Be a smarter legal leader

Introducing: Shaz

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“Lawtrades is exactly what I was looking for when I made the decision to leave full time legal practice to found my own company. Lawtrades gives me the financial security and freedom to bring my dream to life”.

Background

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Meet Shaz! She’s a practicing attorney from Philly, PA with an amazing journey. After jumping into the workforce after undergrad and exploring advanced degree options, she was inspired by her then CEO to pursue a business related career. She appreciated the impact the private sector had on the world- from the employees, to consumers, to creating an economy that provides opportunities. Shaz wanted to be a part of helping private sector businesses find success, and thought that a law degree would provide her the best opportunity to do so. She attended Case Western Reserve University School of Law in Cleveland, OH, where she focused on business organization and financial regulation. She’s been practicing in-house ever since.

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Path to Lawtrades

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As a practicing attorney of over a decade, Shaz wanted to go somewhere her skills could really be used. After leaving full time employment, it was important for her to engage with a team- even as a freelancer. She really liked the culture Lawtrades was creating in the world of law, since it felt like a true legal community matching attorneys with companies in need of assistance. After meeting co-founder Ashish, she saw how much he cared about both sides of the business and knew it was something she wanted to be a part of.
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Success with Lawtrades

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Straight after leaving her last position, Shaz was able to create a profile on Lawtrades and began applying to jobs of interest. She secured her first role pretty quickly, and has had steady engagements ever since. When asked what her biggest work accomplishment has been with Lawtrades, she wasn’t sure which to pick! During a period of massive growth, Shaz was proud of helping a company create template engagements and “rules of engagement”. She was able to create a process that took work off the legal team’s plate, while empowering the recruiting team to move faster. Shaz has really enjoyed working alongside GC’s to help them navigate return to office plans by helping to bring clarity and a go-forward plan during a period of confusion and unknowns. Overall, she loves taking on the role of “wingman” to legal teams.  

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Flexible Working Hours

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Lawtrades has provided Shaz the opportunity to merge her passions and goals! When she decided to leave full time practice, Lawtrades was exactly what she needed to pursue her goal of founding her own company. Outside of work, Shaz loves to travel and spend quality time with friends. What's more, she’s planning to go to Dublin with friends to see Trevor Noah then roadtrip around Ireland in 2022!

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Want to further your career? Looking to manage your own time while working with amazing and notable clients?

‍Join our talented community, just like Shaz did!

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Legal Ops is one of the biggest buzzwords of the year! We brought on three experts who shared all there is to know about legal ops & provided key advice such as how to to get buy-in from the c-suite, and how to implement solutions that work.

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Meet the Presenters:

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Host:

• Ashish Walia, Cofounder, Lawtrades

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Panelists:

• Deanna DeFrancesco, COO, Legal, WeWork

• Reeta Sharma, Legal Ops Lead, Notion

• Guilherme Tocci Salcedo, Global Legal Ops, Gympass

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Key Takeaways:

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• Consider the legal ops person as a direct part of leadership team

• Work directly with the GC to establish pain points, and learn to function as a business unit

• Prepare to prove the function of a leal ops role in your team, and have the metrics to back it up

• Be able to pivot & reassess as the business grows

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1. ‍How would you describe legal ops, and where does it sit within your team?

8:50-14:30

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Deanna: “If you’re looking to scale, consider someone devoted to the role early on”

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• Operating the department gets more complicated as the company grows

• A legal ops role provides consistency & an ounce of prevention for missteps in the future

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Reeta: “Take a look at the tools, people, and processes to figure out how to efficiently scale so the legal team can focus on giving advice”

• Check in on the day-to-day function, but focus on being that strategic partner planning for the future

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Guilherme: “Legal ops can help the teams to set the internal business processes”

• Work to prevent inefficiencies in the team

• Devote at least one legal ops person to closely monitor processes

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2. ‍How are your current legal teams organized?

14:30-20:45

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Guilherme: “We are divided by regions which set the business model”

• Legal ops can be a global position that works cross-functionally

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Deanna: “Our legal team is a centralized function of the company”

• Team is separated by three functions- legal tech, finance, & project management

• Important to report to GC or CLO, so you can understand what’s going on across both the legal and business functions

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Reeta: “We’re split up by practice areas”

• We’re all building out our separate functions

• Support the business functions & work to mitigate risk

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3. How do you fight for a budget?

‍20:45-26:55

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Reeta: “It depends on the company and the appetite”

• Sometimes you have to bootstrap if the budget is tight

• Whatever you are bringing on, make sure that the tools are promoting efficiency

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Deanna: “Showing your value is the first step”

• Position the legal team as something that is going to save money in the long run

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Guilherme: “Important to show data and to show how the team has improved”

• Be able to manage the teams first, in order to bring in that data
• Prove the differences you are providing

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4. How did you build trust with the C-Suite?

‍26:55-31:32

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Guilherme: “You need to have empathy with the legal team”

• Listen to the team, and learn their pain

• Consider risks, and understand the scalability

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Deanna: “We have a lot of trust building to do”

• We sit at the middle of so many cross-functional teams

• Learn to put the right people together

• Include the C-suite in the entire process- early and often

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Reeta: “Be reliable for the C-Suite”

• Establish relationships early, understand what they are struggling with

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5. ‍How would you recommend the transition to a dedicated legal ops position?

‍31:32-40:19

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Guilherme: “They may want all the things at once”

• Start simple, build from the ground up

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Deanna: “As we scaled, having separate operating systems wasn’t efficient”

• Bring people together and have the buy-in, in order to drive adoption
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Reeta: “There's always going to be challenges”

• Be prepared to transition, buy-in can change quickly

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6. What stands out when looking to have someone fill a legal ops role?

‍43:08-47:15

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• Guilherme: “It’s common to search for someone who’s extremely tech related, or someone who completely understands the legal position”

Everything in between makes sense, doesn’t have to be strictly one side or the other

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Reeta: “Look for someone who wants to learn”

• People who understand business, and how lawyers work

• Project management background is useful

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7. What is something that adds a lot of value for GCs?

‍47:15-50:04

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Deanna: “Try having someone devoted to do the outs work”

• Sit on the initiative, and manage the overall project

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Reeta: “Consider what they want the legal ops person to do”

• Legal ops leader should be GC’s right hand

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Once the first port of call for all new lawyers, BigLaw has been failing to attract and retain top talent. A recent study from Reuters surveyed the scope, and revealed that more than 270 associates have left the most profitable firms in New York. It’s not surprising that these trends have transformed just as the U.S. workplace and economy has in 2021-with the bulk of associates leaving for tech related positions. These departures are not stopping as firms are returning in-person. And, the firms that fail to keep up are losing out on the multitude of benefits such as; lower overhead costs, maximized productivity, and an increase in satisfaction across the board.

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The biggest hindrance to BigLaw is the institutional bloat that comes alongside traditional hiring practices. Across all industries, hiring practices have evolved and salaries have changed. Right now, freelancers hold a massive portion of the market and comprise an uncharted territory of talent where outputs are directly tied to client success. This new work model holds efficiency & success central to all operations So, it’s not hard to see why BigLaw is craving a better work model.

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Why Lawtrades:

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Lawtrades provides BigLaw caliber talent suited for projects & engagements that can meet the needs of any firm. Our talent focuses on the outputs you need, so that you can stay concentrated on achieving your wider objectives. We provide cost-efficient solutions alongside a flexible hiring model that’s all done in the cloud. Our data-driven automations are integrated from interview to invoice - providing you the freedom to focus on the strategic goals of your business. We provide upfront rates, and a flexible pay-as-you go model, allowing you to seamlessly integrate talent during the times you need it most. The best part? We provide the analytics so you can easily track spend & access real-time work updates.

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Practice Areas:

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Our wide network of talent suits the needs of law firms by providing solutions for commercial contracts, legal support, labor & employment, data privacy & cybersecurity,  finance, as well as any overflow needs. Even better, we are constantly adding to our talent network in order to serve an even wider array of clients.

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“There are projects that have been on my backburner for weeks (let’s be honest, months) that our Lawtrades attorney cleaned up and completed day ONE! Love it!”

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-A Happy Lawtrades’ Client

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Want to give it a go, but not sure about the commitment? At Lawtrades, we start every engagement with a 2-week trial period so you have time to ensure the talent is the right fit. If you’re satisfied with the results, we'll continue the engagement and bill you for the time. If you’re not satisfied, you won’t be billed and we’ll make sure to provide you with another talent who may be a better fit, and begin another, no-risk trial.

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Get started today!

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Legal departments worldwide are experiencing slashed budgets. It seems every company wants its attorneys to do more with less.

