DISQUS

deancollins · 8 months ago

Yeh but did you try and use it..... like everything legal lets throw as much BS in there as possible in order to ratchet up the billable hours.

I do love the concept of "open source law" though - there are some really straight forward answers to 75% of questions that can be answered for startups by sitting down and watching 4 x 15 minute video interviews answering the basic questions.

Cheers
Dean

Markxs · 8 months ago

Great stuff. Reengineering at its best! Just RT'd this. Will tweet it again during normal business hours with my own take. Thank you.

paulsoare · 8 months ago

this will come-in handy for lawyers. they will increase their profit margins, they will find the necessary time to handle more clients and probably there will be lawyers that will be able to bill-out 750 hours in a month.

Check · 8 months ago

The term sheet generator is a nice tool, but I feel the impetus behind it misses the mark.

The fact is that large Silicon Valley law firms charge a great deal -- but it's really NOT those hourly rates that cause them to lose clients. Wilson, Fenwick and the other large shops lose clients because of extremely poor client service.

Clients would be less cranky about the bills if they could ever get the lead partner on the phone. Instead, they are stuck with junior/mid-level associates who, while well versed in the transaction specifics, (1) know little to nothing about the client or its business and (2) really don't understand client service.

Startup representation has much less to do with legal expertise and products -- and much more to do with the client service experience. We're not talking global structured finance or mass tort litigation here. Were talking small business law. On the same token, you've got clients with little to no legal infrastructure (no in-house legal dept.).

Lawyers in the startup/venture space need to spend far less time trying to create the perfect term sheet piece of art and far more time:

(a) Educating clients;
(b) Getting to know their clients unique business and needs (and communicating that within the client team at the firm); and
(c) being TRULY RESPONSIVE (I can stress this one enough)

Yokum · 8 months ago

@Check - Those are very good points.