How a Business Hired a Lawyer to Review a SAFE Note in Pennsylvania (August 2024)

In 2024, a business in Pennsylvania posted a project seeking assistance with reviewing a Simple Agreement for Future Equity (SAFE). The client was considering a $70,000 investment in a startup owned by a trusted friend and wanted to ensure there were no hidden red flags in the SAFE. They specifically noted concerns regarding the absence of a valuation clause in the document, which the owner had mentioned would occur after two years of operation, as well as certain points in the Miscellaneous section. As a result, the client received nine proposals from licensed lawyers, with flat fee bids ranging from $300 to $800, all submitted to complete the work within the requested deadline of less than one week.