And this isn't the only form of pressure they are experiencing. According to the 2021 EY Law Survey, (a fascinating read - we highly recommend it!) in-house legal departments are being counted on to enable growth, deliver faster contracting, and transform risk management.

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It’s clear: The industry is going through a massive transition period. And instead of sticking with old approaches, legal departments need smart alternatives to continue to thrive.

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Lawtrades is one of those alternatives. Here’s why Lawtrades aligns with the needs of a legal department in 2021.

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GCs want data that firms struggle to provide

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The EY Law Report showed that 61% of CEOs want their company to take a more data-driven approach when analyzing risk management. Why? Well, they want greater transparency and an increased use of technological standardization processes. Fair enough!

GCs know this, of course. They have often asked law firms to collect and deliver data. But they have been left frustrated as far too many law firms, which often claim they don’t have the necessary tools for such reports, remain analog.

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Cost-Management is a priority

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Cost management has always been a vital tool for legal departments, but now it’s more important than ever. The EY Law Report recognized that 88% of GCs are looking to reduce the overall cost of the legal function due to internal pressure from both the CEO and board members. Plus, Thomson Reuter’s 2021 Report on the Legal Market reported that controlling the costs of outside counsel is identified as a high priority by 89% of legal departments.  

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It’s much easier said than done, particularly when we think about pandemic-induced workload increases! (Some 79% of lawyers have seen an increase in workload due to the pandemic.)

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So how can legal departments keep within budget but still get the work done? Let’s take a look ...

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New ways to outsource

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Traditionally, law departments have relied on external lawyers to complete tasks outside of their expertise. But, as we all know, this can quickly become very expensive. Needless to say, that’s not exactly the best route when cost management is key.

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So more and more legal departments are seeking the help of alternative legal providers to fill their legal needs.

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• The use of these alternative legal providers has increased by 72% since 2019; in 2021 85% of GCs said they utilized these services.

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Alternative providers can keep costs down, particularly when GCs limit the number of providers used. Some 72% of general counsel believe that consolidating spend into fewer providers can achieve significant savings, giving a GC  clear visibility on what is being spent, and where.

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To recap…

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• GCs want sophisticated data to improve processes regarding risk management and cost management.
• They want to save on expenses.
• They’re using alternative providers more than ever.

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In assessing these various needs and trends, it’s clear it is time to retire traditional sourcing strategies and move toward alternative legal providers.
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And this is where Lawtrades comes in!

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At Lawtrades, it’s simple. We provide BigLaw quality legal talent at less than half the cost. By focusing on data-driven analytics, we match the talent that fits your needs without requiring upfront fees or requirements. Instead, we offer a flexible pay-as-you-go model that offers real-time work updates, and full spend analytics.

Our programmatic hiring model is integrated from interview to invoice and provides access to vetted talent within minutes of signing up. Plus, once an opportunity is accepted, Lawtrades handles the entire back end. We integrated everything from signing of contracts and enrolling in benefits, to timekeeping and timely payouts in the app.

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➕Tell us your goals & get started today!

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Want to give it a go, but not sure about the commitment? At Lawtrades, we start every engagement with a 2-week trial period so you have time to ensure the talent is the right fit. If you’re satisfied with the results, we'll continue the engagement and bill you for the time. If you’re not satisfied, you won’t be billed and we’ll make sure to provide you with another talent who may be a better fit, and begin another, no-risk trial.

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“By being able to work part time, I have been able to continue being an attorney, which I really do enjoy, as well as pursue a new career as a mental health counselor. Not having to give up being an attorney, while I build onto my career, gives me the balance that I enjoy”.

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Background

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Meet Heather! Heather is a seasoned attorney based in Austin, Texas. She graduated from the University of Tennessee with a BA in psychology and speech communication. While working for a trade association in D.C.-Heather's boss introduced her to the legal field by including her in litigation monitoring. She went on to attend law school at Pepperdine University to be a mass tort attorney. Eventually, Heather went on to work in corporate law after finding an in-house opportunity with a company in Austin.

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Path to Lawtrades

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In 2020, Heather found herself in the midst of a career shift. She decided to leave her job to pursue a Master’s Degree in Clinical Mental Health Counseling. That’s when she found Lawtrades. Heather wanted to continue doing legal work while attending school, and Lawtrades provided her the opportunity to work with companies that needed part-time legal work that could fit within her school schedule.

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Success with Lawtrades

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Heather enjoys the stability that Lawtrades’ provided her, as the company she began working with has retained her services for the long-haul- even as they have built their full-time legal team.

Flexible Working Hours

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Heather enjoys the balance that she has found with Lawtrades, since she is able to pursue a career as a mental health counselor without having to give up being an attorney. On top of this, Heather is able to pursue her two most important passions outside of work- spending time with family, and helping people.

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Want to further your career? Looking to manage your own time while working with amazing and notable clients? Join our talented community, just like Heather did!

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“There’s a lot of variety..I really enjoy being able to jump in and be creative in the ways I can help. I’ve gotten to wear a lot of different hats with Lawtrades”.

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Background

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Meet Jill! She is a newbie talent with Lawtrades, working as a paralegal specializing in legal operations. Originally from rural Minnesota, Jill’s dad actually pushed her toward the legal profession. Jill began her legal career after graduating from junior college with a paralegal certification. Interestingly, she ended up working in the area she said she never wanted to be- in real estate. Jill went on to get her business degree in organizational management & communications from Concordia University. After this, she moved to California and found a contract with Google that led her toward the start-up community.

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Path to Lawtrades

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Jill’s freelance career began after she discovered her love of working with start-ups. She particularly enjoys working with tech companies as she thrives amongst a fast paced environment and can work on multiple engagements simultaneously. She’s been freelancing in the legal industry for over thirteen years! Lawtrades connected with Jill as she was a strong fit for numerous paralegal based legal operations positions our clients had open.

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Success with Lawtrades

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Jill is just beginning her journey with Lawtrades and has already found herself working on multiple engagements. Since she can implement several projects at once, Jill found variety and stability in that she has not had any pauses without work. Jill has continued to work with start-ups through Lawtrades, and has really enjoyed working a recent engagement where she was able to assist in growth on the ground floor, by instilling processes and procedures to assist a company growing much faster than expected.

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Flexible Working Hours

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Outside of work, Jill is a stand-up comedian! Since Lawtrades provides an environment that promotes a healthy work-life balance, she has the flexibility to work remotely wherever she needs to be- so she can pursue comedy at night.

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Want to further your career? Looking to manage your own time while working with amazing and notable clients? Join our talented community, just like Jill did!

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“Lawtrades has given me the opportunity to work with multiple companies, each of whom have their own unique challenges.”

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Background

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Meet Eric! Eric is one of our legal ops superstars at Lawtrades. Originally from northcentral Wisconsin, Eric grew up with a curious mind that led him to a path in law. He attended Duquesne University School of Law in Pittsburgh, Pennsylvania. After graduating, he moved into the legal operations space, where he helped figure out how companies could optimize their time & resources. Actually, Eric is a veteran of the legal operations field- and has been working in it for over 9 years!

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Path to Lawtrades

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Lawtrades connected with Eric as he was a strong fit for numerous legal operations positions our clients had open. His experience at Lawtrades has been different, for he is able to expand his breadth of experience by working with a broad range of companies at one time- instead of limiting himself to one. In this way, Eric enjoys the unique challenges that come from working with a vast array of companies.

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Success with Lawtrades

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Eric has built a formidable resume with Lawtrades and holds a place as one of our top talents! When asked of his biggest accomplishment he had with Lawtrades, he said, “I'm most proud of re-structuring the legal services group at Envoy Global to better align with the company's shift towards an enterprise client base. It required a blend of people, operations, strategic, and technology management and helped usher the company into a new phase of growth”.

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Flexible Working Hours

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Most importantly, Eric has enjoyed the freedom Lawtrades has brought him. When he’s not working, Eric enjoys golfing, playing the guitar, downhill skiing, and reading. What’s more, he’s currently on a mission to perfect the homemade smash burger! Eric is able to perfect his work flow, since Lawtrades provides an environment that promotes a healthy work-life balance and allows him to choose his own flexible working hours.

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Want to further your career? Looking to make a change? Join our talented community, just like Eric did!

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Here’s the replay of our 'Ask the Expert' event where Iris Chen and Milana Homsi McCullagh took you through their experiences of building world-class legal teams under time constraints and shared their top tips for legal professionals in the same situation.

