The COVID-19 pandemic continues to pose uncertainty for businesses, affecting fundamental strategic and operational decisions. Things are even more challenging for startups and SMEs. One small mistake could lead to a major catastrophe.
Last year, amid the lockdown, founders reading contracts with key stakeholders like vendors and customers were astounded by the legal impact of what they had signed up for, says Vijay Sambamurthi, Founder and Managing Partner, Lexygen.
To help these startups, Lexygen launched a COVID Pledge — offering top-quality legal advice for free of cost (up to a specified limit of value) — to help them deal with these issues.
“Our advice has real monetary and strategic value, and the fact that we not only provide it free, but provide it with the same commitment to quality as if it is a paying deal, has been highly appreciated by our service recipients last year,” says Vijay.
Last year, Lexygen donated approximately 50 lakh worth of legal advice to a mix of startups and later-stage Indian businesses. This year, the COVID Pledge 2.0 has been increased to Rs 1.10 crore worth of legal advice.
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“The COVID-19 pandemic has turned out to be not just one crisis, but a series of constantly evolving crises. In such a scenario, what most founders don’t even anticipate, let alone plan for, is how to avoid stepping on legal landmines.”