Introduction
This article explains what to expect during the legal review step of a workflow that is being run by one of your clients.
Reviewing Documents
Once a company representative starts a workflow, they will select the specific terms necessary to generate the appropriate documents (e.g. in a workflow to create option grants, they'll have the ability to create the grant documents and a board consent). Once they have entered the necessary terms and have passed the checkpoint, you will receive an email inviting you to log into the platform to review the document(s).
When you log into the platform, you'll see a notification next to the company's name that there are documents awaiting your review.
You can also click the number in the top right corner to see any pending tasks or workflows requiring your attention.
You'll be presented with a list of the documents your client has created as part of the workflow. Click the arrow on the left of the document name to expand an outline of the document. You can also download a PDF copy of the document by clicking Download.
Making Edits
Click Edit Document to make changes. An outline of the document will display. Here you can click into the sections of the document, and can add a custom section if necessary.
Expanding the document from the Legal Review page will show a more detailed summary. Click on any of the Edit icons to open the editor for that specific section.
You will have different editing options depending on the different type of section selected. Some sections will have dropdowns or other fields that can be changed as in the screenshot below.
Other sections will have text blocks that can be edited. Click on Customize Section Text to open the text editor. Any highlighted sections are dynamic content blocks that will update based on the changes to the terms or data.
Use navigation buttons to go to the previous or next sections, or you can click Back to Outline.
Blank Fields
Blank fields and placeholders in documents generated as part of a workflow indicate that a date will be filled in once the document is complete and all signatures are captured. You can read more about blank fields in our Blank Fields in Documents article.
Signature Blocks
Signature blocks also may not be set yet at this stage. If you're dealing with a more complicated workflow like an equity financing, the signature blocks will be set later when the investor logs in and provides the information regarding their entity/fund/etc. that will populate the signature block. Although signature blocks vary from workflow to workflow, you can read more about the specifics of an equity financing workflow in our article that explains how signature blocks get set in the equity financing process.
Capturing Your Edits
Once you have entered the changes on a document, click the Save button. Repeat the edit steps, if necessary, on any other documents included int he workflow.
When you are ready to return the documents to the company click Request Changes on the bottom left of the legal review page. You'll be able to provide notes explaining your changes to the client and indicate if another round of review should be required before documents go out for signature. Click Save to send the document(s) to the client for them to review and accept your changes.
Accepting Documents
If no changes are necessary, click the Accept button on the bottom right. A confirmation will display with links to download the documents. The user that started the workflow will be notified that the review has been accepted and can continue on their end.
Screenshots are for illustrative purposes only.
Fidelity Private Shares LLC provides cap table management and other administrative services to private companies and their equity compensation plans.
Fidelity Private Shares LLC
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