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Meet the Presenters:

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Host:

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‍Raad Ahmed, CEO & Founder at Lawtrades

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Panelists:

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• Iris Chen, DGC, Airbnb; former VP of Legal, Google
• Milana McCullagh, DGC, VP of Legal, Coinbase; Director of Legal, Google

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Key Takeaways:

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• Prioritize team building
• Be prepared to constantly adapt & re-assess goals
• Plan observation time in order to understand the “operating system” of the company
• Focus on initiatives that have the most “bang” for the company

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Don’t rush to take action:

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11:10-16:08

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• Iris: “Ask a lot of questions and conduct your own 360°assessment”
• Spend the first month listening, reflecting, and planning
• Schedule Zoom calls to meet and assess the team
• Understand the crucial functions of the company, and where they may interact with the legal team
• Navigate the cross-functional efforts
• Milana: “You need that observation and reflection time”
• Come up with a 90-day plan
• Prioritize what needs to be done immediately, what needs to be done in 6 months, and what can be placed on the back-burner
• Take any value from previous work experience (esp. from a larger workplace) and anticipate needs accordingly

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Build your Team:

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16:08-25:19

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• Milana: “My number one priority is recruiting and staffing top talent”
• Assess talent and figure out what you need
• Plan to spend a lot of time hiring
• Hire those that can handle complex initiatives
• Form a narrative as to why the opportunity is compelling
• Rely on networks to target candidates
• Iris: “Hire good general athletes”
• You get the best “mileage” from those who are capable of plugging into different roles and meeting the evolving needs of the business
• Assess goals of individual team members in order to match positions that align with their goals
• Put necessary time into defining and clarifying roles
• Utilize a point of contact directory, so people know who to go to when issues arise

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Prioritize:

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31:25-38:08

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• Milana: “You can’t scale without the basics in place on the commercial side”
• Figure out a contract management solution that works
• Implement a robust and seamless deal approval process
• Build close relationships with the product team & compliance
• Make sure product managers understand your role
• Iris: “It’s challenging to make sure information is being shared with the right people at the right time”
• Utilize a “weekly report” that is shared between legal and business departments
• Forms visibility into what team members are working on while providing a window into what the business is doing

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Set Expectations:

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38:08-46:05

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• Milana: “Articulate your expectations both in terms of the what and the how”
• Figure out what you are trying to achieve, articulate your mission & define roles appropriately
• Balance the risks & rewards
• Make space for social interactions, especially if you are a new team leader
• Set expectations not only with your team, but amongst your clients and other business partners
• Iris: “Can't emphasize enough how important it is to build trust and credibility”
• Invest in initiatives that empower your team to operate smartly, efficiently, and consistently with the standards you’ve set

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Want to continue the conversation? Request access to join our exclusive community of legal professionals where Iris and Milana are answering your hypergrowth questions!

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Also, look out for our next event workshop, ‘Working for yourself after in-house: legal professionals going out on their own’, on September 16th!

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Meet Kelly 🤩🥳😋:

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Corporate paralegal @ Lawtrades, self-entrepreneur, & family-driven

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“This experience has been different… It [this] gives me insight into seeing how the company works as a whole, instead of only one small part of it.”

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Kelly is a newbie Lawtrader out of Las Vegas! Kelly started out at the Westchester Business Institute, and made her way working as an administrative assistant in the legal department at a small finance company. Quickly taking an interest in law, Kelly moved her way into corporate paralegal work. In between jobs and in search of new opportunities, Kelly connected with Lawtrades via LinkedIn. Actually, Kelly had her first freelance position with Lawtrades! Since this start, she has been eager to continue with the Lawtrades’ team, as she valued the freedom and flexibility it brought her.

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Lawtrades provided a space for Kelly to expand both her network and experience, since she can see the varying ways companies interact with projects. Likewise, Lawtrades gives Kelly the power to work amongst various departments so she can experience the whole of the company rather than completing individual, and often distanced work. Overall, Kelly feels that Lawtrades offered her the perfect opportunity to diversify and expand her career, since she has been able to (virtually) engage with many new faces. Additionally, a special mention goes out to Kelly’s family, for they are the force that encourages her to continue in her journey!  

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Want to further your career? Looking to make a change?  Join our talented community, just like Kelly did 😎!

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We get it, bringing a remote, flexible member to your team can be tricky! Wavering budgets, holding a lack of oversight, and finding valuable talent can prove stressful. Yet, hiring remote opens the floodgates of opportunity by diminishing borders on the quest for talent. Interestingly, the law field has a long history of engagement with outside counsel, typically amongst those fresh out of law school who have yet to score a full time position. Not surprisingly, Covid has turned this trend on its head by fusing the distance between traditional and online work for the long-haul. The amount of freelance lawyers has increased drastically, resulting in a wider pool of advanced and diverse workers. As this trend continues, it is imperative to understand the ways in which you can integrate this flexible talent into your established team.

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Here’s the Breakdown:

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1. Establish predictable, and easy means of communication
2. Set transparent goals for the entire team
3. Build and relay trust early on
4. Culminate a team-first mentality amongst every engagement

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Establish Strong Communication Channels 📣

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“Important to have a good chemistry, & to pick up the phone easily”

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Why:

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A remote team structure only works when communication is open, honest, and promotes trust! Establishing this early on is crucial to set the tone of work expectations. Moreover, it is helpful to communicate expected work hours and establish times of communication with the in-house team, since members may be located in varying time zones. During Lawtrades’ most recent community event, “Preparing for an IPO: In-House Best Practices'', Einat Levy, GC at Cherre noted that she prioritizes setting good chemistry with outside counsel, so that she can easily pick up the phone when pertinent issues arise. In this way, communication is a vital piece of flow and success for a cross-functional team.

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How:

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A first step can be a well-designed onboarding process. This can be as simple as establishing familiarity with in-house team members & flexible employees, as well as setting up the means of communication that best fit the company culture via email, phone-call, slack, notion, etc. Additionally, regularly scheduled team meetings can be a great way to have progress check-ins, allow for a natural flow of questions, and celebrate positive feedback. Our account managers at Lawtrades recommend this once a week, or once every two weeks depending on the hours a team is working.  Other ways to promote a sense of inclusion can be through incorporating amusing team-bonding activities such as a zoom happy hour, virtual coffee breaks, or even a bring your pet to work day! Overall, making communication light and engaging makes remote work flow smoother for all parties involved. Finding the best means to integrate this process is one that should be simple and straightforward. Lawtrades’ offers a workspace where communication can easily transpire amongst those in business, and amongst peers within the industry.

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Set Specific Goals 📈

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“The division of labor is what you ask it to be”  

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Why:

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Setting goals as a team helps to benefit cross-functionality and allow for the space to expand and diversify. These goals can be short or long term based on the working parameters. Group-oriented goals set the pace for personal goals and increase a sense of purpose within the pace of work. Even if flexible employees stand to work on particular tasks, having regular recognition channels for goals can both empower collaboration and encourage individual collaboration. Kiki Haar, GC of Sumo Logic, spoke on the benefits of transparent goals at a past Lawtrades event: “The division of labor is what you ask it to be”. Thus, being transparent about what needs to be accomplished with flexible employees is the way to go.

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How:

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No, not just deadlines! Checklists are the most straightforward way to help all members stay organized and on-task when necessary! By strategizing the work that is to be done ahead of time, one can set a practical work-flow and decrease overall procrastination. On the other hand, utilizing checklists allows the parent company to set and manage the pace of work that is being done. Project management tools such as Asana, Monday, or Notion are great in keeping everyone on track and are aware of other projects being undertaken. Operating on a unified workspace allows the best means to implement goals, since both parties can easily interact and check-in on progress.

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Trust 🤝

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“Teams can’t function well when coworkers don’t trust one other”

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Why:

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As communication channels and strategic goals are set, the bulk of the work is done! It can be easy to obsess over deadlines, performance, or engagement when interacting virtually, for strict oversight is not possible. Here’s where trust comes in. Put simply, teams cannot function without trust- as it forms the catalyst for a positive and productive working environment. Trust is tricky enough face-to-face, so it may seem merely impossible in a virtual setting! Yet, when leveraged right it promotes an optimistic working relationship that can be transferred into one for the long-haul!

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How:

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Leveraging trust is not a one-way road! Trust is subjective and can differ based on who you are engaging with and the circumstances that follow. Even so, practicing ways that promote overall trust for the team can pave the way to individual relationships. First, utilizing “we’re all in the same boat”, or “swift trust” methodology is a positive way to build team functionality. Next, forming personal relationships with every team member is key to building rapport individually. Virtually, this can be done by having a “Take 5”where everyone provides a quick life update, or by beginning meetings with a catchy icebreaker. An often overlooked component of trust is through predictability of communication. As noted above, by saying what you mean, meaning what you say, and doing what you promise- you are sure to form sturdy relationships that accelerate ease of work.

