What is Shoobx?
Shoobx provides an all-in-one solution for managing a startup’s corporate legal activities by facilitating Equity Management, HR, Corporate Governance and Financings in a single platform. We believe startups need legal advice, and their lawyer is a fundamental part of the company’s world in Shoobx. Our platform allows attorneys to collaborate with companies easily and efficiently, for everything from incorporation to financings.
What is a Workflow?
The Shoobx platform includes over 50 workflows that fall under the categories of Corporate Structure, Governance, Government Filing, Human Resources, Equity, Financing, Data Room, and User Directory.
- Each workflow takes the user (either by the company or their lawyer) through a step-by-step process of gathering specific information.
- Legal documents are generated based on information that was gathered during the workflow.
- Documents are circulated for legal review (if the workflow is being run by the company) and sent out for electronic signature(s).
- Signed documents are stored in a secure data room, and data from those documents populate other reports in Shoobx, such as the Cap Table.
What documents does Shoobx create?
Shoobx workflows generate a range of legal documents, the templates for which were prepared by our legal team (who are largely Goodwin Procter alumni). These templates are currently being used by attorneys in over 100 law firms who represent hundreds of clients on Shoobx. A few examples are below:
- Equity: Stock Incentive Plans, Stock Option Agreements, Restricted Stock Agreements, and Founder Restricted Stock Agreements.
- Human Resources: Offer Letters, Employee Confidentiality and Assignment Agreements, and IP Contribution Agreements.
- Corporate Governance: Board Consents, Board Minutes, and Stockholder Consents.
- Fundraising: SAFEs, Convertible Notes, and the NVCA and Series Seed equity financing documents.
What is the lawyer's role in Shoobx?
Counsel involvement is an important part of a company's success on Shoobx. Companies and their lawyers decide how they want to work together in Shoobx—by identifying which workflows should require counsel review and which workflows should be set as counsel review optional.
The first step is for a company to register counsel on Shoobx. Once that is done, the company and its lawyer decide on Counsel Involvement Settings. This screenshot below outlines a typical batch of counsel involvement settings.
How does counsel review work?
When a company runs a Shoobx workflow that is set to counsel review required, or which a the company indicates that they would like their counsel to review, the lawyer will be notified by email that documents are ready for their review, and be provided a link to that process.
From here, the lawyer can view the document template and the generated documents. If the documents are acceptable, the lawyer can approve them, or if changes are necessary, the lawyer can incorporate those changes into the documents and send them back to the client for review.
We'd be happy to walk through some examples with you, or provide any other training on legal review that would be helpful. Please reach out to our client services team anytime at firstname.lastname@example.org.