Thursday, November 29, 2007
This week has been a somewhat tough week. I've met with 3 different law firms to try to finalize our representation and begin incorporation. I had mixed feelings about one and really liked the other two. One of the other two had much more favorable terms to the deal (which I will explain when things are finalized). So we thought hard about moving forward. In addition, the more favorable firm had patent experts in their office, whereas the other firm had to recommend a boutique patent firm for us to use. What's that mean? Well, at a time like this when we're watching our money, a one stop shop for legal help is our best option. Most of these firms are giving you services for deferred payment terms along with taking a little piece of equity. We'd be able to get our patentable technology looked at and patents potentially filed, all for services with a deferred payment.
Anyway, we were put before the committee of the firm with better terms and were supposed to hear back yesterday. We heard that it had been delayed a day until today. Still nothing. It's frustrating because there is a lot of stuff I have on the back burner that can only be done once incorporation is done - partnership agreements, employee agreements, equity - all that stuff.
One of the lawyers we met with told us that you really want to be sure that your firm is giving you enough attention - but not too much, because that means they have no business. What's too little attention? Who knows - but if there are important issues that arise down the road, we don't want to wait 3 days for our counsel to get back to us. By then, the deal/issue could be dead.