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Team- First Mentality 💪

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“No complaining, no blaming, no gossiping- ever”

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Why:

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No doubt, you have been told time & time again how working relationships have drastically changed within the past year and a half! Adjusting to online work does not have to be overwhelming. Although remote or flexible members are not a direct part of any in-house structure, establishing a team mentality unites all processes into a well-oiled machine.

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How:

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Putting the team first should be an everyday practice for management. Luckily, it is super simple! A team mentality is deployed by establishing strong communication channels, setting specific goals, and promoting mutual trust. Most importantly, find your own voice as a leader! According to Hank Greenberg, GC of Oscar Health, this is done by holding personal integrity, so you can wield power in a responsible way that maintains the team structure. Of course, a team is nothing without the members in it…

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Are you struggling to fill your legal team with qualified talent? Do you want to be a part of a unified platform that sources vetted talent by legal skills, monitors work performance, and gains insights into analytics to control legal spend? See how Lawtrades can help!

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Ever since Brandon Une started using Lawtrades at Recharge, his work life has been simplified. As director of legal for Recharge, he has used Lawtrades for important legal work while maintaining a level of flexibility ideal for a versatile startup.  

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“Invaluable,” he said, “is the word we’re using.”

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Lawtrades provided immediate help

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Recharge is the leading subscription payments solution, helping ecommerce merchants of all sizes launch and scale subscription offerings. In May 2021, Recharge closed their Series B round of funding, raising $277 million in growth capital from Summit Partners, ICONIQ Growth, and Bain Capital Ventures to bring the company to a $2.1 billion valuation.

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Brandon, a Harvard Law graduate who previously worked at law firms and other in-house roles and is a former CPA, started at the company in March as the first legal hire. (The legal team has since expanded.)  

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“Lawtrades really helped me to plug in, especially when I was by myself,” he said. “When I needed commercial contract review, both inbound and outbound, they were there for me in whatever capacity that I needed in that area.”

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Lawtrades stood out over other services for its flexibility

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Brandon has mostly used Lawtrades professionals to work on commercial contracts and contract management, but Recharge’s legal team’s workflow varies from week to week. So Brandon wanted a service that fit the varied pace.

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“One of the things I really appreciate about Lawtrades is its flexible model,” he said. “I had interviewed a couple of other providers...but it's a very different business model where you have to commit to a certain number of hours. For me, things just ebb and flow. And I didn't want to run the clock out or just run the meter on things I wasn’t using.”  

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Why Brandon recommends Lawtrades

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In addition to flexibility, Lawtrades has allowed Brandon and the Recharge legal team to focus on the big picture instead of running through every first draft of a commercial contract.

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“If you're a legal team of one, or even two, and you still need to plug holes in places,” Brandon said, “Lawtrades is a really fantastic solution.”  

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‍More about Lawtrades

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Often, in-house teams may not need the apparatus of a law firm to tackle a specific business need as the best legal talent no longer work exclusively for law firms. At Lawtrades, experienced commercial lawyers join our platform to work on engagements that match their experience and interests. If you’re ready to augment your legal department with a tech-enabled workforce and smart workspace, create a position to get started.

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As we start the new school year (and exhale because fall is finally coming), we wanted to share with you one final drop from the Lawtrades summer and give you the details on what happened here in August!

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📅 August was a month of growth

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Lawtraders logged 6,292 hours in August (up from 5,500 in July), and 71 new talented users joined us. That means our network now includes over 1,050 top legal professionals.

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The top 3 practice areas were:

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1. Contract management implementation
2. Corporate compliance
3. Securities

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One of our August highlights was an interactive and super educational workshop session about dealing with hypergrowth. Iris Chen (Airbnb) and Milana Homsi McCullagh (Coinbase) shared how they built world-class legal teams under time constraints and gave a few tips for legal professionals in the same situation. (One tip: Hire “good general athletes” capable of filling multiple roles as your business evolves.)

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You can check out the replay and notes featuring those tips and everything else they said here.

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🆕 The Lawtrades UX got better

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Our engineers have been working hard to bring in new product features to improve your experience with Lawtrades. Now, you can create new positions straight from your dashboard…

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…and if you’re in our talent network, you can apply to new roles with 1 click.

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Stay tuned for even more product updates over the coming months!

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👋 Join our community

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Do you want to join our community of in-house leaders and get access to exclusive events and networking opportunities? We created this space because we believe shared knowledge in the legal community has the power to change lives. With a growing membership base of over 100 in-house leaders from companies such as Coinbase, Patreon, and Yelp, it’s the perfect place to share your experiences, learn from others, read relevant legal news and celebrate your wins.  

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Request an invite

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🔊 RSVP to our next event

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Legal ops is truly one of the buzz phrases of the moment. Legal departments throughout the country are trying to be smarter, more productive and more efficient, and legal ops teams are helping power them into a new era.

And we’ve got something for you that will put this trend into perspective.

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​Whether you’re a GC who isn't sure how you could use a legal ops professional on your team, a legal ops specialist looking for tips and tricks on getting ahead or somebody who just wants to hear a few brilliant lawyers share advice, our event will get you up to speed. Join Deanna DeFrancesco (COO Legal, WeWork), Reeta Sharma (Legal Ops Lead, Notion), and Guilherme Tocci Salcedo (Global Legal Ops, Gympass) on September 23rd as they share their experiences!

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RSVP

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👏Check out our talent

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Meet Eric Frank.

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Eric is a legal operations specialist with over 16 years of experience. Since joining Lawtrades, he has logged almost 1,000 hours helping companies like Fivetran and Reonomy identify and implement solutions to legal operations challenges. You can read his full story here.

Preparing for an IPO can be intimidating and time-consuming for the in-house legal team!

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Join our moderator Kiki Haar, who, along with David Lee, Einat Levy, and Evan Ferl discussed their experiences of going public, delving into how to prepare and lessons learned.

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Key Takeaways:

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• The earlier you can start preparing for an IPO, the better
• Public company readiness is vital
• Project plan the entire legal-team structure pre and post IPO
• Make sure work-streams are consistent to maintain day-to-day operations
• Build + maintain strong trust with senior leadership
• Continue to promote company culture through the transition

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Meet the Presenters:

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• Host: Raad Ahmed: CEO & Founder at Lawtrades, marketplace for flexible legal talent.
• Moderator: Kiki Haar, GC, Sumo Logic
• Presenters:
• David Lee, AGC, Lyft
• Einat Levy, GC, Cherre; former director & assistant secretary, Vimeo
• Evan Ferl, GC, Poshmark

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How Far in Advance:

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5:13-10:40

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• Einat: “The earlier the better”
• Ideal to start preparing a year before, as the last six months are hectic
• Work with companies who are ready, for operations run smoother
• Evan: “Start acting as a public company”
• Beef up company preparedness, remember back & front end processes
• A strong GC should be backed by an appropriate management team
• Kiki: “Reactive solutions don’t scale, only proactive solutions do”
• Assess the building blocks as a GC, consider how the company will continue to expand

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Managing the IPO Team:

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10:40-15:11

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• David: “Public company readiness is very important”
• Make a milestone date when you should actually make the decision on going public
• Have someone to build relationships that merge communication between cross-functional teams
• Evan: “Have someone who can truly project manage on-board”
• A powerful lead who can disconnect from work itself and focus on the end goal

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Get on Top of Work Streams:

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15:11-19:20

• Einat: “Use outside counsel to your advantage”
• Avoid overwhelming work-flows by managing work streams and utilizing help early on
• Prepare ahead by learning the little things (KPIs, BI, etc.)
• Kiki: “Checklists are a really useful thing”
• Coordinate relationships between outside counsel and in-house team

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Building Out the Team:

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19:20-28:52

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• Evan: “Don’t forget to hire”
• Think about what you need for IPO process as well as what you need to act as a public company
• Have a close relationship with outside counsel you can really trust
• Kiki: “Build out your team to run the business”
• Conversely, you can choose to rely on your team to run the business end and devote your time to the IPO
• Use extra resources (company counsel, underwriters, etc.) often

• David: “IPOs are tried and true”
• Identify the heavy lifting, see where you can add the most value
• Utilize soft skills to add value in learning the business to understand where the execs and players fit within it

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Skills the GC can Bring:

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28:52-31:29

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• David: “Build trust as fast as possible”
• Form close relationships with senior leadership
• Rely on visibility and trust to be able to relay bad news

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Managing the Cultural Shift:

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31:29-36:30

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• Evan: “Carry both torches”
• GC should separate standardizing processes & procedures and the actual culture of the company
• Can still have an innovative culture while also being stewards of the public company
• Kiki: “Fundamental point is communication”
• Not an overnight switch, it takes time to ingrain these new procedures

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Long-Term Success:

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36:30-41:50

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• David: “An entire growth moment for the company”
• There are good things, and there are different things with the transition
• Have confidence in hiring and building out the team
• Kiki: “Leverage the IPO to get what you want”
• Have conversations with the management team to get what you need to minimize risk and be at the best point for success

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Lessons Learned:

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41:50-48:30

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• Evan: “Get people that can tell you those things mid-stream”
• Talk often, ask questions, and learn to be comfortable with how the business runs
• Kiki: “Push yourself in to those conversations”
• Ask to be included and push your way into management conversations
• Don’t forget to enjoy the energy & excitement of this unique process
• David: “Building in checkpoints”
• Convey what an IPO is and what you need to command as a resource in the process
• Be focused on company readiness and guide the transition openly
• Einat: “The equity in employees”
• Predict the huge workflow & ask questions early on
• Make sure to utilize outside help when necessary
• Want to continue the conversation? Request access to join our exclusive community of GCs!
• Also, check out our next event workshop, ‘Managing Hyper-Growth as a GC’, with Milana McCullagh, DGC, Coinbase, on August 19th.

