A reader asks: We’re a startup based in Palo Alto, and we just received a Series A term sheet for a $725,000 investment. The investor is basically insisting we use his lawyer at a big Valley firm to represent us. He said he doesn’t need a lawyer, and this will save us a lot of money. We’re first time entrepreneurs, and we don’t know if this is standard practice and what we should do. Any advice would be appreciated.
Answer: Welcome to the world of the Silicon Valley! This is not uncommon, but I still cringe when I hear it (probably because I was trained at two big law firms in New York City and this kind of stuff typically doesn’t happen there).
To read the full, original article click on this link: Should you use an investor’s lawyer? | VentureBeat
Author:Scott Edward Walker
