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Venture Legal

Can the law firm of one of our fund partners (GP) advise a portfolio company on trademark registration? (that firm is not our fund counsel)

I understand a law firm advising a venture fund should not also advise a portfolio company in that fund due to potential conflicts (especially with corporate counsel).

One of our fund partners is also an attorney in a firm that does patent/trademark registration work. (The fund uses a different firm for legal counsel) With a specific scope on trademark registration, there seems to be little chance for conflict in that narrow scope -- more of a value-add.

Is the answer the same regardless of the partner's firm association? Firm Partner, Fund GP, Venture Partner?
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Answered by

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They can. Typically the law firm partner will evaluate if there is a conflict and recommend the next steps. Often they will recommend that someone else in their firm lead the project. 
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Answered by

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Generally yes - there is also often a conflict waiver put in place as well. 

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