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Are you a first-time GC, or looking to move your career in house? We get it, the struggle is real!

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Here’s a replay of our first ever 'Ask the Expert', where Hank Greenberg shared his thoughts on what you need to know as a first-time GC.

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Key Takeaways:

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• Set & drive your own goals
• Build and promote integrity & trust
• Redirect legal outputs as inputs

• Be more than just a lawyer
• Be willing to put your name on everything
• Keep things simple, yet be ready to answer tough questions
• Find & maintain your voice as a leader

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Meet the Presenters:

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• Host: Raad Ahmed
• CEO & Co-founder at Lawtrades, giving busy GC’s the superpower to do more, with less

• Presenter: Hank Greenberg
• General Counsel at Oscar Health, a health company utilizing technology, design, and data to humanize health care.

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What To Expect:

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‍3:30-5:02

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• How to build a model to do the GC job: common ideas, skills, principles  
• Work-in-progress
• There is no one size fits all
• Success can and will look different

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Design your Agenda:

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5:02-8:28

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• Agenda is what differentiates a lawyer from a GC
• Budget resources across the team
• Understand where your priorities lie
• Deploy your agenda as a leader
• Set your own workflow
• Understand risk according to company framework
• Use your voice to catalyze action

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Understand the Business:

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8:28-13:42

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• Grasp full bounds of risk
• GC has to understand the operations and strategic goals of the company
• Know the market - how it works, and what it does
• Share knowledge with lawyers working with you
• Legal analysis as an input, rather than an output
• Forces you to strategize market risk
• Starting point for guidance to client

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Handling C-Suite:

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17:50-21:55

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• Build credibility
• CEO and CFO should see you as a trustworthy person
• Convey pertinent issues to clients so as to minimize work they have to do
• Clients do not need to know or understand the intricacies of law
• You can’t be a one-stop-shop for everything
• It is okay to admit you do not know an answer
• Make sure to circle back when you find answers

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Be a Paid Skeptic:

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26:23-29:49

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• Test other’s ideas and conclusions
• Do not rely wholesale on advice without testing it yourself
• Play the role of CEO or CFO
• Be ready to face the rigor of underlying assumptions
• You are an expert of your client
• Trust your legal team, stop comparing to strategies of competitors

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Find Your Voice:

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33:40-40:45

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• You are not just another lawyer
• Recognize the immense power and authority you hold
• Wield power in a responsible way
• Build your own integrity, promote your confidence
• Set rules for behavior
• Form a list of values you adhere to every single day
• Be direct, use analysis as an input
• Do not need to deploy rationale for everything
• Utilize concise (yes or no) answers
• Develop a simple style of communication
• Be ready to explain pertinent answers
• “Spoon feed” info by utilizing layman’s terms

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Melissa La Forest joined Lawtrades back in 2020 to head up our Account Management team. Hailing from Montana, Melissa brings a wide range of experience to the role after previously worked in the hospitality sector and sports industry. In her former position as Account Associate at ClassPass, she provided strategic leadership and managed over 100 key business accounts. Let’s get to know her a little better!

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Can you share two interesting facts about yourself?

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Well, I’ve spent over 50 days/night in the bottom of the Grand Canyon on river trips and I was a competitive runner in college … I guess it’s pretty obvious that I like being outdoors!

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How do you like to spend your weekends?

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I love to spend time with my family (my 16-month-old little boy, my husband, and our dog). I love running, snowboarding, rafting, and cooking…I like being active! We recently bought a house so lately my weekends are filled with house projects.

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What is the most unconventional job you ever had?

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This is a tough question! I've had quite a few "unconventional" jobs, from raft guiding, snowboard coaching, to various jobs in the hospitality industry. They all taught me a lot about people and building relationships.

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Why did you choose to join Lawtrades?

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Lawtrades is building a really unique product in a space where the need for a service like Lawtrades is only growing. It's really fun to be part of something that is so impactful in so many ways!

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What are your primary responsibilities?

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My primary role as an Account Manager is to grow the relationships we have with both our clients and our talent on the platform.

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What are you most looking forward to in this position?

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Making an impact on both our talent and our clients. Helping our clients succeed and helping our talent network find flexible work is really rewarding! We are also at a point where, as a company, we are growing and changing really fast so it’s fun to be part of this!

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Where do you think you help the most in this position?

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Understanding our clients’ needs and building relationships to grow both our current business as well as understand the future needs of how we can expand our business. I really enjoy problem-solving and helping find solutions for our clients. This position allows for that every day!

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The legal moves for adding Bitcoin to your balance sheet

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Is Bitcoin on your mind? If so, there’s good reason. The market value of one Bitcoin, the OG cryptocurrency, has gone up from ~$30,000 to ~$52,000 since late January. Around this time last year, one coin was trading for ~$4,000. Some analysts think a single Bitcoin could fetch a mind-boggling $500,00 by the end of the decade.

In response to Bitcoin’s bull run, financial institutions and companies that once feared its volatility have started using it for investments. Even some of the most financially cautious have gotten into the mix, with the endowments for universities like Harvard and Brown buying Bitcoin.

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What about your company? Has it been thinking about adding Bitcoin to the balance sheet?

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Before making the move, you’ll need to make legal plans. The panel from Microstrategy provided pointers about the legal steps you should consider. The panelists included Microstrategy’s general counsel, W. Ming Shao, and assistant general counsel, Euna Greene, as well as Perkins Coie partner J. Dax Hansen and WilmerHale partner Thomas S. Ward.

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Here are some of their takeaways and general information about cryptocurrency.

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1. Get to know Bitcoin

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Actual Bitcoins are virtually mined from a digitized central source. Only 21 million Bitcoins can ever be mined and about 18.5 million are already in circulation. Mining has become more difficult over the years, and it is expected that the final Bitcoin won’t be mined for at least another 100 years.  

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Regular people and regular companies do not mine Bitcoin. (Well, you technically could, but it would be a really bad idea!) They buy it from an exchange, either in whole or partial Bitcoins.

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Other types of cryptocurrencies are also available, but Bitcoin is the best known.

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2. Check with your board and management

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Bitcoin is probably unlike anything your company has invested in before. It is not a security, and it is possible that you would need to help your management or a board reconfigure company bylaws or best practices.

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“We had to get approval from the board to do investing especially at any significant levels,” said Greene, the assistant GC for Microstrategy.  

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3. Know the applicable laws and your options

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Because Bitcoin is not a security, some regulations that apply to companies making traditional investments (particularly public companies) do not generally count. According to Perkins Coie partner Dax Hansen, federal and state business laws are usually irrelevant, as are commodities laws. He said federal sanctions laws, such as from the Office of Foreign Assets Control, could be relevant, given the international nature of Bitcoin.

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Basically, you’ll want to be sure you’re not trading Bitcoin with any international “enemies.”

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You can also get into Bitcoin without trading for the actual currency. Some companies use less volatile options for Bitcoin through derivative trading or ETFs. These types of investments would count as securities, so more traditional investment laws could apply.

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4. Look for and vet outside help

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You can’t do this on your own. To make Bitcoin a major part of a business, you’ll need brokers and custodians.

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Before looking, have an idea about your needs. Some brokers, for instance, may not be able to help with derivatives, if that’s your strategy.

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WilmerHale partner Thomas Ward also recommends thinking how any vendor is legally incorporated. “What is the sophistication of the regulator above them? That can help you find out how protected you are as a customer,” he said.

