I especially like the notion of only hiring partners. It's a perfect example of measuring OUTPUTS like "total job cost" and "time to get it done" vs measuring INPUTS like "hourly rate"
Bram Cohen: “Lawyers can’t tell you you can’t do something”
11–20 of 21 posts
Re: Bram Cohen: “Lawyers can’t tell you you can’t do something”
#12This is true for any advisor, your expectation should be that they will make you aware of the likely consequences--some of which you may not have foreseen--for a course of action that you are contemplating. But they cannot make the decision for you. There was a great quote in a 2006 Fortune profile of Larry Sonsini (the Sonsini in Wilson Sonsini) when they asked TJ Rogers why he valued Sonsini's advice: "I don’t take…
The answers WSGR gives where?
Re: Bram Cohen: “Lawyers can’t tell you you can’t do something”
#13This is true for any advisor, your expectation should be that they will make you aware of the likely consequences--some of which you may not have foreseen--for a course of action that you are contemplating. But they cannot make the decision for you. There was a great quote in a 2006 Fortune profile of Larry Sonsini (the Sonsini in Wilson Sonsini) when they asked TJ Rogers why he valued Sonsini's advice: "I don’t take…
This comment is copied from the OP comments.
Not "copied" exactly - skmurphy posted the same comment in both places. (I do this sometimes too, especially if the comment is in a moderation queue at the original site.)
Re: Bram Cohen: “Lawyers can’t tell you you can’t do something”
#14This is true for any advisor, your expectation should be that they will make you aware of the likely consequences--some of which you may not have foreseen--for a course of action that you are contemplating. But they cannot make the decision for you. There was a great quote in a 2006 Fortune profile of Larry Sonsini (the Sonsini in Wilson Sonsini) when they asked TJ Rogers why he valued Sonsini's advice: "I don’t take…
The answers WSGR gives where?
Sorry, in the original Fortune article WSGR was vague in their responses to questions about the side fund they were running that did equity investments in their startup clients.
Re: Bram Cohen: “Lawyers can’t tell you you can’t do something”
#15This is true for any advisor, your expectation should be that they will make you aware of the likely consequences--some of which you may not have foreseen--for a course of action that you are contemplating. But they cannot make the decision for you. There was a great quote in a 2006 Fortune profile of Larry Sonsini (the Sonsini in Wilson Sonsini) when they asked TJ Rogers why he valued Sonsini's advice: "I don’t take…
This comment is copied from the OP comments.
Venture Hacks moderates their comments so I wasn't sure they would post it and I thought it was an appropriate comment on the blog post as an HN comment as well.
Re: Bram Cohen: “Lawyers can’t tell you you can’t do something”
#16Lawyers can be and often are invaluable advisors to startups. On the other hand, bum lawyering can come in all shapes and sizes. Some examples to watch out for: 1. Insecure (and particularly green) lawyers who are so bound to doing things by the book that no hint of common sense can be found in their advice or in their actions. They will tell you all you ever wanted to know about what the "tax law says" or what "judg…
> I love my profession . . . but the abuses and shortcomings in this field are enough to make one scream.
There, edited and I believe it likely applies to everyone who's held a job here on HN. I felt similarly working as a reviewer, similarly when I worked as an electrician. I've heard of an entire house's lighting been wired with speaker wire. I'm amazed the place didn't burn down, it's a testament to the quality of speaker wire and the ineptitude of some people. I didn't work the job personally, so I don't know if the wire had been "professionally" installed or not. However, I have many horror stories from jobs that I know have been wired by an alleged professional.
Abuses and shortcomings are rampant in any field. As long as you do the best job you can, as long as you're doing the best for your client, you're making your profession better.
Re: Bram Cohen: “Lawyers can’t tell you you can’t do something”
#17Earlier quoted context omitted.
The answers WSGR gives where?
Sorry, in the original Fortune article WSGR was vague in their responses to questions about the side fund they were running that did equity investments in their startup clients.
What conflict of interest does it create for your lawyer to own your stock? Why are accountants prohibited to own?
Re: Bram Cohen: “Lawyers can’t tell you you can’t do something”
#18Earlier quoted context omitted.
Sorry, in the original Fortune article WSGR was vague in their responses to questions about the side fund they were running that did equity investments in their startup clients.
What conflict of interest does it create for your lawyer to own your stock? Why are accountants prohibited to own?
Accountants who own shares in the company would have a vested interest in making it appear better on paper, or more profitable than it actually was; or distorting the companies financial position to an outside party doing due diligence. With a lawyer it's much more complex, but it basically boils down to the question of whether your lawyer is advising you as an independent advisor, or as an interested party who wants a return or is afraid of losing their investment.
Re: Bram Cohen: “Lawyers can’t tell you you can’t do something”
#19The bit about "when all that was really wanted was the answer if the lawyer knew it off the top of their head" reminds me of people who want an ebay clone for a couple of hundred dollars.
I think he means he would like a boolean response to "Do you know what this is?" not, "please give me whatever information you have in your cache".
Although I can see it the latter way, as well, and it's reasonable to ask for an ebay clone if you can poop one out for $200. There's a lot of stuff I'd buy for $200 if it could be had. But just because I'd buy it at $200 doesn't imply that I'm willing to pay several times that to have one hand crafted, which appears to have been the outcome with the billable time.
Re: Bram Cohen: “Lawyers can’t tell you you can’t do something”
#20Cohen's comment about lawyers not grasping The Business side, and generally being overcautious rings true even for those of us who work for Giant Immoral MegaCorps.
A lot of what Giant Immoral MegaCorps don't do is because of over cautious lawyerly advice, as near as I can tell. Or at least its due to what mid-level managers and directors think the lawyers will tell them.