Know your purpose

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The design of legal products


Making legal contracts a better experience

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Design

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Ask big picture questions, and then widen the lens:

  • What is the legal function here for?
  • What is a control function here for?
  • What is the bank here for?

Maximise return on risk by managing risk: whittling down all subsidiary/associated risks so what is left is what you are seeking return for taking. So, of an investment:

  • minimise enforceability risk
  • minimise regulatory risk
  • minimise tax risk
  • minimise counterparty credit risk
  • reduce funding costs
  • reduce transaction costs ↔ negotiation
  • reduce maintenance costs