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• Once settling on a vendor, Ward said to build a smart contract. One major concern, in addition to indemnity and other common pieces: timing. Make sure you have a buy/sell structure that works quickly enough, given how fast prices can change for Bitcoin.  

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5. Set up “guardrails”

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With something as new as Bitcoin, there is no blueprint for every company to follow. Everyone will have to pick plans that make sense for them. (If you’re curious this is Microstrategy’s “Treasury Reserve Policy” for its adoption of Bitcoin as its primary reserve asset).

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But Hansen recommends thinking of these “guardrails” to help structure a plan for your company:

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• Investment objectives
• Regulatory profile
• Risk appetite
• Governance structure
• Any relevant partners

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“Recognize this is an evolving area where the legal landscape changes frequently,” he said. “Be nimble.”

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Lawtrades has some wonderful individuals on our platform, and we want to highlight them.

In this post, the person we want to talk about is David Krebs.

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“Tell us a little bit about yourself”

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David: My name is David Krebs. I was born and raised in central New Jersey (yes that is a real place!), and I went to college at Trenton State College.

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I spent 26 years in the telecommunications industry, the last 17 in Legal Operations. I would have never thought that I would make a career out of it, but I absolutely love it.  I am a father of 3, and I live in Easton, Pa.  I am blessed that both of my parents are still healthy and living well in Florida. I also have a brother and sister-in-law, along with 2 nieces and a nephew, who live in NYC.

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“What does your day-to-day look like working through Lawtrades?”

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David: I am supporting a very small legal department of just 2 attorneys and 1 contracted attorney.  I have been tasked with trying to organize all of the department's resources as the company is expanding and growing. I have been exploring everything from entity and board management programs to document management and compliance software solutions.  I am working on providing the company a single-source solution, a Legal "Hub" for the entire company to come for anything and everything Legal. My goal is to have one single source of truth for the company.

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“What are some of your hobbies and passions outside of Lawtrades that you would like to highlight?”

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David: Outside of the pandemic, I love going to the gym. I spend at least an hour to 90 minutes there, 5 days a week, keeping in shape and trying to stave off the aging process. I enjoy watching all of the major sports and even like to attend games for our local minor league baseball and hockey games.  During the pandemic, I have been spending most of my time at home with my girlfriend, and we enjoy spending some great quality time with her 2 ½-year-old grandsons Maverick. He is both fun and challenging.

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My 18-year-old daughter has now begun her 2nd semester at community college and is loving it. She is studying to be a nurse, and I could not be more proud of her and love watching the amazing woman she has become.

I have a very close group of friends who are more like family than friends. I miss hanging out with my friends and miss going out to listen to our favorite local bands. I love the beach and could spend all day there. I try to take a couple of beach vacations each summer and take several day trips when possible.

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Visit the Lawtrades to connect with David and follow our socials to learn more about our fellow Lawtraders!

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TLDR

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• Andrew shares the lessons from transitioning among legal and leadership roles.
• A team with a passion for the mission is indispensable when dealing with unexpected challenges.
• Finding the fundamental question of a business can open up insights in development.

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Intro

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On this episode, we interviewed Andrew Byrnes, Deputy General Counsel of Getaround. Andrew has an interesting career trajectory that includes a long run in Big Law, a senior Obama administration official at the USPTO and working in-house within tech for companies like Uber.

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We cover Andrew’s career track, lessons from practicing in government and in-house. We talk about how the pandemic affected Getaround’s business and how they were able to overcome adversity in their subsequent rebound.

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Andrew’s Legal History

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• After law school in the 90s,  Andrew spent 11 years at at Heller Ehrman and 5 years at Covington and Burling.
• Chief of Staff at the U.S. Patent and Trademark Office.
• General Counsel at Shuddle  
• Executive VP and General Counsel at PresenceLearning.
• Senior Legal Director at Uber.
• Currently Deputy General Counsel at Getaround.

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Transitional Lessons

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• Coming into an agency as substantive as the U.S. Patent and Trademark Office, the “rigor of analysis and building/management of teams” from intellectual property litigation was very important.
• The largest difference is the client. In a law firm, your client is a company/companies, but in the government the client is the American people.
• Transferring out of the U.S. Patent and Trademark Office to In-House was helped by the more business-like operations of the PTO.
• Similarities in breadth of concern also transferred well, e.g. being concerned with the long term well being of the agency and being concerned with everything going at the company as a General Counsel.

The Journey From PTO to Uber

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• Shuddle
• Shuddle was a ridesharing service that aimed to allow parents to leverage ridesharing for children.
• PresenceLearning
• Marketplace providing telehealth services to kids with special needs.

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Role at Uber

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• Andrew was the Senior Legal Director at Uber, essentially the principal general counsel of the rideshare business.
• The question of “How do people access opportunities by traveling from one place to another” is both energizing and challenging.
• Understanding the Product Counsel role
• Product Counsel worked closely with the business - product managers, engineer, business managers.
• The close connection with the business offered the opportunity to observe the ridesharing platform around the world.

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From Uber to Getaround

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• Getaround is a connected, contactless carsharing marketplace.
• Example: Andrew used Getaround to book a pickup truck to pick up a desk.  Hardware in the truck allowed him easy access to the vehicle and he booked and returned the vehicle without meeting the owner."  
• Uber provided the experience of leading a team of product counsel working closely with the ridesharing business, which positioned Andrew well to judge Getaround and mobility from a birds-eye view.

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Role at Getaround

‍

• What are your responsibilities as Getaround's Deputy General Counsel?"
• Providing support for a wide variety of legal matters.
• The primary focus is public policy, government relations, privacy, regulatory, product legal, and intellectual property.
• The relatively small legal team means that everyone is required to be a generalist.

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How was Getaround Impacted by COVID?

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• Although Getaround is contactless, the pandemic still caused bookings to drop 75%.
• By late summer, Getaround's bookings doubled from their pre-COVID baseline.
• This may be due to people taking advantage of Getaround's contactless experience, and concerns about other modalities.
• How was morale maintained during the period where the survival of Getaround was unsure?
• The team focused on working to procure COVID-19 related aid.
• The team kept optimistic and visibly working hard to help the company.
• A real optimism and passion for the mission helped keep people motivated.

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What is the future of mobility / self driving cars?

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• The acronym ACES (Autonomous, Connected, Electric, Shared) is an indicator of the future of mobility.
• Even in the case that there are no human-driven cars, there will still be a need for a  framework for connecting people with destinations to those vehicles.

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About Lawtrades

‍

Lawtrades is a software company that builds legal infrastructure for in-house teams to scale their operations. We develop software that serve as the connective tissue between an organizations in-house legal team, a tech-enabled workforce, and sophisticated analytics to help companies solve complex legal issues. To connect with a Lawtrades lawyer, create a position.

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SPACs: Almost Everything You Need To Know

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You’ve probably been hearing the phrase SPAC lately. They have soared in popularity last year.

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But what exactly is a SPAC? And if your company considers merging with a SPAC, how would it affect your work as a GC?

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We’re here to explain!

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What are SPACs?

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A SPAC (Special Purpose Acquisition Company) is a publicly traded shell company, also known as a blank check company. They are started by a “sponsor,” which is usually a group of people with deep business ties. Public figures who have launched SPACs include former Oakland A’s GM Billy Beane and former House Speaker Paul Ryan.  

‍

Just like a startup, SPACs raise money. But instead of selling the promise of a new product to investors, SPACs are essentially selling the expertise of their sponsor (their leadership, their experience, their competence etc.)  

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Then, they use the funding, as well as their IPO, to buy another company, often relying on private equity firms to contribute extra cash for the purchase. SPACs generally target grownup startups -- those that are fairly new but have already attracted considerable investor attention. After the merger, the old stock ticker for the SPAC is replaced by a ticker for the merged company.  

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Draftkings is a prominent example of a tech company that went public through a SPAC. It merged with Diamond Eagle Acquisition Corp. in the spring in a deal valued at $2.7 billion.

‍

Chamath Palihapitiya is known as the SPAC king. His Social Capital Hedosophia Holdings Corp II has merged with Opendoor, Clover Health and Virgin Galactic.

‍

How common are SPACs?

‍

They have been around forever but have become vastly more common the last few years. In 2012, there were 7 SPAC IPOs, according to CB Insights. As of October, there were 141 this year, up from 58 in 2019. SPACs have raised some $40 billion this year, up from about $10 billion each of the last three years.

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In the past, SPACs were seen as a tool for B-list companies to go public, often leading to failure. That is no longer the case. There are still risks, however, which we’ll explain further below.      

‍

Why would a business want to merge with a SPAC?

