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What does Clerky do?

Clerky, usually known for its software services that helps startups and attorneys to ease their legal paperwork. Due to this many startup founders in Silicon Valley call it as “secret weapon” for years. Numbers of Y Combinator co-founders utilize Clerky to get business done i.e. get their venture on papers. In order to take Clerky to next level, the company is now introducing to new range of tools for startups related to Hiring and Funding. The main motto is to aid startups other than their incorporation services.

The company was co-founded in the year 2011 by Darby Wong and Chris Field and it emphases on the needs of startups, not just small business but also companies that wants elevate its growth, funding and much more. Most of these companies also issue equity compensation to consultant, employees or advisors.

Mr. Wong, CEO of company believes that their software eases work for founders of startups about their legal paperwork done without much mess without the need of spending much money on lawyers or paralegals and even time consuming clerical work. They are also clear that Clerky is not trying to replace any lawyers. In fact they are addressing one of the startups biggest concerns – saving money on legal advices and paperwork.

Clerky’s software – Formation, Fundraising and Hiring consists of attorney-client collaboration service too. Simple example of it could be, startups founders can hire lawyers to ensure everything what they type into Clerky system and get description whenever they close on new investor. They can use the Clerky too when they want to converse about best solutions on employee’s vesting provision.

How it helps startups and founders?

A common attorney will usually charge thousands of dollars from startup for handling their seed funding whereas Clerky’s Fund raising tools costs only $99 for duration of six months on unlimited issuances of SAFEs(Simple Agreement For Equity) or convertible notes. Companies which has used Clerky to form their business are also needed to pay $99 setup fee due to evaluating their business model and to ensure they are clear to begin with SAFEs issuing and convertible notes.

Clerky is not the first startup which provides the online business incorporation, it also has various competitions with other platforms with Stripe: Atlas, LegalZoom or BizFillings.com. These companies focus on basic business formation but don’t aim at “hyper growth” startups with a Silicon Valley mindset. Clerky face less rivalry when it comes to fundraising and hiring services where the traditional way to negotiate are still done with consultancies, law firms or documents  available from VC blogs or law firms

Do share your thoughts about these online legal services for new startups and how helpful it is in our comment section below.

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