4 ms·

hire a good startup law firm (i like gunderson) and get standardized incorporation, vesting etc docs. it's worth it. (but try to only pay $5K or so with promi

by travisp 16y ago

hire a good startup law firm (i like gunderson) and get standardized incorporation, vesting etc docs. it's worth it. (but try to only pay $5K or so with promise to pay more later when you get funding etc). Should this really cost $5K+ or more to get standardized docs? It should be possible to get high quality legal documentation necessary for starting your company for a fair amount less, but maybe I'm wrong. Do others here have experience on this?

johnrob 16y ago
Great question. That 5K will seem cheap when the lawyer you work with starts introducing you to angel investors. The valley is ALL about connections. Everybody here is a full time network-er. The job title, such as 'Lawyer', is just something that goes on a business card ;)
- vaksel 16y ago
  chances are that the person doing your incorporation will be some poor paralegal with no connections, or some new lawyer fresh out of law school.
- aristus 16y ago
  That is a very, very sad thing to say. I live in the valley as well, and I am not a full-time schmoozer. I suppose that makes me a chump in your book. Once a person's (or systems's) focus shifts to schmoozing instead of the original reason you became a lawyer, programmer, etc, it's probably too late to stop the decline. Some things can only be done with many people. Connections help. But that's quite a different thing from "I am ALL about connections". Wouldn't it be better to be ALL about your customers, or your real passion?
  - johnrob 16y ago
    Actually, it's a great thing! Since you hate schmoozing (I do too), this is good news - there are other people out there that will do some of it for you (or, more accurately, give you access to the fruits of years of schmoozing). Every investor/mentor/lawyer you add to your team means more network that you didn't have to schmooze to earn.
hristov 16y ago
Gunderson is a fine law firm but probably one of the most expensive ones around. I doubt they will do anything for you if you do not give them 5K at least. If you want to save money, you should hack the system and use a start-up lawyer as well. By start up lawyer, I do not mean one that specializes in start-ups but one that is a startup him/her self. I.e. one that has his/her own practice.* You have to understand that those top law firms have a strict up or out policy so they routinely get rid of most of their associates. Basically, if you cannot make partner, you are usually out eventually. And almost no-one makes partner. So there are many capable lawyers with top training that leave these firms every year. If you are a bit savvy you can get a lawyer that is the same caliber as the usual top law firm lawyer but will charge you less and might even do better work because he/she is not working 16 hour days. *After I wrote this I realized that a law practice would not qualify as a start up under the pg definition because it is not scalable, but you get my point.
- jfarmer 16y ago
  The typical arrangement with such law firms is that payment is deferred until your first round of financing. Of course, to get such a deal you probably need an introduction. Catch 22!

by travisp 16y ago

johnrob 16y ago

Great question. That 5K will seem cheap when the lawyer you work with starts introducing you to angel investors. The valley is ALL about connections. Everybody here is a full time network-er. The job title, such as 'Lawyer', is just something that goes on a business card ;)

vaksel 16y ago
chances are that the person doing your incorporation will be some poor paralegal with no connections, or some new lawyer fresh out of law school.
aristus 16y ago
That is a very, very sad thing to say. I live in the valley as well, and I am not a full-time schmoozer. I suppose that makes me a chump in your book. Once a person's (or systems's) focus shifts to schmoozing instead of the original reason you became a lawyer, programmer, etc, it's probably too late to stop the decline. Some things can only be done with many people. Connections help. But that's quite a different thing from "I am ALL about connections". Wouldn't it be better to be ALL about your customers, or your real passion?
- johnrob 16y ago
  Actually, it's a great thing! Since you hate schmoozing (I do too), this is good news - there are other people out there that will do some of it for you (or, more accurately, give you access to the fruits of years of schmoozing). Every investor/mentor/lawyer you add to your team means more network that you didn't have to schmooze to earn.

hristov 16y ago

Gunderson is a fine law firm but probably one of the most expensive ones around. I doubt they will do anything for you if you do not give them 5K at least. If you want to save money, you should hack the system and use a start-up lawyer as well. By start up lawyer, I do not mean one that specializes in start-ups but one that is a startup him/her self. I.e. one that has his/her own practice.* You have to understand that those top law firms have a strict up or out policy so they routinely get rid of most of their associates. Basically, if you cannot make partner, you are usually out eventually. And almost no-one makes partner. So there are many capable lawyers with top training that leave these firms every year. If you are a bit savvy you can get a lawyer that is the same caliber as the usual top law firm lawyer but will charge you less and might even do better work because he/she is not working 16 hour days. *After I wrote this I realized that a law practice would not qualify as a start up under the pg definition because it is not scalable, but you get my point.

jfarmer 16y ago
The typical arrangement with such law firms is that payment is deferred until your first round of financing. Of course, to get such a deal you probably need an introduction. Catch 22!