Startup Lawyer @mgorb79
I’m Mike Gorback 👋 Startup Lawyer and Partner @klgates (ex-@hansonbridgett, ex-@wilsonsonsini). Angel Investor. Tweets do not = legal advice. 😁 DMs open. klgates.com/michael-j-gorb… Palo Alto, CA Joined October 2013-
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Good morning to everyone who understands that sometimes you just have to stop, collaborate and listen.
Great info here!
Good morning to everyone who doesn’t call them “SAFE notes.” 😉
Founder pro tip: if you’re still handling your own board minutes (lots of companies don’t invite counsel to attend board meetings until after they’ve raised a decent sized round, though there are definitely advantages to having company counsel start attending sooner), draft and…
⬛ What does a structured term sheet look like? Anything that deviates from these market terms. Some years ago, an associate at a law firm told me that Pay-to-play provisions were "very common" at Series A—as in, a Pay-to-play provision was inserted in almost all venture deals…
Our Palo Alto office welcomes Michael Gorback as a partner in the Corporate practice area. Click here to learn more about Michael's experience in the startup corporate practice. ow.ly/MfR850QWBn2
Excited to share that after 13 amazing years at Hanson Bridgett, I’ve joined @KLGates as a Partner in their Palo Alto office. Looking forward to this next adventure!
“I don’t freakin’ care how many people have already used the meme of me yelling at you! I’m going to keep using it til it stops being so damn funny!!!”
Founders: I once sat in a room and watched an investor board representative from a top-tier VC absolutely excoriate the two founders for essentially hiding what was obviously an extremely toxic relationship between them. She bluntly stated that had she known it was that bad, she…
VC Board Seat Risks & Protection: A Quick Guide Three Fiduciary Duties: • Duty of Care: Be informed, diligent, and make good faith decisions. (eg: Lack of controls in FTX) • Duty of Loyalty: Prioritize the company's interests over yours or others. (eg: Insiders enriching…
Founders: it’s pretty remarkable how often this comes up, but if you have an offer letter or employment agreement in place that specifies a certain salary, and you aren’t actually paying yourself that salary, you could have a 409A problem. Yes, that 409A. If this is you or…
This is key. I had an m&a deal almost fall apart several years ago because a fifth co-founder had left on bad terms years earlier without signing a release, or even having assigned his IP rights to the company yet (they were NOT my client when this all went down…). My…
This is key. I had an m&a deal almost fall apart several years ago because a fifth co-founder had left on bad terms years earlier without signing a release, or even having assigned his IP rights to the company yet (they were NOT my client when this all went down…). My…
My wife and our dog got chased by a cow on her hike this morning. First time that’s ever happened. Can’t explain it, other than it must have had some kind of beef.
This is 100% correct. Before the LLC army comes after me, nobody’s saying you can’t be an LLC! For some kinds of businesses they’re amazing. We’re only saying if you want to be a venture-backed tech company, you have to be a Delaware C Corp. Starting as an LLC (or even a…
This is 100% correct. Before the LLC army comes after me, nobody’s saying you can’t be an LLC! For some kinds of businesses they’re amazing. We’re only saying if you want to be a venture-backed tech company, you have to be a Delaware C Corp. Starting as an LLC (or even a…
FinTech deal activity in December closed out the year with a handful of large financing and M&A transactions, while full year totals are significantly lower than 2022 – see all of the details in FT Partners’ Global Monthly Infographic: finte.ch/GlobalMonthlyF… #FinTech
It was a big year for me on this platform. I went from barely a handful of followers to over 1,400. Thanks to everyone who has re-posted and shared my thoughts, and in the process has allowed me to reach and educate more startup founders, which is honestly not just my profession…
Founders: I discussed this in response to another post yesterday, but think it’s worth reiterating here. I do often see questions about how best to set vesting schedules for equity grants— time-based (ie 4/1, etc.) or milestone-based? I had a client who was so strongly against…
Founders: if you’re not already in your attorney’s queue for year-end deals but expect to get one done, the timing’s getting a little tight…. Get those term sheets in! 💪🚀
Jason Yeh @jayyeh
12K Followers 814 Following I help founders understand how to set up & launch highly effective fundraise processes Prev: @greycroftvc @harvardhbs Podcast: @fundedpod Now: @adamantfounders
Justin Gordon @justingordon212
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Drew Morris @Drew_Morris
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Jennifer Marsh @legalytical
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Allison Byers @apbyers
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stevie on x @steviemctweets
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Colin S. Levy @Clevy_Law
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Erika⚡️⚡️ �.. @brickywhat
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Del Johnson @DelJohnsonVC
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Jalilvand Law Corpora.. @jalilvandlaw
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Luke Versweyveld @LukeVerswey
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Kaleb Niven @kniven51
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Greetigram @Greetigram
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Alex Su @heyitsalexsu
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Marc Andreessen 🇺�.. @pmarca
1.4M Followers 24K Following Techno-optimist. E/acc. Technology brother. Move Fast and Make Things. p(Doom) = 0; p(“1984”) = not 0.
