General solicitation: a primer for lawyersBy http://profile.typepad.com/1237764140s22740 // November 27, 2013 in General Solicitation
Lauren Hakala and Practical Law Company are at it again.
A few months ago, Lauren, a colleague at my firm and me put together a white paper on the phenomenon of accredited crowdfunding platforms.
Now, Lauren has teamed with my buddy Joe Wallin to write a similar white paper on the topic of general solicitation in startup financings.
Most startup and emerging companies I know are not - even after all the hoo-ha around the implementation of Rule 506(c) in September - going to engage in general solicitation. However, many startups, and particularly many led by first time entrepreneurs, are purportedly doing so. (See this post for an early indication of the trends.) For folks considering exposing themselves this way, and for their lawyers, Joe's and Lauren's whitepaper is a great resource.
Securities law has changed a lot in the past year. Kudos to Lauren and PLC for staying on top of, and even a bit ahead on, these changes.
Photo: National Library of Scotland / Flickr ("The original caption identifies the man on the right at Lieutenant General Sir John Stevens Cowans (1862-1921). The other man is unidentified but also bears the shoulder insignia of a Lieutenant General.")