‍

There are several reasons, according to CB Insights and Cooley.

‍

• Less volatility when going public: Traditional IPOs can lead to uncertainty for employees because a valuation could swing based on the health of the market. Negotiating with a SPAC means setting a concrete valuation.
• Less upfront legwork: Companies that merge with SPACs don’t have to make deals with underwriters or prepare the prospectuses required for going public.

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What do GCs need to be prepared for?

‍

The first step for any legal department would likely be vetting the SPAC and its sponsor, as well as considering the pros and cons of taking this route to go public. Finding the ideal sponsor will likely depend on what a particular company is seeking. Marcum Bernstein & Pinchuk LLP outlined a few considerations:

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• Trust: Gauging their level of expertise and how that level of expertise could help your company.
• Storytelling reach: Sponsors consisting of well-known VCs or investors may be able to elevate the “story” of your company to a broader audience.
• Leadership: Knowing whether sponsors will want to have a governing role in the new company.  

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A recent panel of attorneys on TechGC noted, “This market is evolving real-time and, while choosing the right sponsor is among the most important early decisions, companies contemplating a business combination with a SPAC should consider a broad range of factors before embarking on this fast-moving journey.”

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What about after deciding on a SPAC?

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After deciding to go through with a SPAC merger, here are some of the legal processes involved. More than likely, GCs would need outside help.

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• M&A: Companies usually must produce definitive acquisition agreements and an S-4, not to mention a thorough compilation of financial statements for review.
• SEC reviews: Any company merging with a SPAC will still go through the same scrutiny applied to a company seeking a fresh IPO. But the timeline is often shorter.
• Preparation for public reporting: As soon as a deal goes through, your formerly private company will be held to public company reporting standards. Directly, GCs will need to ensure compliance with federal securities laws. That also means understanding the risk of potential securities class actions and shareholder lawsuits. GCs may also be counted on to explain new standards for the company’s board, tax planning and financial reporting (for a more extensive list, check out page 7 of this document from Cooley).    
• Confidentiality: For companies negotiating and making deals with SPACs, more confidentiality is required than, say, negotiating with investors. That’s because of insider trading issues. According to Cooley, “Targets should set up a system of internal controls to ensure proper review of all such public disclosures. Legal counsel should review all press releases and publicity, including product announcements, and should be consulted before interviews are granted or speaking engagements are accepted.”

What are the risks?

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Some analysts say SPACs are a new bubble and could lead to financial issues at a grand scale, as well as a surplus of low-grade SPACs. Regardless of the overall merit of SPACs, any company must weigh potential downsides of merging with a SPAC.

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Notably, SPAC mergers are expensive. After a merger, the SPAC sponsor typically gets a 1-5% stake in any company it merges with, according to CB Insights.

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The quality of any SPAC also varies based on the sponsor. Having trust in a sponsor’s resume is a must.

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It’s also important to consider the age of the SPAC. SPACs typically dissolve after two years if they don’t find a company to merge with. A SPAC that is nearing its expiration date may try to rush a pairing with a company, potentially seeking a relationship that isn’t the right fit.

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Lawtrades benefitted more lawyers and companies than ever

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It was impressive.

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449 legal professionals joined Lawtrades.

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118 Lawtraders worked a total of 20,500 hours and logged over 8,000 work updates through the Lawtrades platform. That was almost triple the amount of Lawtraders on the platform as in 2019 and almost double the amount of hours worked.  

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The number of engagements increased 270% from last year.

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Payouts were up, too

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Since 2017, Lawtraders have earned almost $6.5 million on the platform and made over 1,000 connections to companies in 2020 to find work they love doing.

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GC’s used Lawtrades for all kinds of situations

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The 71 legal departments who used Lawtrades represented 30 industries.

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The industries ranged from the internet to consumer goods to apparel & fashion. These were the fastest growing ones:

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The type of legal services provided by Lawtrades were almost as wide-ranging. Companies received legal help in 18 practice areas.

Lawtraders are a diverse group

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Lawtrades knows the value of an inclusive workplace, and our platform reflects it.

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In 2020, 37% of Lawtraders identified as a racial or ethnic minority and 52% of Lawtraders were women.

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Lawtraders were all over the country

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Lawtrades attorneys worked from more than 40 states this year, including Alaska and Hawaii. But they were most prominent in states with the highest concentration of thriving companies, like New York and California.

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These were the top five locations they worked from:

And they spanned different roles, too.

Finally, our community grew

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Over 1,000 GC’s became members of the FORWARD GC.

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They read 35,055 words from our newsletter and listened to 9,388 minutes on our podcast.

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Thank you, again

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Whether you used Lawtrades to pay off your student loans, or scale your legal operations, or just followed along, we couldn’t have made it through 2020 without you. We’re excited for an even better 2021!

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Raad Ahmed

Founder/CEO, Lawtrades

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Ah 2020, it’s been tough. But through it all Pinterest and Udemy have been growing like crazy and managing new challenges.  

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In coordination with Above The Law, Lawtrades hosted a panel featuring Jasmine Singh, Pinterest’s senior commercial counsel, and Akaash Gupta, Udemy’s associate general counsel. They explained how 2020 upended commercial contracts -- as well as the typical work life of a general counsel -- and what lies ahead.

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We broke out five areas of insight they shared for thriving this year and in the future.

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• P.S.: If you want to join a community that meets online to discuss best practices for commercial counsel, reach out to Jasmine or Akaash on LinkedIn. Anyone who does commercial work or scales legal teams is welcome.

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On to the takeaways!

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Brush up on non-lawyerly skills

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Because of the pandemic, Akaash has seen counsel pivot to other roles in addition to legal work. Specifically, he has found it vital to discuss to business side people how his company provides new value that is different from what it did before the pandemic and different from other companies.  

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Jasmine emphasizes communicating properly -- especially over email -- with internal and external clients who are not as well-versed in legal technicalities.

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• She recommends asking questions and telling people to be comfortable with their answers. “The important thing is to say the intent is not ‘gotcha’ but to tell them it's about figuring things out.”  

Take contractual changes in stride

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Force majeure may be the most-used legal phrase of the year. And Jasmine and Akaash both noted it has become a new priority for contracts, even though it was never that critical previously.

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There are likely times existing force majeures will come into play with customers who provide services and want to get out of their obligations because of the pandemic. In a strictly legal sense the pandemic may not be preventing them from providing the service. But that doesn’t mean clients aren’t hurting, and Akaash recommends being careful in these situations.  

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“It’s been a difficult year for everyone,” he says. “Do you really want to burn those bridges?”

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• Jasmine also says to remember to rework contracts for vendors working on site or remotely to ensure compliance with new regulations created for purposes of safety during the pandemic.

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Make staff feel comfortable from far away

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Have you even met everyone on your staff these days? Probably not because, well, 2020.

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Akaash has noticed that making new team members at Udemy feel welcome is harder without the ability to talk in person. So he recommends having one-on-one meetings with newcomers a few times per week during their first weeks on the job to make sure they understand their roles and become comfortable discussing legal topics with the team.

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Camaraderie with current staffers is important, too. Udemy has lunches where everybody orders DoorDash and catches up.

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• Akaash and his co-workers have also had game nights. He recommends the RBG-inspired board game I Dissent. “You take an inane subject,” he says, “and leave it up to all the lawyers.”

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Pinterest has built camaraderie by sharing parts of their lives over Zoom. Co-workers with children, for instance, will bring their kids to a meeting and let them do the talking for a while.

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“We’re not just people who see each other at work,” Jasmine says. “We see each other’s full lives now.”

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Remember that data is your friend

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Without being in the office, it’s more important than ever to track data.

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By paying attention to the numbers, Udemy found a large portion of sales contracts were coming from Europe. The legal team used that information to justify a legal hire overseas. “We couldn’t have gotten through Q4 without her,” Akaash says.  

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Vet contractors early to save time in the end

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Pinterest works with numerous contractors, including Lawtrades. To ensure potential attorneys are the right fit, Jasmine asks in advance that all candidates sent her way can handle the necessary areas of law for the work.

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• She had an excellent tip for an interview question: Jasmine comes up with a real-life scenario a candidate may encounter while contracting for Pinterest. Then she asks them what they would do. She knows immediately that candidates with quick, specific answers are potential fits and those who can’t offer a good response are not.

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Akaash recommends providing thorough onboarding even to contractors. That way they’ll know how to handle the work from the get-go and not bog down staff counsel with questions later on.

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About Lawtrades

Lawtrades enables legal departments to streamline contracts across their organization and better handle fluctuating workloads. Lawtrades’ commercial contracts service offers in-house teams with tech-enabled lawyers, transparency, and workflow management to become more productive. Get in touch if we can help.

