Early-Stage Legal Services for Searchers - Seeking Community Input

searcher profile

August 28, 2025

by a searcher from Stanford University - Graduate School of Business in Healdsburg, CA 95448, USA

Hello! So, being an attorney and having been through the search fund process myself (acquired and operated Anderson Valley Brewing Co###-###-#### I've been thinking about the gap between traditionally structured legal services and what searchers actually need in the early stages of a deal. While it may be important to get fairly sophisticated legal input right around threshold landmarks like LOI submissions time, traditional legal engagements may be expensive and overkill unless/until there's confidence in actually proceeding with a transaction. So I'm exploring the idea of flat-fee, limited-scope services specifically designed for early-stage evaluation. The idea is to provide a fast and economical review that can go over a LOI, frame what the deal might look like, flag significant risks and highlight specific DD paths to follow. I've come up with two basic ideas/packages: 1. Enhanced LOI Review & Risk Assessment - written deliverable within 5-7 days of receiving necessary information. - Comprehensive review of LOI terms and deal structure. - Industry-specific risk identification (regulatory, operational, financial). - Identification of any priority due diligence focus areas based on the specific deal and industry. - Red flag identification with strategic recommendations. 2. QSBS Qualification Review and Recommendations - written deliverable within 3-5 days of receiving necessary information. - Analysis of current structure for QSBS qualification. - Recommendations for entity and/or transaction structure for QSBS qualification. - Implementation roadmap and explanation of requirements. And a third option would be a combined package. So - questions! 1. Scope: Do these ideas cover most of what you've needed as searchers for early stage evaluations? What else would make sense to include? Anything look non-useful? 2. QSBS Focus: How much interest is there in QSBS structuring and is this something that is actively being planned for? 3. Flat Fee vs. Hourly: With the realization that I haven't included pricing ideas - does the flat-fee pricing make sense? Also, if anyone is willing to share I'd also appreciate hearing how much people have paid for similar services (flat or hourly) and/or what seems reasonable. Shoot me a DM or just post a reply. For context, I've been an attorney for 29 years, am a Stanford Executive Program graduate, and in addition to my recent search fund episode (using QSBS) I have a long history of transaction work and have advised on around $2.5B in transactions. Looking forward to hearing thoughts. Thanks!
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commentor profile
Reply by a lender
from California State University, Sacramento in Seattle, WA, USA
Kevin, you’ll find a lot of support for your idea. And there are some very successful attorney firms supporting searchers in this way currently. Reach out for a conversation. redacted
commentor profile
Reply by a searcher
from Rockhurst University in Danville, CA, USA
I think a flat-fee structure would be better received due to predictability. Or, you could offer hourly but provide a reasonable range of hours you believe it would take to get the work done. I would love to have a conversation to explore your services. I'm heading into LOI quite shortly and am interested in legal services and DD help.
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