Document negotiation
At what level, YoE did you start having real input/say in document negotiation eg structure term sheets, spa, partnership/shareholder agrmts, employment agrmts etc ? Who at ur firm handles? Who provides input
This depends heavily on firm approach. There's a spectrum where some firms do everything in-house at the deal team level (without a GC) to the other end that outsource everything to law firms/3rd parties (down to NDA negotiation and LOI drafting). My firm is in the middle (have in-house legal resources but obviously use law firms for SPA negotiation and meaty docs in new deals), so I can speak to that approach:
Wb shareholder agrmts or partnership agrmts in club deals eg exit rights, consents, board rights/seats etc term sheet comes in who gives first pass on That
If I'm understanding your verbage, I'd say those are more senior docs - so probably GC with input from MD/Principal/Senior VP. If no GC or senior input, I'd lean on precedents that your firm has used and/or precedents that you've received from other firms and can build upon.
Sizing the escrow, setting the NWC peg, and providing business input seem like relatively minor parts of the overall doc negotiation process, no?
I'd bifurcate the role of lawyers versus the role of the investment team. While these sound like minor items in the grand scheme of hundreds of pages of documents, ultimately, it's the business terms that are usually the more material negotiating points.
The lawyers are focused on the other 90% of the words, but many of these are fairly standard / CYA and less controversial or negotiable.
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