Figma’s IPO Means a $5.6M Payday for Fenwick & West, Plus a $30M Equity Windfall
San Francisco, August 2, 2025 — When Figma Inc., the San Francisco-based collaborative design platform, went public on July 31, 2025, raising $1.2 billion in a blockbuster initial public offering (IPO), it wasn’t just the company’s founders and investors celebrating. Fenwick & West LLP, the law firm that has guided Figma since its inception, reaped a significant financial reward, earning $5.6 million in legal fees and holding an equity stake valued at nearly $30 million, according to securities filings. The firm’s long-standing relationship with the tech unicorn underscores the lucrative role top legal counsel can play in Silicon Valley’s high-stakes IPO market.
Figma’s IPO, priced at $33 per share for 36.9 million Class A common shares, valued the company at approximately $16 billion, with its stock surging 250% on its debut day on the New York Stock Exchange (NYSE) under the ticker “FIG.” The offering, which was nearly 40 times oversubscribed, marked one of the most in-demand tech listings of 2025, reflecting strong investor appetite for high-growth companies with artificial intelligence (AI) exposure. Figma reported 13 million active users as of March 31, 2025, and revenue growth of 39% to 41% year-over-year for Q2 2025, positioning it as a leader in cloud-based design software.
Fenwick & West, a Silicon Valley stalwart known for representing tech giants like Cisco and Meta, served as Figma’s primary legal counsel for the IPO, led by partners Michael Esquivel, Ran Ben-Tzur, Jennifer Hitchcock, Aman Singh, and Chance Goldberg. The firm’s work included navigating complex securities regulations and coordinating with lead underwriters Morgan Stanley, Goldman Sachs, Allen & Company, and J.P. Morgan. Securities filings disclose that Figma paid Fenwick $5.6 million in legal fees and expenses for its IPO work, a figure that reflects the intensive legal effort required for a public offering of this scale.
Beyond fees, Fenwick’s payoff was amplified by its equity stake in Figma. According to a prospectus filed with the U.S. Securities and Exchange Commission (SEC), individuals and entities associated with Fenwick & West beneficially own 866,138 shares of Figma’s Class A common stock, valued at approximately $29.8 million based on the IPO price. This equity, likely acquired through early legal services in exchange for stock—a common practice in tech-heavy law firms—represents a significant windfall, especially given the stock’s 250% surge on debut day, which could push the stake’s value even higher.
Fenwick’s relationship with Figma dates back to the company’s founding in 2012. The firm advised Figma through its seed financing, Series A through E funding rounds (including a $50 million Series D in 2020 and a $200 million Series E in 2021), commercial partnerships, and a failed $20 billion acquisition attempt by Adobe in 2022, which was blocked by regulatory scrutiny from the European Union, United Kingdom, and U.S. authorities. “Fenwick has had the privilege of working alongside Figma since their earliest days,” the firm stated, highlighting its role in guiding the company from a startup to a publicly traded powerhouse.
The IPO’s success also benefited other stakeholders. Figma’s co-founder and CEO, Dylan Field, aged 33, saw his 11% stake valued at $1.6 billion at the IPO’s low-end price range, with a tranched compensation package potentially yielding a 10-figure payout, akin to Elon Musk’s at Tesla. Co-founder Evan Wallace’s 27 million shares, controlled by Field, were worth about $800 million. Venture capital firms like Andreessen Horowitz, Sequoia Capital, and Durable Capital, which backed Figma’s earlier rounds, are sitting on stock worth $24 billion post-IPO, according to CNBC.
The offering included 12.4 million shares sold directly by Figma and 24.5 million from existing shareholders, with proceeds earmarked for repaying debt and investing in capital-preservation strategies like short-term, investment-grade securities. Latham & Watkins LLP, led by partners Rick Kline and Richard Kim, represented the underwriters, ensuring compliance with SEC regulations and facilitating the deal’s structure.
Figma’s journey to the public market was not without hurdles. The collapse of the Adobe deal in 2023 left Figma to regroup, but its pivot to an IPO capitalized on a resurgent tech market. “Investors are responding to companies with credible AI exposure, and Figma has done a good job aligning itself with the theme,” said Kat Liu, vice president at IPO research firm IPOX. The company’s platform, which enables real-time collaboration for designers and product teams, has been enhanced with AI-driven features, boosting its appeal in a market hungry for innovation.
For Fenwick & West, the $5.6 million in fees and $30 million equity stake highlight the firm’s strategic bet on Figma’s success. As tech IPOs rebound—evidenced by strong debuts from companies like Reddit and Astera Labs in 2025—Fenwick’s payout underscores the high rewards of legal work in Silicon Valley’s ecosystem. With Figma’s stock soaring and its valuation climbing toward $18.8 billion in pre-IPO estimates, Fenwick’s long-term investment in the design platform has paid off handsomely, cementing its reputation as a go-to firm for tech’s biggest players.
Sources: Bloomberg Law, Fenwick & West, Law360, Reuters, The New York Times, CNBC, Figma Blog