You also are going to quickly run into scaling issues. A main sell is that you have a team of “experts” draft the standard terms. But this means a new “expert” team for every new contract-type AND industry. The same type of contract (e.g., an MSA) can look very different in tech (where most of your expert attorneys work) than in pharma, ag, or oil & gas, for example.
Trust is also a big issue. “Standard” is never really standard. Contract language is always going to be biased towards one side of a deal. Take NVCA forms. They claim to be “model” but the language generally is drafted to favor VCs over founders. How can one trust that your “expert” group is creating truly neutral forms?
This also has malpractice / UPL written all over it. You are representing that your standard contracts are fair and balanced, but then are simultaneously attempting to disclaim liability by stating that you don't provide legal advice about the suitability of your standard contracts. Who bears responsibility if a 100M+ deal goes bust because of your standard contract?
Lawyers are bimodal in this regard. Many hate the work with a burning passion. Many love the work and never want to retire. IMO, it really depends on the practice area + role (e.g., M&A work vs. civil rights work or big law attorney vs. AUSA).
Translation: “I realize that Google is behind on the AI race (and on our corporate strategy in general), so I’m going to fear monger you, the investment community, with claims of “AGI soon” to attract investments and prevent our stock from plummeting.”
I've been very interested in this space (political group for AI regulation). And actually, I just recently got an initiative I've been thinking of for awhile off the ground. How can I get in touch with you 00F_? You can reach me at [email protected]
Trust is also a big issue. “Standard” is never really standard. Contract language is always going to be biased towards one side of a deal. Take NVCA forms. They claim to be “model” but the language generally is drafted to favor VCs over founders. How can one trust that your “expert” group is creating truly neutral forms?
This also has malpractice / UPL written all over it. You are representing that your standard contracts are fair and balanced, but then are simultaneously attempting to disclaim liability by stating that you don't provide legal advice about the suitability of your standard contracts. Who bears responsibility if a 100M+ deal goes bust because of your standard contract?