Fred Wilson has had a series of posts relating to M&A transactions, generally revolving around case studies. This one on ChiliSoft describes how certain features embedded in the capitalization table (liquidation preferences and floating price warrants), coupled with being acquired for shares rather than cash led to a seemingly dramatic erosion of value for the…
Read MoreWe recently wrote about alternative fee structures for large law firms and their clients. A post from the WSJ law blog on Kirkland & Ellis’s foray into the field recognizes a point we’ve made before: some companies (and indeed, most law firms) don’t have good information about their usage of legal services. Without solid data-driven…
Read MoreSince I’ve been involved in the legal profession — fifteen years now — firms and general counsel have been talking about alternative fee structures. The failings of the billable hour system as well as the reasons for its persistence in the face of its demise in most other professional services businesses, e.g., medicine, consulting, have…
Read MoreA recent PLI newsletter article referenced an idea of measuring legal department spending in terms of $0.xx/share. The editor notes, correctly in our opinion, that the per-share measure is likely to be unsuitable over the long-term because share numbers change for reasons wholly unrelated to legal department spending. What we often tell clients to consider,…
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