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Content
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Manan pfp
Manan
@manan
Is this real? Why is legacy legal so expensive? Can't wait for things to move onchain fast enough.
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Ben 🟪 pfp
Ben 🟪
@benersing
Yes. Typically paid from proceeds of the raise. Good lawyers come with a price tag.
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tyloomis.eth pfp
tyloomis.eth
@tyrone
Do they spend 80-95% on lawyer fees? Can AI & Devs please disrupt lawyers in this World? They are not scared to nickel and dime you for everything, even charging you $200 for an assistant to print things.
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Josh pfp
Josh
@ajoshr
Yup… for a priced round and high-end firm. SAFEs are much cheaper if it’s too early for a priced round.
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MOΞ pfp
MOΞ
@moe
It shouldn’t be more than 1% of the value of the transaction. And if it’s a SAFE then should be closer to 0.5%.
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Tiago pfp
Tiago
@alvesjtiago.eth
are there any companies working on reducing these costs and making the process more streamlined? perhaps even more focused on web3? having gone through this process for an acquisition last year (and the last raise 4 years ago) I consider it to be one of the most time consuming and exhausting parts.
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mithril0x.eth 🎩🔵⛓️ pfp
mithril0x.eth 🎩🔵⛓️
@mithril
yes. the rates and retainer costs of counsel for these things are at the very top of the scale.
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JB Rubinovitz ⌐◨-◨ pfp
JB Rubinovitz ⌐◨-◨
@rubinovitz
You’re usually paying for your counsel and your leads’ counsel. And we pretend there aren’t standard documents for priced rounds.
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Oscar pfp
Oscar
@oscarkit
yeah
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Nick Ducoff pfp
Nick Ducoff
@stoic
@chait
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Nelson M. Rosario pfp
Nelson M. Rosario
@nelsonmrosario
The bottom of that range is cheap.
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MylesXie.⌐◨-◨ pfp
MylesXie.⌐◨-◨
@mylesxie.eth
Can probably do partial on-chain? Too many moving components in the whole process. Any specific idea on how Web3 can help?
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Guapolocal.eth🎩 pfp
Guapolocal.eth🎩
@guapolocal.eth
I can imagine. Lawyers are what $150 an hour minimum billed in flat rate 15 minute increments? You're looking at probably a few months worth of back and forth between firms to make sure you're not getting screwed and everyone is happy. On top of all the paperwork you gotta write for each investor.
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Pofa🎩 pfp
Pofa🎩
@pofa
77 $DEGEN
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