COVID-19 Crisis Mitigation Legal Packages – Find Out More

COVID-19 Crisis Mitigation Legal Packages

NEXT is an innovative new model for delivery of legal services for the full life-cycle of start-up and emerging growth companies.

NEXT provides predictable legal fees through over 70 (and growing) fixed price packages and service bundles, direct access to high-touch legal service delivered by NEXT senior attorneys and a robust technology enabled, client-centric customer experience that is more collaborative, transparent and efficient.

Announcing – COVID-19 CRISIS MITIGATION LEGAL PACKAGES

As a result of COVID-19 and the federal, state and local governments’ unprecedented actions, founders and their crisis management teams across the country are facing “save the company” decisions and actions every day.  NEXT has developed a series of Fixed Price Legal Packages under the NEXT Platform to help founders manage and mitigate the impact of this crisis.

WORKFORCE GUIDANCE AND SEPARATION PACKAGES*

NEXT provides senior-level counsel for a candid assessment of your workforce and, when appropriate, guidance in determining the best means to terminate existing relationships.

Workforce Assessment and Strategic Guidance.

A senior-level counsel will help you assess and triage your company’s current needs, challenges and options in an up to 2-hour counseling module. This offers both a candid review and guidance as to which pathway(s) make the most sense for your company at the present time.

Senior Employee Departures.

Specific guidance and separation documentation (Severance/Release Agreement) for senior-level departures.

Senior Employee Departures that involve equity or deferred compensation or stock options.

Specific guidance and separation documentation (Severance/Release Agreement) for senior-level departures and resolution of additional matters related to treatment of equity, deferred compensation and/or stock options upon termination.

At-Will Employees

Termination assistance, including a review of, or suggested language for, termination notices for at-will employees (without a Severance/Release agreement).

Contractors/Consultants

Counsel regarding existing contractor relationships, termination notices, and the potential concerns unique to these individuals. Includes contract review, termination counseling to include notice review or suggested language, and post-termination considerations.

* Packages do not include matters related to ERISA (employee benefits/benefit plans) or Worker’s Compensation. Counseling regarding leave obligations in conjunction with contemplated employees actions will be limited to then applicable federal laws.

SBA EMerGENCY LOAN PRODUCT APPLICATION PACKAGES

NEXT provides senior-level counsel for a candid assessment of the best emergency loan packages available to you (including SBA loan eligibility for venture capital-backed companies) and assists with your application process.

SBA Loan Assessment and Strategic Guidance.

A senior-level counsel will help you assess eligibility for SBA loan, and triage your company’s current needs, challenges and options in an up to 2-hour counseling module.  This offers both a candid review and guidance as to which loan pathway(s) make the most sense for your company at the present time.

Assessment and Term Sheet*

A senior-level counsel will help you assess whether your 3rd party investors, including VCs, corporate investors and other institutional investors, are deemed to be Affiliates for purposes of the CARES ACT through review of relevant corporate and investment legal documents of the company. If applicable, prepare a term sheet for investors to amend certain rights and restrictive covenants to qualify for SBA emergency loans under the CARES ACT.

*Does not include any negotiation and legal documentation of any required amendments to investor or corporate documents. Separate Fixed Price Packages are available to address these needs.

Application.

Review and edit application for SBA loan package for submission to SBA or SBA lender in order to expedite filing of application and payment. Prepare a checklist for the loan package which will be customized to your approval letter. Consult with you and SBA lender on the process to avoid delays. Review loan documents with you, prepare applicable borrower consent and settlement documents for closing and coordinate the closing.

DOWN-ROUND ASSESSMENT, CAP TABlE FINANCIAL MODELING AND STRATEGIC GUIDANCE

NEXT provides senior-level counsel for a candid analysis and assessment of the impact of a down-round on your full capital stack, along with all approvals required for, and investor rights triggered by, such down-round.

Down-Round Assessment, Cap Table Financial Modeling and Strategic Guidance.

  1. Review Charter, Stockholders Agreement (Investors Rights Agreement, Rights of First Refusal and Co-Sale Agreement and Voting Agreement) and any Side Letters. Provide an analysis and assessment of all approvals required for and investor rights triggered by such down-round.
  2. Build a financial model and cap table model to assess impact of down-round and anti-dilution provisions on all securities in the capital stack.
  3. Provide strategic guidance on pathways forward based on assessment and financial cap table modeling.

INSURANCE COVERAGE REVIEW AND ANALYSIS PACKAGES*
(BUSINESS INTERUPTION AND OTHER LOSSES)

NEXT is fielding questions regarding available insurance coverage and providing review and analysis of your insurance coverage with regard to business income, business interruption losses, claims and litigation if necessary.

Review and Analysis of Insurance Policies, Coverages and Guidance

Review Insurance Policies. Provide an analysis and assessment of all potentially available coverages related to COVID-19 business interruption and losses. Provide initial guidance on claims to cover losses.

*This does not include the filing or handling of any specific claim and/or any associated litigation.

More information on Crisis Mitigation Packages