Paul Graham @paulg
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Jason ✨🇬🇧SaaS.. @jasonlk
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Martin Tobias (Pre-Se.. @MartinGTobias
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Justin Gordon @justingordon212
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45K Followers 2K Following VC | Lead Pre/Seed 🧬🤖⚙️ @2048vc | Pitch me https://t.co/7RMuMRnXF1 | Coach @HarvardHBS | Blog https://t.co/0DoDmSLmNZ | Systems Thinker
Liz Gil @LizCGil
24K Followers 6K Following founding atty @ optimal counsel. startup lawyer. dog momager. alum @fenwickwest. @lizcgil.bsky.social. she/her. opinions my own. 🇨🇺🗽🦎
Saba Karim @sabakarimm
41K Followers 314 Following CEO & Co-founder of @FavsHQ — Keep your favorite people close | Alumni: @stanford @deakin @techstars
Sara Ledterman @saraledterman
16K Followers 1K Following | Venture Capital Access | Investing in Women & 🌍 | Mars Is For Quitters | Boring SaaS Founder | Host of Founder Chat | 🕊️
Alex Lieberman @businessbarista
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Brooke At Law @BrookieAlia
293 Followers 378 Following ⚖️💻 Business & Tech attorney by trade / 🧘🏾♀️nomadic yogi by choice / #bravoholic forever
Sarah Giovinetti @Sarahgiovinetti
399 Followers 1K Following CROWN-CAPITAL | BUSSINESS | NFT Entrepreneurship 🔈 🥀 Entertainer, Global Connector📁,Business Strategists📉/trades📊/e-commerce📈10X
Andrew Gluck | Early-.. @irrvrntVC
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World Surf League @wsl
2.0M Followers 1K Following 🇦🇺 Challenger Series, now live from the Gold Coast! 📺 Stream all Events Live on https://t.co/joK6A1RtDI 📰 Stay updated on news & rankings ⤵️
Daniel Berk 🐝 @danielcberk
6K Followers 363 Following growing @beehiiv, the world’s most powerful newsletter platform • what I tweet is probably a joke unless it’s about beehiiv or newsletters.
weisser @julianweisser
14K Followers 3K Following CEO/co-f @beondeck helping more people start the best startups | pro tech and human progress. Mischief at @mergedotclub
K&L Gates LLP @KLGates
7K Followers 132 Following Welcome to the Official K&L Gates LLP Twitter feed. https://t.co/5aWtpKrs9M
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25K Followers 2K Following I like running & being a lawyer. I love my family & college football. I make videos, post photos, and crack bad jokes. I try to be kind.
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894K Followers 1K Following Occasionally funny. Author. Director. Press inquiries: Don't inquire
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82 Followers 480 Following Building the first smart automated system to make natural soaps. #preseed #hardtech #cpg
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23K Followers 2K Following Founder Coach. Multiple Founder. Photographer. Focus: mental health, recovery, kindness, and creativity. ex-@madronaventures @amazon
Elise ✨ @ecomelise
4K Followers 3K Following building @buildwithtoki 🫠 / Past M&A @wecommerce_co, investor @bloombergbeta + operator @yotpo
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Olu @oluadedej
4K Followers 421 Following Founder @ Prelo | Let's unleash the power of your network to build, scale and fund industry defining startups together🚀 🎯 Try https://t.co/02XXXahOp5 (@joinprelo)
Liam 🐺 🌹 @LiamWolfeRose
471 Followers 1K Following founder of @c7vinc 👁 creator @HORUS_Time 🍥 Seer & Horologist ⏳ Time is the only currency that matters 🏠 IKEA House Mafia🕷UR 🇺🇸🇨🇦🇮🇪
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1K Followers 2K Following Scaling Startups | Prv. https://t.co/bIiPykb2np & Bizness Apps (exit) | Notes on Ops, GTM, Hiring, Strategy, Funding. 0-1 to Scale | Raised $200M+ from a16z, lsvp, iconiq
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86 Followers 149 Following New Day Therapeutics is a MedTech startup I am working on with a team of medical professionals, data scientists and software engineers.
