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Wilson Sonsini Launches Free Term Sheet Generator
The law firm of Wilson Sonsini has launched a new tool today which allows anyone to create a term sheet using their computerized generator. Altgate has a good review of the tool and notes, “this isn’t a recessionary move to give away unbilled lawyer time nor is it some sort of shift to being a pro-bono only firm.”
The tool seems easy to use and walks you through about 100 questions to create the term sheet. Each of the questions offers a description and explanation. There is a save function although it is very basic as it forces you to save a XML file which you can later import to continue the work. The ability to have multiple people work on the term sheet via a login/password might be a good upgrade for the system.
Altgate also notes, “the Term Sheet Generator originated as an internal tool for WSGR attorneys to rapidly generate draft term sheets which they would polish up and then deliver to their clients”. Altgate believes that the real customer for this tool will be other law firms and attorneys.
Naturally no free document creator will ever take the place of actually consulting with an attorney, but it could provide entrepreneurs with a free start.