Real talk: how long does it take you to review and provide comments to an agreement.. say a Stock Purchase Agreement (I know these vary wildly)? I recently found an invoice in which 1.5 hours was charged for reviewing/ adding comments/ revising to a full set of VC financing documents. I don’t think that work could be completed in such short a period of time, if doing a thorough job. I really don’t want to be slow at my work and need to know the appropriate time spend. Thoughts???

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How long you take with a venture financing and NVCA docs depends on your seniority/familiarity, complexity of term sheet, stage of co (later stage: lots of deviations--early stage, likely less).

Bill the time you take. Partners will cut the time to fit the budget. It's even possible the 1.5 you saw was cut. Partners will let you know if you have taken too much time!

In the interim, read and know the NVCA forms and the Halloran treatise so you can understand nuance and what companies typically want vs. what VCs want. Learning any new practice area takes time. You got this.

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Thank you, this is quite helpful! I’ve been reading through the NVCA docs, I’ll get the Halloran treatise as well. I cringe at the possibility of being told I take too much time. I’m fine with my time being cut to Bill the client the right amount. But I’ve found that there is almost always more time spend than is billed for start-up work.

I mean, if it's on the NVCA forms, with minimal changes, it might take me even less than that. Or perhaps the invoice you saw only covered a certain month / billing period and that happened to be the start or tail end of the matter?

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I'm the Associate 1 above. Just to be clear, I didn't mean that 1.5 hours is standard, and especially not if you are still relatively junior. I was merely saying that it was possible (e.g. if I negotiated the term sheet and we essentially agreed to use the standard NVCA docs, and I can essentially just check a few spots). Lots of deals definitely take much longer and you should not take 1.5 hours as a typical benchmark at all.

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