This document is constantly in development, for it is the document that sells the fund to the market and thus must capture the market's demands at any given time. As discussed above, the pnvate placement memorandum is the result of a balance struck between the marketing component and the regulatory component. Thus, with the ongoing development of terms to address the market, there are typically corresponding changes to reflect the development of regulatory components.
With respect to these traditional documents and the developing documents and terms, counsel adds value for clients by helping them to draft such documents in a clear and concise manner. Attorneys also help clients to understand the current market for their fund and what terms and conditions would find greater acceptance in the investor market.
Overall, attorneys who specialize in venture capital must be armed with current knowledge of the industry as well as the nuances of setting terms for funds and other market-sensitive procedures. The most essential skill in this role is the ability to communicate well with a broad spectrum of people-especially clients. Good communication between lawyer and client is the foundation for success in this business, and it will help the attorney add the most value for his or her client in almost any scenario.
Luis A.guilar has a broadly-based practice involving general corporate and business law, securities law, and corporate finance. He was named as one of Georgia's Super lawyers 2004, as published in Atlanta Magazine and Georgia Super Lawyers, March 2004. He is also on the list of the Georgia Super Lawyers 2005 and is listed in the 2005-06 edition of The Best Lawyers in America. Recently, the Atlanta Business Chronicle listed him among the Who's Who in ^Atlanta's legal community. He was named the 2005 Latino Lawyer of the Year by the Hispanic Bar ^Association.
Acknowledgment: I would like to acknowledge David K. Brown for his assistance.