Proper Counsel Is Critical – Jason Meyers
Proper Counsel Is Critical
By Jason Meyers
I often urge young entrepreneurs and startups as well as small public companies to be sure that they retain proper counsel, especially for securities matters. Its kind of like having a five star general lead your battalion onto the battlefield. Remember; there’s a war on! The rapidly changing kaleidoscopic array of rules on the regulatory battlefield is littered with landmines of all kinds. Stepping on one is painful, if not lethal and sometimes triggers the detonation of others. Its expensive and counterproductive to have to surgically remove regulatory shrapnel, assuming your still alive.
I have a vast amount of experience identifying incompetent counsel. They are the spies that lead you onto the battlefield and profit more from your defeat than your victories. They have the eye of an eagle and are experienced sharpshooters. They prey on young entrepreneurs and they spot fatigue immediately. Their tactics are psychological and often involve the omission of critical intel. When you take a bullet, they take credit (and money) for the field dressing and for carrying you off the battlefield. They are a cunning and insidious lot; the real enemy, not your ally. They camo very well. Only seasoned warriors can spot them.
Hiring a large law firm comes with strategic advantages but is an expensive tactical proposition for a startup or a small public company. They have sharpshooters everywhere also. They are called rainmakers. They are the partners and supervising attorneys. They are often good mechanics but rarely perform the work themselves. They marshal the firm’s resources and prepare for a raid. Didn’t you know that there are 72 hours in a day? They do. If you don’t, you better learn.
I use both large firms and boutiques. Its good to roll up to the front with an infantry of armored personnel carriers and M1 Abrams to make a statement, legally speaking. However, in matters involving securities litigation which is considered tactical warfare, its the soldiers; the tacticians; the special elite units that often do a better job at avoiding war altogether. They share accurate intel openly and often do it up front during initial consultation.
They also camo very well in that it is hard to find good boutiques that are properly armed with sufficient intel for the avoidance of tactical warfare. They don’t advertise and usually come by way of referral but they do exist. They are the rainmakers and are often brilliant mechanics. They rarely litigate so they prefer to provide a highly detailed map of the regulatory terrain and carefully craft a sound strategic legal strategy that often avoids an ambush and the future use of defensive tactics.
One such individual is Laura Anthony. She is founder of Legal & Compliance, LLC, a full service corporate and securities practice group. She’s a sharpshooter of the benevolent kind. She believes that sharing intel, rather than omitting it, is the surest way to gain and keep the loyalty of new recruits. I know many of her clients. She writes a resourceful blog about the rapidly changing regulatory terrain which can be viewed at www.securities-law-blog.com/
The objective of successful warfare is not to engage in battle at all. Proper counsel is critical in order to avoid having your family be delivered a crisply folded flag.
Jason Meyers is the founder of Vestcomp Ltd, a venture capital and corporate advisory firm based in New York City.