Legal Services on Shoobx

Legal Services on Shoobx2020-08-06T00:26:53+00:00

Choosing the right attorney can help you get even more out of our platform, so we’ve partnered with attorneys who have adopted Shoobx as part of their practice to bring our customers Legal Services on Shoobx.

For early stage companies on Shoobx, we now offer two legal services offerings: the Year One Package and the Corporate Package. If you’re a company that is thinking about incorporating on Shoobx or recently incorporated your company on our platform, read on!

The Year One Package

FROM FORMATION TO FUNDRAISE
Newly incorporated companies on Shoobx can apply for the Year One package, which includes fixed fee corporate legal representation for all actions executed in the Shoobx platform for up to twelve months, or up until your first equity financing (whichever comes sooner) and capped equity financing counsel fees* for your Series Seed or Series A fundraise.

An equity financing is a huge milestone for your company, and when it’s time for your fundraise your attorney will help you leverage the Shoobx equity financing workflow to get your financing done in an efficient and cost-effective way.

The Corporate Package

LEGAL COUNSEL FOR ALL THINGS SHOOBX
For companies that have already incorporated and have 20 or fewer workers, the Corporate Package provides ongoing fixed fee legal representation for any actions taken using a Shoobx workflow*. The Corporate Package renews annually for companies that remain eligible.

*Some exclusions apply, see FAQ section below for details.

Shoobx-Certified Attorneys

Shoobx is partnered with Shoobx-Certified attorneys who work with companies participating in the Legal Services on Shoobx program to provide legal advice and help them take action for their company using Shoobx workflows, all for a fixed monthly fee. If we have a template for it, it’s covered. Get reliable, expert advice and guidance, all at a predictable price point.

What does it mean to be a Shoobx-Certified attorney?

  • A positive track record with clients on Shoobx
  • Leveraging Shoobx for complex activities
  • A commitment to ongoing training on the Shoobx platform

Are you an attorney who wants to work with clients on Shoobx? Email us at info@shoobx.com.

Costs

Fixed fee and capped equity financing costs vary by attorney. You can learn more by exploring attorney profiles on Shoobx Spark. There is also a 3% administrative fee that applies to all companies using Legal Services by Shoobx.

Frequently Asked Questions

What isn’t included in my fixed fee?2020-08-03T20:31:26+00:00

Anything outside of Shoobx, including legal documents drafted and prepared outside of the platform, will be billed at standard attorney rates. This includes areas such as disbursements, taxes, intellectual property (IP), and litigation. For companies participating in the Corporate Package, fundraising workflows are also excluded. For more details on what is and isn’t included in Legal Services on Shoobx, please refer to the Legal Services on Shoobx Terms.

What is included in the capped equity financing work that is part of my Year One Package?2020-08-03T20:32:17+00:00

Attorneys in this program leverage Shoobx’s equity financing workflow, and their representation includes:

  • Negotiation and preparation of term sheet, financing, and ancillary documents via Shoobx;
  • Diligence, including cap diligence necessary for customary legal opinion (if/when required);
  • Disclosure schedule preparation;
  • Closing mechanics;
  • Post-close activities (stock certificate prep, complying with state securities laws); and
  • Creation/adoption of Option Plan, Grant agreements, if applicable (in or out of Shoobx).
What activities are not included in the Year One Package capped equity financing fee?2020-08-03T20:32:57+00:00

There are certain activities related to a fundraise that are not included in the capped fee: fees for counsel on the other side of transactions; clean up activities related to investor due diligence; disbursements; and specialized legal services, for example tax, IP, or regulatory. Once it’s time for your equity financing, you can work with your Shoobx Startup Package attorney to understand what is and isn’t included in the capped fee.

What stage companies can participate in Legal Services on Shoobx?2020-08-03T20:46:58+00:00

For the Year One Package, only companies that have recently incorporated on Shoobx or plan to incorporate on Shoobx can participate. Companies that have already issued founders shares or raised seed capital are too far along for this program. Companies that have completed post-incorporation or self-onboarded after incorporating outside of Shoobx, and have fewer than 21 workers, are eligible to apply for the Corporate Package. Please stay tuned for expanded offerings in the future!

How do I get started with Legal Services on Shoobx?2020-08-04T15:34:47+00:00

To get started with Legal Services on Shoobx, you must incorporate on the Shoobx platform. You can then apply directly through your Shoobx account, and your application will be reviewed for a match with our participating Shoobx-certified attorneys. Please note that at this time only companies headquartered in Massachusetts, New York, Colorado, or Texas can participate in Legal Services on Shoobx.

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