Sprintlaw offers smart, simple and affordable legal solutions for small businesses and startups.
Why do I need a Founders Term Sheet?
Having ground rules is always healthy for your co-founder relationships and your business, especially as your business grows and the stakes become higher. If you’re setting up a company, you should enter into a Shareholders Agreement as soon as possible, but preparing one can be a costly exercise. A Founders Term Sheet is a good way to get started!
A Founders Term Sheet tailored to the needs of your business
Phone consultations with our expert lawyers
A Founders Term Sheet is a contract setting out the key points of agreement between co-founders of a business. It governs important matters such as ownership of the business, how decisions are made, what happens when a co-founder wants to leave the business and how disputes are handled.
Our Founders Term Sheet package starts at £400. It includes drafting the document, a complimentary round of changes, and phone calls with a Sprintlaw corporate lawyer to discuss the terms you’d like to include and help answer your questions.
Generally, a Founders Term Sheet is not legally binding unless it is expressly stated in the agreement itself. However, even if it isn’t binding, many businesses use a Term Sheet to clarify the ground rules of a business and how it will be run from the outset.
This way, if things get a bit messy later down the track, parties can refer to the Term Sheet and follow a clearly set out process to resolve any disputes.
Sprintlaw is a new type of a legal practice called a ‘legal consultancy.’ This is a new, innovative model of practice which has been available since 25 November 2019 when the Solicitors Regulation Authority (SRA) rolled out certain regulatory reforms in England and Wales. You can read more about legal consultancies in our ‘FAQs’ page, here.
To work with us, just submit an enquiry through the site. After you’ve submitted an enquiry, one of our legal project managers will review your enquiry within 1 business day and get in touch to get a better idea of exactly what you are looking for.
Then your legal project manager will send through an email with a bit more information about the services you need, along with a fixed-fee quote setting out costs, scope of the service and timing. Have a read through it, and if you’re happy with the scope, you can accept and sign our engagement letter online – easy!
Once you’ve formally accepted, we’ll connect you with one of our lawyers and they will work with you to complete your project over email, phone and/or video chat – whatever you’d prefer
Our team is made up of experienced lawyers, who are specialists in various areas of law. Many of our team have trained at leading law firms and left the traditional corporate law world to join us on our mission to create a new and better way of delivering legal services. Our team has expertise in all areas of startup law, including technology law, intellectual property law, contract drafting and review, corporate law and commercial law.
Our use of technology allows our team members to work remotely from around the world, including the UK and Australia. We generally work with our clients entirely online and over the phone. Our UK team often work out of Flow Space co-working spaces in London.
We’re an award-winning, totally online law firm. Forget the hassle of meeting a lawyer face-to-face. Our top-trained lawyers are ready to help wherever you are.
Our lawyers were recruited from top law firms and use our custom-built technology to provide a better and more affordable legal service.
Commercial Contracts Lawyer
Corporate Specialist Lawyer
Intellectual Property Lawyer
1 / Get a free quote
Our legally trained consultants will prepare a fixed-fee quote for you.
2 / Accept online
Accept your fixed-fee quote and e-sign our engagement letter.
3 / Speak with a lawyer
Our expert lawyers will talk you through your project via phone, video call or whatever suits!
Receive your completed project, usually within 5 - 10 working days.
“Can't speak highly enough of my experience with Sprintlaw - quality advice, fast and efficient responsiveness and a professional product.”
“I had a fantastic experience with Sprintlaw - it was easy, cost-effective and their lawyers provided very high quality advice. I could tell they really cared about my business.”
“They’ve helped us tremendously and are seriously knowledgeable and honest. Couldn’t recommend the crew at Sprintlaw more!”