TLDR
- Being a General Counsel at a startup requires you to be a good generalist
- If you’re the first lawyer at a startup, you’re going to be doing everything
- Communication is key and take the time to meet with your team and the C-suite
- Learn how to clearly illustrate issues and communicate in a succinct way
- Don’t underestimate the power of ALSPs (Alternative Legal Service Providers)
Resources Mentioned
Intro
- Meredith Smith is the General Counsel at Stash, the personal finance app, helping +5M Americans reach their financial goals.
“I Put the General in General Counsel” - Direct Quote from Meredith Smith
- Meredith started her law career at Sullivan & Cromwell in the Financial Institutions Group.
- She worked at S&C for 9 years where she was trained in a “generalist philosophy.”
- Meredith was the first lawyer to be hired at Stash
- S&C career counseling center connected Meredith to Stash
- As the only lawyer at Stash, she had her hands in everything. You name it, she did it
What A Normal Day Looks Like
- In the morning, she catches herself up on the latest legal and regulatory news by reading:
- Lexology
- Investment Advisor Association
- SIFMA
- Meredith’s role has evolved to include more management as she’s moved from a VP level to C-suite level
- Meetings galore! Meredith has recurring meeting with:
- C-suite and senior leadership
- One-on-ones with everyone that reports to her
- Skip-level 1:1s
- Cross functional meetings
- The rest of the day is TBD based on what’s going on in the world of Stash
The Dark Side of Being A Speedy Email Responder
- Stash is a client of Lawtrades and our cofounder Ashish reveals to Meredith, “You’re one of the fastest [customers] to respond to emails”
- Meredith watches her email and Slack “like a hawk”
- But she wants to incorporate “makertime” AKA blocking off 2-3 hours of the day to sit down and work with no distraction … this would mean turning off all notifications
Making The Transition from A Law Firm to A Startup
- At S&C, Meredith was expected to be available at all hours of the day including weekends
- The daily pace of a startup is super fast and requires you to make decisions quickly
- Learn how best to accumulate facts and get a decent handling on the law
- You have to be comfortable making decisions when you don’t have the full story
How to Navigate The Annual Board Meeting
- Board meeting is only a couple of hours, so focus on explaining high ticket items in a succinct way
- You’re not going to hit everything you want at a board meeting
- Discuss the most important issues and the biggest risks facing the company
Be Real with The C-Suite
- Make your communication real
- Here is the issue. Here is how it could go wrong. Here is how it could affect us.
- Don’t be abstract when presenting an issue; explain it using this logic - “If this then that”
- Always include TLDR (To Long; Didn’t Read)
- People don’t read long emails so hit high levels and go from there
Skills Every GC Should Have
- Be curious about the business, industry, and macroeconomic environment.
- Learn everything you can
- You don’t need to be an expert in everything, but be well versed so you can speak with outside counsel or a Lawtrades lawyer
- Subscribe
Why Every GC Should be Buddies with The CFO and Finance Team
- Prior to coming to Stash, Meredith had little experience creating a budget headcount and hiring plans
- Build a good relationship with the CFO and finance team, so if you make a mistake in the budget, you have leeway
The Most Asked About Question: Headcount
- Look a year in advance when thinking about headcount
- Salaries are a very big part of budget
- Base your hiring off of the company-wide employee projections
- Checkout TechGC
Factor Outside Counsel into The Budget
- Think strategically
- Ask yourself questions like:
- Is the company releasing a new product that requires a specialized lawyer?
- Are we fundraising?
Your First Time…Hiring Of Course!
- Use a legal assistant or paralegal before your next legal hire
- Consider what takes up most of your day; decide if your energy could be better directed towards other, higher-level issues
- Don’t hire a lawyer if you’re giving them tasks that isn’t helping them grow their career
Thoughts on ALSP And Outside Counsel
- Big law firms will always have their place and are a great one-stop-shop
- Use cases for big law firms include M&A, IPO, fundraising, debt fundraising, and large, complex deals
- ALSP (Alternative Legal Service Providers) like Lawtrades satisfy a very different need, Meredith has used Lawtrades twice - once for her maternity leave and a second time for a colleague’s maternity leave
- A resource like Lawtrades is great because they have access to lawyers of a high caliber and extensive in-house experience
The Question We Love to Hate: Is NYC Dead?
- NYC is Stash’s headquarters
- Stash is indefinitely remote but definitely plans to come back to NYC when it’s safe to do so
- Meredith is confident NYC will come back
Last Thoughts
- Meredith’s biggest concern using Lawtrades was if the lawyer could get up to speed fast enough
- The lawyer surpassed Meredith’s expectations
- “She’s awesome.”
- “Don’t think that someone can’t get up to speed quickly. It’s possible if you do it the right way on your end and the lawyers end.” - Meredith Smith
Lawtrades Helps General Counsels Prepare for Maternity Leave
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