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How to thrive as a GC in a world rocked by Covid-19

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2020 feels like it has lasted forever and yet somehow has offered no opportunities to get anything done, least of all for GCs. There’s legal work, the increased demands from coordinating your company’s Covid-19 response, parenting and homeschooling, and the consistent feeling of burnout.  

Self-care is necessary. Especially for lawyers.

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“The combination of remote working, social isolation, and ongoing financial insecurity (with little end in sight) is causing everyone to feel levels of stress that are palpable, and in some cases contributes to elevated levels of anxiety and depression,” Washington, D.C. clinical psychologist Tyger Latham said in a recent Law.com report. “But lawyers can be especially vulnerable to anxiety and depression (as well as substance abuse), so it would not surprise me if mental health issues are not widespread throughout the industry.”

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Consultant Jarrett Green added, “This is the most mentally and emotionally challenged the legal industry has been that we’ve seen.”

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🧘🏾‍♀️Competence During COVID

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So how do you stay strong during these crazy times? Remember: it’s pretty much the job of a lawyer to stay strong. The rules of professional conduct state that lawyers must always maintain competence and manage crises for their clients.

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We turned to a few GCs and attorneys to share some advice. Here are their tips:

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• Lose technology and manage distraction. Meredith Smith, the General Counsel at Stash, says she incorporates “makertime” – blocking off two or three hours of the day to work without distraction. And no distractions means turning off all electronic notifications.
• Develop a mindfulness and meditation practice. Headspace Director of Legal Affairs Michael Marchand does his first meditation as soon as he gets out of the shower in the morning and has “mindful moments” at least ten times per day to increase awareness, blow off steam, and reduce stress.
• Schedule self-care. According to Chris Ritter, director of the Texas Lawyers Assistance Program, “Four percent of your life is about one hour per day. I know very few attorneys who are giving themselves an hour of self-care a day. It’s not going to happen until you put it on your calendar.”

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Although 2020 is coming to an end in a few weeks (thankfully), the hard times may endure for at least another few months. Engaging in good habits now will help prevent anxiety, stress and depression from lasting after the pandemic.  

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The silver lining: We’re all in this together. And lawyers seem to be realizing that. Attorneys and consultants have noticed colleagues have stopped projecting that they have it all figured out -- and that they’re being met with open arms.

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“The raising of our empathy consciousness in the industry,” professor and lawyer Rebecca Simon told Law.com, “is a wonderful thing and will have a lasting effect.”

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TLDR

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• Forward is a revolutionary preventive healthcare membership that puts you in control of your health, with world-class doctors supported by technology.
• Lawyers at startups are responsible for making things happen - this means nonstop learning and deciding where and when to take risks
• Learn how to show where legal should and shouldn't be used
• Don't underestimate the importance of intellectual curiosity
• Communicate directly and with a belief in your objective

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Resources Mentioned:

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• Cruise
• Latham Watkins
• Forward Jobs Page
• Freshfields

Intro

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Matt Gipple and Thomas Scott, leading lawyers at Forward, discuss some common questions concerning the legal side of tech startups.

Subscribe

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Entering the Tech Space

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• It is important to understand the language of engineering in order to understand the dynamics of the space
• “Engineering is the function of a company, so you have to learn how engineers think and talk and what motivates them”
• Try to set yourself up environment where persistent, perpetual learning is encouraged

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The Role of A Lawyer in a Highly Regulated Startup

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• In this scenario, lawyers are responsible for making things happen
• Constantly helping your company figure out what rules cover their product/initiative and what you need to get done to launch
• Being able to take the necessary risks to keep the company and culture progressing forward
• “For companies that are small and trying to grow, there is risk all over the place, but there is also risk in not stepping forward”

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Performing in Multiple Roles

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• It is important to learn to frame tasks in terms of tradeoffs
• Ex: “For the first time, legal will go through this with you, but after that it won’t make sense to pay lawyers to do this”
• Analyzing what the company is ready for and when
• Having an idea of what a mature company looks like, and knowing “when is the right time” to start doing something can be really important

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On Culture and Tone

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• Two of the most important qualities a person can have in the legal startup space are a comfort with change and an intellectual curiosity
• The people who end up being the best fit are almost always nerds about something
• For a culture in a legal team, you want people who develop relationships and dialogues around questions instead of finding narrow answers
• Don’t underestimate the downside cost of hiring someone who isn’t the right fit

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Approaching Regulatory Issues in an Unfamiliar Industry
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• Do as much reading as possible, conferences, talking to people in the space, learning the buzzwords
• Lean on outside counsel to give you context
• “You hired me because you think I'm great [as a generalist], but I'm going to spend money getting smart on these [specific] issues, and you want me to do that”
• Go to first principles
• “What are the underlying things that a regulator would be worried about?”
• Reason by analogy
• Approaching regulators with a straightforward and honest philosophy
• We believe we have a service that’s going to be really powerful and valuable to people, and we’re not afraid of that or ashamed of that or trying to hide anything”
• Be very clear and direct, don’t try to play games or omit things

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About Lawtrades

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Lawtrades is a software company that builds legal infrastructure for in-house teams to scale their operations. We develop software that serve as the connective tissue between an organizations in-house legal team, a tech-enabled workforce, and sophisticated analytics to help companies solve complex legal issues. To meet a Lawtrades lawyer, especially those specializing in hyper-growth tech companies, create a position.

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Prop 24: Everything you need to know

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A majority of Californians voted to pass Prop 24 in November’s election, approving the California Privacy Rights Act or CPRA. The Act forces companies to give greater freedom to consumers regarding data collection and establishes a state agency -- The California Privacy Protection Agency -- to work on behalf of consumers and regulate companies. The restrictions on data collection are similar to but stronger than those under the California Consumer Privacy Act or CCPA, which went into effect this year.

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Here’s everything you need to know about the new law and how it may affect your work as a GC and lawyer.

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A quick rundown of the law

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The CPRA builds on the CCPA. The main difference is that the CPRA gives consumers slightly more rights in controlling their data, and it encompasses the processing of more sensitive personal data than the CCPA. Also, rather than being governed by the Attorney General, companies will be governed by California Privacy Protection Agency for the CPRA.  

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The gist of the CPRA is that companies that buy, sell or share personal data must make consumers aware of what they’re doing, give them a clear opportunity to opt out and prove to the California Privacy Protection Agency they have a legitimate business reason for processing the data -- a reason that outweighs the consumers’ risk in giving up the data.

What counts as personal data

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See a full list. But here are a few common types:

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• Names
• Social security numbers
• Postal addresses
• Browsing and search history

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The newly added types of personal data that are considered to be more “sensitive” include precise location, religion, race, biometric data and health info.

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Small and midsize businesses are mostly exempt

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According to an analysis by the state of California, CPRA applies only to companies involved in the buying, selling and sharing of California residents’ personal information that meet any one of the following benchmarks:

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• Earn more than $25 million in annual revenues
• Buy, share or sell the data of at least 100,000 consumers or households per year (this threshold is higher than the CCPA, which affected companies buying, selling or sharing data of 50,000 or more consumers)
• Earn more than 50% of annual revenue from selling or sharing data of California consumers

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What covered companies must do

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The end goal of the CPRA is to give consumers more authority over their own personal data. To accomplish that goal, the law essentially forces companies to stop collecting/selling/sharing personal data of people who have opted out and to prove they are protecting any data they have collected.

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The various steps required for compliance are specific and lengthy and can be seen in full here, with much of the most relevant info in Sections 4, 12 and 13. Below are a few of the key provisions, most of which are new or at least modified under the CPRA (Jones Day also breaks out a few key definitions).

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• Notify customers before collecting data and setting up a process for them to opt-out of the collection/sharing/selling. The notification must be available in a “clear and conspicuous link” on the business’ homepage that says “Do Not Sell or Share My Personal Information.” Customers also have the right to receive reports on how they’re data is being used.
• Offer a link allowing customers to share only as much personal data with the business as is needed for the business to perform its function (companies may combine into one link the option for a total opt-out of data collection and a limited opt-out).
• Companies may offer payments or discounts to consumers in exchange for them sharing personal data.
• Disclose to consumers their ability to correct personal information and delete personal information and do so upon consumer request. Companies must notify any third parties to which they have sold information about deletion requests. But companies do not have to delete personal information if it is deemed necessary for security reasons.  
• Report to the California Privacy Protection Agency “on a regular basis” a risk assessment that weighs the benefit of processing personal information versus the risk of processing the information. The goal is for the Agency to limit or restrict processing of the information if the risks are determined to be higher than the companies’ benefit.

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