Value ressource for entrepreneurs.
They level themselves above the cliché of a lawyer that gets his money just for documents (not saying this cliché really exists). Could turn out to become a brilliant marketing stunt - apart of just the pure PR they should receive now.
But the big thing could maybe come based on this move a bit later…
If this becomes successful and they are wise enough to iterate on it they could establish their documents as defacto (outline) standards for legal documents for (tech, delaware) startups.
We have seen similar starting steps with Seedsummit[1] and Seriesseed[2] would be great if someone steps up to move this forward.
Lawyers do not charge for the documents. They charge for customizing documents to a client's individual set of facts. All lawyers create their own set of tested templates that they reuse and customize for later clients. Orrick is simply offering their templates for free.
The components of what should go in business incorporation documents are already effectively standardized by legal education, legal treatises, or case law. Furthermore, Orrick is merely but one of many "BigLaw" firms that cater to startups and those other firms are not likely to adopt Orrick's language as their standard. Consequently, it is unlikely that Orrick will establish any sort of de facto standards for tech startups.
Ad 1) Yes agree. That's why i meant that it is a public cliché
Ad 2) You are correct. I was not thinking that this standards could push sideways or upwards but might downwards to smaller local lawyers. But you are most probably right. Thanks for the feedback.
Value ressource for entrepreneurs. They level themselves above the cliché of a lawyer that gets his money just for documents (not saying this cliché really exists). Could turn out to become a brilliant marketing stunt - apart of just the pure PR they should receive now.
But the big thing could maybe come based on this move a bit later… If this becomes successful and they are wise enough to iterate on it they could establish their documents as defacto (outline) standards for legal documents for (tech, delaware) startups.
We have seen similar starting steps with Seedsummit[1] and Seriesseed[2] would be great if someone steps up to move this forward.
[1]: http://seedsummit.org/legal-docs/ [2]: http://www.seriesseed.com/