How to Set Preferences for Counsel Involvement

Using Fidelity Private Shares, you can configure when and how your attorney is involved in your corporate actions. Each company is unique, so you'll need to work together with your counsel to tailor a plan for their involvement in your account.

Once you and your counsel have agreed upon which workflows must be reviewed by your lawyers, you can change your counsel settings to reflect this.

NOTE: This article assumes that your company has already registered counsel and you are making subsequent changes to your counsel settings. If you are instead interested in registering counsel for the first time, please see our other article.

To change your counsel settings, a Full Company Access user can follow these steps:

1. Select the Administration Workspace by clicking on the gear icon in the lower left-hand corner of your screen.
2. In the Administration Workspace, select Counsel Administration under General Settings.
3. You can see your registered legal counsel and if you toggle to Counsel Involvement in the grey bar, you'll be able to adjust the workflow settings.
4. Here, you will see a page titled Permissions for (Your Law Firm). A pen icon on the right with the word Edit adjacent to it will allow a full company user to make changes for the legal team's permissions.
5. Check and uncheck boxes until you've made your edits. Note that some workflows are in grey or locked and cannot be altered--this is because Fidelity Private Shares requires that these workflows receive legal review.

Editing these permissions will change which workflows require legal review before they are completed, and show which workflows are optional/require no legal review. You will also be able to change which workflows trigger email notifications to your legal team.

Once you have changed these permissions, your lawyers will receive a notification to verify your changes. You will not be able to finalize your settings unless your lawyer logs in and agrees. Fidelity encourages founders and their legal advisors to have open conversations, which is why this process should be done in a manner that is mutually acceptable to both parties.

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Fidelity Private Shares LLC provides cap table management and other administrative services to private companies and their equity compensation plans.
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