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�鶹ֱ�� & Lardner LLP is featured across media for the firm’s recent roundtable discussion on market trends.

Moderated by �鶹ֱ�� partner Thomas Carlucci and featuring partners Natasha Allen, Louis Lehot, and Brian Wheeler, the discussion assessed developments from the past year, including AI, IPOs, and evolving strategic shifts in venture and private equity, and shared outlook on market conditions ahead in 2026.

In The Venture Lens article, “,” partner Louis Lehot described the current environment as “a generation’s worth” of early-stage company spending on rent and talent, noting ongoing uncertainty around future funding rounds.

“Whether all those companies are able to raise the next round is what I think is in sincere doubt,” Lehot added.

Partner Brian Wheeler and Lehot also touched on workforce reductions, noting the likelihood that many layoffs are reflecting broader strategic shifts rather than automation.

Turning to the private equity environment, Wheeler said that firms are preparing for a slower reopening of the exit window in early 2026, explaining that continuation funds have become a core tool for managers who have no realistic path to a public listing anytime soon. Lehot added that venture capital firms are facing similar themes, with many not calling capital at the pace they would like and a growing backlog of companies waiting to exit growing.

The article also included the roundtable’s discussion on AI regulation, in which partner Natasha Allen described the unsettled AI regulatory landscape. She referenced various state and federal efforts, including the administration’s proposed AI Action Plan.

described an emerging trend in revenue decline across some businesses, especially certain older software companies. Lehot pointed to the AI transition as playing a role, as it has prompted a major resource reallocation, particularly from sales and marketing into product development.

“It’s choking off growth,” Lehot said. “All of these companies require at least 20%. If you don’t have that, you are a zombie and your valuation will tumble.”

In , Lehot and Wheeler reviewed private equity sector trends, exit pressures, and the 2026 outlook.

Wheeler highlighted the rise of creative deal structures amid a significant backlog of assets, noting, “There’s still a huge backlog of assets in private equity.” He predicts modest growth in private equity exits in 2026, driven by declining interest rates and increased LP pressure.

However, macroeconomic risks — including US deficit, inflation, and a possible AI bubble — persist. “While all the conditions could be there for a great year, there are lots of dark clouds on the horizon,” Lehot warned.

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