The startup typically will retain their lawyer to manage this transaction because they want to control their cap-table. However, since it's a fairly common practice, the law firm can be pretty efficient here.
With respect to the fund, it really depends on what fund administrator and the law firm the firm retains. Warehouse transfers are included in the Decile Launch offering. However, it's not uncommon for other law-firms and administrators to charge for this service.
With respect to the fund, it really depends on what fund administrator and the law firm the firm retains. Warehouse transfers are included in the Decile Launch offering. However, it's not uncommon for other law-firms and administrators to charge for this service.
To clarify, how much would the startup have to pay their lawyer to manage this transaction, even if it is efficient?
For context, I am trying to convince a rockstar startup that is closing their round in the next week to keep me in mind. They really want me in, but are eager to close their round and have interest from others. Even though I have 10% in PACTs there is no way for me to close the fund within a week. I am wiling to write an angel check to try to transfer later but the startup doesn't want to incur any significant (> ~ $200) costs to transfer the deal later.
It's hard for us to estimate this, but, we have seen lawyers do it at no or minimal charge if it's just a basic SAFE. You can tell the company that this is pretty standard practice. If it's a more complicated transaction like preferred shares, the company council may need to do more work.