First Meeting With Legal Counsel Prep

searcher profile

November 05, 2024

by a searcher from La Salle University in Philadelphia, PA, USA

Hi everyone-

my search partner and I are meeting with a legal counsel for the first time and we were looking for some advice on prepping for the meeting. We are looking to launch a partnered traditional search fund, and would like any advice on what would be useful to know going as well as good questions we should be asking. Please let me know from your experience and thanks in advance!

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commentor profile
Reply by a professional
from University of Michigan in Detroit, MI, USA
Hi ^redacted‌, (1) Can the lawyer cogently explain the various legal steps, from initial fund formation to closing your first acquisition. (2) Does the lawyer have relevant experience in your target sector? (3) How much will it cost you--Does the lawyer work on a fixed fee or hourly basis? (4) Often overlooked: You're buying expert services from a professional. It's important that you find a good fit personality wise. You'll be more likely to trust the advice that way. Finally (5) recognize that this will be a two way process. The lawyer will be assessing you to make sure you are a serious prospect (many people want to raise a fund, few will actually do it). Be open about how far you are in the process, what investors you're targeting, and your timeline. I hope that gives you some food for thought!
commentor profile
Reply by a professional
from Bentley College in Miami, FL, USA
I'd recommend starting by clearly defining your search fund goals, the type of deal structures you're considering, and your preferred industry sectors, if you have them.

A few helpful questions to ask:

What experience do you have with traditional search fund structures?
What is your experience in my sector/industry?
Can you walk us through the key legal steps from fundraising to acquisition?
What are some common pitfalls you've seen in similar deals?

Also, be ready to discuss your timeline and budget, as this helps them tailor their guidance
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