Recession? Sili Valley. Valley? Recession ...

With no venture-backed, million-dollars-a-pop IPOs in the second quarter, Silicon Valley corporate lawyers were still busy doing venture financings, right?

Well, not quite.

Venture capital investment dropped 12 percent to $6.64 billion from the second quarter a year ago, the Dow Jones Venturesource tells us. Financings also dropped 9 percent to around $2 billion in the Bay Area, which all us know as the land of venture-backed milk and honey. The number of deals was also down from 226 to 193 here.

It looks like that far-away, East Coast thing called a recession is finally finding its way down Sand Hill Road.

But don’t go switching your practice from corporate to bankruptcy quite yet. The total dollar value for financings in the Bay Area in the first half of the year — $4.65 billion — is still a little higher than the first half of 2007.    

—  Zusha Elinson