value as possible for his or her client. In the field of venture capital, the areas in which an attorney can most help clients vary based upon the stage of the fund's life. During the formation stage of a new investment fund, an attorney can add value by counseling the fund promoters on where the market is relative to fund terms and economics. In addition, at this stage, attorneys can assist in drafting an offering document that accurately and effectively markets the fund to potential investors. When the fund ism the operations and investment stage of its kfe, an attorney assists the fund on investments, counsels on alternative investment structures, and negotiates with the principals of the target investment. The venture capital attorney assists in the structure and formation of any entities, offering documents and other necessary filings to comply with applicable law. Among other things, clients rely upon counsel for help in preparing the fund's offering document; assisting the fund promoters with the development of fund strategy, objectives, and economic terms; and counseling the fund regarding investment transactions. Counsel also assists the fund during the end stage when the fund is selkng or kquidating its investments and, ultimately, kquidating the fund. Counsel provides financial value for clients in a number of ways, including averting potential future legal situations by helping them proactively enact pokcies designed to safeguard against actions that would violate applicable laws or result in the operation taking greater risks than desired by the firm's principals. Among the many other services typically provided, counsel will also deal with corporate governance issues and help keep track of required regulatory filings. Another benefit of having attorneys that are experienced in advising in venture capital is to direct ckents to potential investors for the investment fund and find potential ventures in which the fund may invest. The estabkshment of a good relationship with venture capital ckents involves being good at the ''blocking and tackling needed to effectively maintain operations from day to day. An attorney provides value by being there to make sure the ckent develops and maintains the appropnate pokcies, procedures, and controls to assure continued compkance with appkcable laws. 39