Show notes
On today’s Tank Talk! We welcome Chris Harvey, principal lawyer at Harvey Esquire APC to talk “Emerging Managers Legals 101.”Chris Background: Chris Harvey has been practicing law for 12 years as a venture capital lawyer with a focus on emerging fund managers, accelerators, venture studios, GPs and other venture investors.Chris regularly represents venture capital fund managers and investors in structuring fund formations and transaction documents such as LPAs, LLC/operating agreements, Series Seed, Series A, mergers & acquisitions, and all matters related to the venture capital lifecycle.Chris is based out of Los Angeles and shares amazing content on his blog LawofVC.substack.com.In this episode we discuss:01:47 Considerations when choosing a lawyer for your fund04:12 The questions you should ask a potential lawyer05:27 Pitfalls of choosing the wrong lawyer06:52 Fund structures11:10 Formation and fund expenses15:10 GP commitments17:40 Clawbacks versus commitments22:13 What are hurdles25:43 Reporting requirements28:28 Initial closure and rolling closures34:12 Offering GP economics to close strategic investors36:10 Budgeting for legal expenses37:29 Using Angelist to support your initial legal work38:50 Giving away carry as incentive to outside advisors as incentive or compensation41:00 Is venture legal ripe for disruption?44:18 Can VCs hedge against SPACs?46:58 Chris’s best advice for emerging managersBooks Chris Recommends:The Business of Venture Capital, Third EditionFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agent Bee Agency This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com
