How a Consumer Hired a Lawyer to Review a SAFE Note in New York (December 2021)

In 2021, a personal client in New York sought assistance with the review of a SAFE note that included a $15 million valuation cap and a 20% discount. The client aimed to ensure that the contract aligned with generally accepted standards and was particularly concerned about any amendments that might pose a risk. They also wanted clarification on whether there was a "Most-Favored Nations Provision" or a similar clause that could affect their terms in the event that future SAFE agreements had more favorable conditions. As a result, the client received four proposals from licensed lawyers, with flat fee bids ranging from $695 to $1,500, all submitted to meet the client's deadline of one week.