How a Consumer Hired a Lawyer to Draft a SAFE Note in Delaware (May 2022)

In 2022, an individual in Delaware sought assistance with drafting a share purchase agreement related to a new venture co-founded with their brother. The client aimed to acquire a 5% ownership stake in a startup valued at $106,000, having agreed to invest $3,200 for 3% of the shares while earning the additional 2% through part-time contributions. Given the complexities of choosing between different agreement structures, including common share purchase agreements, SAFE notes, and convertible notes, the client required professional guidance to ensure their interests were protected. As a result, the client received four proposals from qualified lawyers, with flat fee bids ranging from $1,000 to $2,000, all submitted to meet the client's deadline of less than