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A top law firm took 0.25% pre-funding with no retainer in a previous startup I launched, and with that they agreed to delay all bills until a funding event so t
by asabjorn 11y ago
A top law firm took 0.25% pre-funding with no retainer in a previous startup I launched, and with that they agreed to delay all bills until a funding event so they took on risk for that price. His ask is way too high and it would in my opinion be irresponsible for you to commit 5% + 12k/year as a retainer.
- pbiggar 11y agoI was under the impression most top law firms would defer all bills for free.
- asabjorn 11y agoI am sure that depends on your leverage and the terms. The equity can be used as leverage to avoid personal liability in the case where your track record is not strong enough to defer bills for free.