Startup Lawyer Chats: Demystifying a Lawyer’s Work with Entrepreneurs & Startups

On March 12, 2024, the John F. Scarpa Center for Entrepreneurship and Law, the Entrepreneurship Law Society, and the Corporate Law Society welcomed Jeff Bodle from Morgan Lewis, Jay Jumper from Troutman Pepper, John Hutar from Goodwin, and Scott Young from Mayer Brown, who spoke about their experiences working with startups and emerging companies in the venture capital ecosystem. Moderated by Scarpa Fellow Carlos Juarez (’25), students gained insight into the panelists’ emerging companies and venture capital (EC-VC) practices, the unique nature of the attorney-client relationships within these practices, and how the panelists’ entrepreneurial spirit plays a role in their legal careers. The panelists also discussed how law students and new lawyers can pursue careers in EC-VC law.

"EC-VC lawyers must think like entrepreneurs to identify and understand their client's needs effectively."

Jeff Bodle, based in Morgan Lewis’ Philadelphia office, described an EC-VC practice as consisting of lawyers specializing in certain areas, such as M&A, financing, private equity, and technology transactions. Jay Jumper, based in Troutman Pepper’s Berwyn, PA office, and head of Troutman Pepper’s venture capital practice, described his practice as diverse, ranging from representing investors in growing companies, to helping companies raise capital, and also running point on commercial and day-to-day issues that emerging companies face. John Hutar, based in Goodwin’s Silicon Valley office, explained that his is a “lifecycle” practice, where he represents startups from their initial financing phase and continuing throughout the corporate lifecycle. 

Each panelist spoke about the unique nature of attorney-client relationships in EC-VC practice groups. Scott Young, a partner in Mayer Brown’s Salt Lake City office, discussed that CEOs and founders come to rely heavily on lawyers that specialize in working with emerging companies because the lawyer will have seen the startup process many times before. Lawyers know what can go right and wrong during a company’s early stages, allowing them to guide entrepreneurs more effectively.  John emphasized that EC-VC lawyers see hundreds of startup cases in their careers, which is exposure that most entrepreneurs do not have. Thus, EC-VC lawyers can not only provide legal guidance but can also advise founders on business strategy. Jay considers his role to be part-attorney, part-counselor. In addition to his legal practice, Jay finds himself in “listening mode” with his clients, occasionally for hours at a time, to ensure that they are heard and are communicating effectively with their board of directors. According to Jay, this counseling role is unique to the early-stage growth model, as it involves walking shoulder-to-shoulder with the founder and growing alongside them.

Carlos then asked the panelists how their entrepreneurial spirit manifests in their legal practice. Jay’s entrepreneurial spirit is most evident when he helps a client achieve a positive result, and through his constant drive for self-improvement, while passing his expertise down to his associates and team members. John is entrepreneurial by being thoughtful and intentional about his client relationships in pursuit of building his own successful practice. Scott is not only entrepreneurial when working with clients, but as a founding partner of his firm’s Salt Lake City office, he is entrepreneurial by running the business functions of his practice every day. Finally, Jeff explained that because their clients are entrepreneurs, EC-VC lawyers must think like entrepreneurs to identify and understand their client's needs effectively.

The panelists shared advice for law students and young lawyers seeking involvement in the EC-VC space. Jeff believes that there is no time like the present to learn as much as possible about EC-VC law, whether by keeping up with the market, following VCs on social media, or by checking Thomson Reuters’ Practical Law or Practising Law Institute to stay current. He also suggested finding opportunities to volunteer in EC-VC ecosystems. Jay recommended that new (and experienced) EC-VC lawyers approach clients with practicality; lawyers should not focus on trying to be perfect, but rather on successfully negotiating financing and getting the job done for their clients. He also stressed the importance of expanding professional relationships in and out of the firm. Lastly, Scott advised students that there is no substitute for the experience and repetition gained in a law firm setting. He encouraged pursuing EC-VC internships and externships and seeking an EC-VC law mentor within the field for further guidance and relationship-building. 

All four panelists emphasized their passion for their work and encouraged students to explore EC-VC law as they navigate their interests and potential career paths.