Counsel for investor is requesting that we (counsel for the company) send them redlines against the NVCA model documents, even though he can just as easily run them himself. Literally just got a follow-up from him saying ‘any issue running redlines for the lead investor?’ Just.. ... ... ... what?!

likefunny
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ESH

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Lol I have no advice, but I’m curious - is counsel in-house or firm? Are investors getting any legal fees covered? Is this person just lazy? I feel for you regardless.

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That is exactly what we did.. but we did end up having an internal discussion as to why this was even so important to them in the first place.. and the consensus of the partners was that this was really only to flash importance and likely an indicator of what is to come

I'm at an EC/VC firm and I would say it is expected for the preparing side to prepare redlines against the NVCA forms as part of the drafts sent out. I would say 90% of the time the other side does this, when they don't we always get super annoyed with them.

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^This.

Dude... this is an investor for your client... if there’s a professional courtesy that in no way harms your client’s position, just do it.

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I am 100% clear on the dynamic now. Got it.

This sounds like ordering pasta at a restaurant and the waiter comes and dumps all the pasta on your table and says "lol you didnt order a plate"

likefunny

I don’t think this is unreasonable if 1/ you’re holding the pen on the docs and/or 2/ it’s your client that’s looking the money. Particularly if 1 is true, it’s just good practice.

Agreed on 1 for sure. It is funny that they’d spend time on a follow-up email rather than having the junior run redlines if that’s not the case though.

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Lol it wasn’t part of what was agreed as deliverables. This is a law firm. They can easily have someone pull the redlines. It’s more so the ‘any issue pulling redlines for the investors..’ that I find ridiculous. First of all, even if someone did not send redlines against the NVCA to me, I’d never care, I’d run them myself. But especially not one where I had to follow up and somehow insist this is for the lead investor. I mean.. why isn’t the investor’s counsel able to do this? Ridiculous the things people expect because they can..

Yo. This is not 1974 where a dude with a red wax pencil is doing manual redlines that take hours. Download the four main NVCA forms from the website and run four redlines. Five if you run the charter too. Six if you run indem agmts.

You've spent more time bitching in this thread than the 8 mins it would take to run four redlines.

If you hate running reds, train a paralegal or ask your assistant or doc processing to do it.

All that said, if you are using "your firm's" modified version on the NVCA docs, I'd level set against that, and not provide them, and say why.

likefunny

One of the first things a partner told me is as a general rule - always send redlines. As company counsel I always send reds against NVCA and always expect it when I’m investor side. It’s really not a big deal and as others have mentioned - they’re giving your client money.

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