Run away, that sounds awful. When I launched my startup, we gave up no equity

May 6, 2015
2:14:21pm

workindev

to the law firm, and they deferred all billing until we were funded for at least $500k (up to a $30k credit). If we failed to get funding, they didn't get paid.

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workindev

New username: Skeptical Optimist
Bio page: workindev
Joined: Aug 2, 2006
Last login: Nov 28, 2016
Total posts: 0 (0 FO)

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Messages

Author

Time

Start-Up Question - General Counsel

rommeliv

5/6/15 1:59pm

Run! Those are terrible terms! I will BM you.

preneur

5/6/15 2:04pm

I was thinking the same thing, just wanted to confirm my gut feeling was correct

rommeliv

5/6/15 2:08pm

There are a few problems I'd have . . . but the biggest issue . . .

PlanoCougar

5/6/15 2:09pm

Yup, no way I'd give equity to a law firm. If he want's to get shares, he needs

workindev

5/6/15 2:15pm

Agreed. Plus, it potentially creates a conflict of interest . . .

PlanoCougar

5/6/15 2:20pm

Run away, that sounds awful. When I launched my startup, we gave up no equity

workindev

5/6/15 2:14pm

There was no upside for the law firm, no future benefit? Nothing?

Acorn

5/6/15 3:08pm

Marketing Expense

preneur

5/6/15 3:13pm

My friend worked for Wilson Sonsini and received equity all of the time

Acorn

5/6/15 3:24pm

This appears to be different.

PlanoCougar

5/6/15 4:27pm

WGSR was the firm we used. They didn't get any equity.

workindev

5/6/15 4:33pm

We took offers from several law firms. None of them took any equity, and several

workindev

5/6/15 4:33pm

i would not do business with him.

roseyscenario

5/6/15 7:27pm

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