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Ted Wang is stepping down as a partner with Silicon Valley law firm Fenwick & West, in order to join Cowboy Ventures as its second partner. He is expected to remain of counsel to Fenwick, where he has worked on mergers for such companies as Jet.com (sold to Wal-Mart) and Quip (sold to Salesforce).

Why it matters: Almost any time I've worked on a story involving startup stock or M&A law, people tell me to call Ted. Not only does that mean he's a consensus expert, but he's also now more likely to return my calls.

More on Cowboy: Aileen Lee, who founded Cowboy in 2012 after a stint at Kleiner Perkins, says Wang was the attorney at RMG Networks while she was founding CEO between 2007 and 2009. Early last year he reached out to say he was considering other opportunities and, after having discussions with several venture firms, agreed to become Lee's first-ever partner at Cowboy. Lee adds that the new hire does not mean Cowboy is about to raise a new fund, as it's still investing out of a $57 million second vehicle that closed in early 2015.

"He has no track record as an investor, but lots of operators have been hired into venture firms," Lee says. "Hopefully the practice he's built over the past 10 years is a great proxy for having a nose for startups. He walked into Fenwick without any marquee clients, and demonstrated that he had a great chemistry with entrepreneurs, both for enterprise and consumer companies."

Go deeper

Behind GameStop's latest stock surge

Illustration: Aïda Amer/Axios

Back in focus: The meme stock trade.

By the numbers: GameStop finished up 19%, after a wild day that saw shares spike as much as 80%.

AT&T spins off U.S. video business via deal with TPG

Photo: AaronP/Bauer-Griffin/GC Images

AT&T is spinning off three of its video services, including its satellite TV brand DirecTV, to create a new standalone video company called New DIRECTV.

Details: The company will be jointly owned by AT&T and private-equity giant TPG. AT&T will retain a 70% stake and TPG will own 30% of the firm.

Updated 1 hour ago - Sports

Ex-USA Gymnastics coach dies by suicide after being charged with human trafficking

John Geddert. Photo: AFP via Getty Images

The body of John Geddert was found on Thursday, just hours after the former USA Gymnastics coach was charged with 24 counts of criminal misconduct, according to Michigan Attorney General Dana Nessel.

What they're saying: “My office has been notified that the body of John Geddert was found late this afternoon after taking his own life. This is a tragic end to a tragic story for everyone involved," Nessel said in a statement.