Do-It-Yourself . . . Part 2
In a post a few weeks ago found here, I discussed the advantages and disadvantages of some legal self-help tools. In the last few weeks, some new and interesting tools have shown up. For example, Wilson, Sonsini, Goodrich and Rosati developed a Term Sheet Generator. The description of the tool from the website is as follows:
This tool will generate a venture financing term sheet based on your responses to an online questionnaire. It also has an informational component, with basic tutorials and annotations on financing terms. This term sheet generator is a modified version of a tool that we use internally, which comprises one part of a suite of document automation tools that we use to generate start-up and venture financing-related documents.
As I discussed in my earlier post on this topic, legal self-help tools can be very powerful and very useful for businesses in certain circumstances, but they should only be used under the right circumstances. You should make sure you understand the risks and shortfalls of any legal self-help tool so that you don’t get caught in a trap for the unwary. If you decide to use a legal self-help tool, you should be certain that you understand what the document does (and does not do) and make sure it accomplishes your goals and does not have any unintended consequences. I would encourage business people to carefully analyze legal self-help tools and make sure they are appropriate under the circumstances. Most importantly, make sure to check with an attorney if you have any legal questions, recognizing that legal self-help tools do not provide legal advice.