Specialized paralegals can be a great resource. Here’s a quick list of just a few things you should be able to delegate to your paralegal.
Although post-closing tasks such as compiling a closing volume is a common task, they should also be able to create and maintain a closing checklist, draft closing certificates and ancillary agreements, and provide assistance during the due diligence process. Pro tip: Utilize your paralegal as much as their able, it will alleviate deal pressure so you can focus on the main agreements and save time during the closing volume compilation process.
Research and Compliance.
Federal and State exemption research can be time consuming. Paralegals with the requisite experience have the ability to quickly navigate State and Federal securities regulations. Finding an applicable exemption from registration requirements is important, and procedures to perfect those exemptions, just the same. Pro tip: Include your paralegal well before the transaction closes. State and Federal notice requirements often require a timely notice filing.
Nowadays your clients expect lower legal fees. Drafting agreements can also be done by your paralegal. Experience will play a factor on which type of agreements can be handed-off. Acquainting yourself with your paralegal’s ability is a good start. They might be able to help with more complex situations such as financing agreements. How great would it be to be able to forward a term sheet with a deadline, to later receive a set of drafts and a pro-forma cap table for your review!? Pro tip: Have your paralegal familiarize him or herself with your standard set of forms.
Communication with your clients.
Please don’t be alarmed. I am not advocating that your paralegal give legal advice. I am saying however, that putting your paralegal in touch with your clients to obtain information needed to fill out the forms agreements, etc., to get the job done, is a great way to manage your time. An experienced, licensed paralegal will know when to rope you in when the conversation is about to become a situation when legal advice is needed. Pro tip: Have your paralegal familiarize him or herself with your client’s personality and business. It can go a long way with building the relationship.