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Antonejohnson
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Brilliant post, Dave, written as only you could write it. You make a good case for the strategy behind my startup law practice -- "invest" in building client relationships with entrepreneurs at the pre-seed stage, before they've achieved product-market fit, doing their startup work for much lower rates than the big firms charge, with the goal of retaining and building on those trusted relationships when the successful ones reach the "double down" stage. Also, bring to bear a product-centric world view with deep specialization in one area (consumer/social Web in my case). Going after many clients at the earliest stages, who have the smallest amount of cash available to pay their lawyers, is probably the hardest way to build a practice (vs. the traditional pursuit of fat-cat corporations with huge legal budgets), but in the long run, I think it's the smartest way to thrive in the brave new world of disruptions in the VC ecosystem that you describe. On a related note, I'd be curious to hear what you and other readers think of the Series Seed approach to streamlining documentation and reducing legal fees for seed rounds. I posted my (admittedly skeptical) thoughts at http://bll.la/55.
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