting college athletics, President Trump just signed an Executive Order seeking to ban “third-party, pay-for-play payments to collegiate athletes,” while still allowing athletes to enter into...more

BCLP

Missouri House of Representatives Passes HB 575, Imposing Residency Requirements and Banning Per-Signature Payments for Initiative...

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Today, the Missouri House of Representatives passed House Bill 575, which contains two new provisions applicable to statewide initiative petition circulators....more

Skadden, Arps, Slate, Meagher & Flom LLP

Reminder: New Jersey Pay-to-Play Form BE Due March 31, 2025

The annual filing for state and local contractors required under New Jersey Chapter 271 (Form BE) is due March 31, 2025. As we have described in previous client alerts, this report must be filed by a business entity if it...more

McCarter & English, LLP

Compliance Note No. 11: NJ Annual Business Entity Disclosure Reports

Businesses that received at least $50,000 in revenue during the 2024 calendar year through New Jersey government contracts must file an Annual Business Entity Disclosure report with the New Jersey Election Law Enforcement...more

Brownstein Hyatt Farber Schreck

California Refines Political Giving Rules to Limit “Pay to Play” Concerns

Under SB 1243, attorneys, architects, engineers, planners, political consultants, and other “agents” are absolutely barred from making political contributions to elected and appointed officials while a decision is pending and...more

Skadden, Arps, Slate, Meagher & Flom LLP

Political Contribution Disclosure Rules in Illinois, Maryland, New Jersey, Pennsylvania, Philadelphia and Rhode Island - Update

The following summarizes periodic pay-to-play reporting requirements under laws in Illinois, Maryland, New Jersey, Pennsylvania, Philadelphia and Rhode Island. Certain companies must file reports regarding their business...more

Wiley Rein LLP

FEC Raises Individual Federal Contribution Limits for 2025-2026 Election Cycle

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As published in the Federal Register on January 30, 2025, the Federal Election Commission (FEC) has followed the statutory dictates and raised the federal individual contribution limits to account for inflation. The new...more

Morrison & Foerster LLP

Open Banking Update: CFPB Recognizes First Open Banking Standard-Setting Body

On January 8, 2025, the Consumer Financial Protection Bureau (CFPB) issued a decision and order approving the application of Financial Data Exchange, Inc. (FDX) for recognition as a standard-setting body (SSB) under the...more

Morrison & Foerster LLP

When Your Life Sciences Are on the Line: FCPA Enforcement

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Morrison Foerster partners Kate Driscoll and Nate Mendell, both former federal prosecutors and members of the firm’s Investigations + White Collar Defense Group, hosted the seventh episode of When Your Life Sciences Are on...more

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