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1K Followers 2K Following GP Bio+Health Fund and SVP @Pioneer_Fund, Founder/COO @CofactorGenomic, alum @YCombinator. Worked on the Human Genome Project
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199 Followers 1K Following Silicon Valley 40 under 40 - Designer - Creative Former Artist/Producer Manager (Thizz Ent). Former SF Men's Clothing Designer Currently @tripd_app
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244 Followers 194 Following Founder @getongoof. Posting about sports, betting, and startups
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Alex Xu @alexxubyte
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729 Followers 387 Following Dad. Entrepreneur. Traveler. Board Slider. Autio Founder.
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1K Followers 3K Following web3/fintech attorney — @KLGates ⚖️🌈 — (tweets not legal/financial advice)
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Megan Reynolds 👩�.. @meganreyno
4K Followers 5K Following VC obsessed with infra, dev tooling & GTM @vertexventures / ex @crane_vc investor @gitpod @encoredotdev @comind_ @tinybirdco @novuhq / Infra NYC community 🫶
for the first time ever.. I'm sharing the @beehiiv seed deck we used to raise $2.6M back in 2021 curious how we convinced nearly 30 people to wire us money to enter an impossibly competitive space? access it below 👇🏽
Life feels rough for early-stage venture, and it has been. But late-stage took a much deeper haircut in total funding over the past 2 years.
My dads an incredibly smart man. •Great leader •Can fix anything •Socially strong & networks well •Read a book a week for 30 years He NEVER moved up in his company. I asked him WHY & the answer he gave me brought me to tears. Here’s THE BEST LESSON my dad ever taught me.
@mgorb79 Or those who call them SAFE agreements. Huge pet peeve
Big thread on startup fundraising on SAFEs and Convertible Notes - all data from before any priced rounds. Pre-seed, "seed on SAFEs", etc. Data from more than 100,000 SAFEs signed by Carta companies since 2020. Lets go
@mgorb79 Haha my lawyer actually corrected me on that once. They are "agreements", not "agreement notes" 😝
@milesbemberg @mgorb79 If the Founder is operating in good faith, then the company and investors can mutually agree to convert outstanding SAFEs to equity at mutually agreeable terms.
So many problems could be mitigated by founders making this an early priority. To get the benefits of limited liability by virtue of having a corporate entity, you have to actually adhere to all corporate formalities.
Founder pro tip: if you’re still handling your own board minutes (lots of companies don’t invite counsel to attend board meetings until after they’ve raised a decent sized round, though there are definitely advantages to having company counsel start attending sooner), draft and…
⬛ What does a structured term sheet look like? Anything that deviates from these market terms. Some years ago, an associate at a law firm told me that Pay-to-play provisions were "very common" at Series A—as in, a Pay-to-play provision was inserted in almost all venture deals…
$10m Safe rounds happening because investors are reluctant to price the round. This doesn’t feel healthy or sustainable. Who can explain what’s happening here?
I am a financial planner that works with the wealthiest 1% of people in their 30s and 40s I wish everyone understood these 10 critical lessons about finance:
My wife is 38 weeks pregnant. My son is throwing up with a 102.5 fever. What do I do if my wife goes into labor right now?
I’ve recently been asked a lot about my posts over the past few months where I talk about my "hiatus" and “eat pray love era.” Since y’all really are nosy I guess it’s time to tell y’all something that a few more private chats and my other social media channels know. I recently…
Feel like Dogpatch is gonna be a dope place to live in 2-5 years w YC there now
Woof. “Add to calendar” on @CopaAirlines website does not adjust for timezones appropriately Showed up to my flight thinking I was 2 hrs early. I had already missed my flight. Silver lining is I got to try out Korean Bbq in São Paulo! Muito boa!
Cost of capital is on🔥: 📈 In Q4 2023, 75% of convertibles on Notes vs. SAFEs 📈 Interest rates—5% to 10% from 2019 to H2 2023 📈 Discount % in H2 2023: 85% of convertible notes are carrying a Discount of 20% or more 📈Discounts >20% surged 2x from 16% in 2022 to 34% in 2023
Our Palo Alto office welcomes Michael Gorback as a partner in the Corporate practice area. Click here to learn more about Michael's experience in the startup corporate practice. ow.ly/MfR850QWBn2
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