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ARTICLE · 14 APRIL 2011

Fred Wilson's Challenge: $5K To Raise $1mm

Foley Hoag LLP
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I have been giving some thought to Fred Wilson’s recent post, "A Challenge to Start Up Lawyers".

United StatesStrategy
Foley Hoag LLP
Foley Hoag LLP
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I have been giving some thought to Fred Wilson's recent post, "A Challenge to Start Up Lawyers". His basic point is that he should be able to close an angel financing of under $1mm for legal cost of $5K. Needless to say, this post brought out the sycophants (the Fred you are absolutely right crowd) and the deeply offended (the lawyers are worth every penny they charge crowd).

I don't think it is reasonable to be in either crowd. Our firm enters into a wide variety of arrangements with start-up (and other) clients. These arrangements are intended to reflect the needs of the client and the particulars of each situation. We may agree with a client on fixed fees, deferrals, reduced hourly rates, premiums, blended rates – to describe just a few of the arrangements we have with various start-up clients and other clients.

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