You’re raising or deploying capital in the United Kingdom. The terms you accept now set what the next round is able to look like.
Information, not advice
This page is information, not legal advice about your matter. A retainer begins only when a lawyer confirms it.
Start here
Look past the valuation at the terms that follow you
Preference, ratchets, consent matters and drag rights shape every round after this one. The headline number rarely does.
What to work through, in order
The terms that compound
Preference, ratchets, consent matters and drag rights are the terms that persist. BVCA model documents are a common starting point and departures from them are worth understanding.
Founder and employee equity
EMI options offer favourable tax treatment where company and employee conditions are met, and advance assurance is commonly sought. Growth shares are an alternative where EMI is unavailable.
Investor eligibility and incentives
SEIS and EIS reliefs materially affect investor appetite, and advance assurance is usually obtained before the round. Disqualifying arrangements are easy to trip over.
Next steps
What happens if you go ahead
Scoping call
Written scope and fixed-fee quote
Engagement, once a lawyer confirms
Who would handle it
Offices
London
25 Southampton Buildings, London WC2A 1AL