Early-Stage Legal Services for Searchers - Seeking Community Input
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!
from California State University, Sacramento in Seattle, WA, USA
from Rockhurst University in Danville, CA, USA