Careers - Cara Stone, LLP

Get a Team and Boost Resources for Growth

Invest in my Own Future and Get Investment from the Firm

Focus on Personal Growth and Get out of Firm Grind

The things I want to gain at Cara Stone:

More stable workflow–supplement income in slow times by picking up extra work
Lower overhead and economies of scale in purchasing decisions
Better compete with large firms for business and stop losing good clients to larger firms
Additional support on projects, without the hassle of co-counsel agreements, etc.
More income from cross-selling opportunities with lawyers who have different focus (for example, patent, litigation, trademark, tax, real estate)
Expanded investor network for clients
Sell larger clients on capabilities in local market by being part of a larger group
Business coaching to boost business development
Firm investment in marketing plans specific to my practice
Better, big firm quality resources for lower cost
Institutional level malpractice insurance

Get investment in my own business development, not just in the firm’s general advertising
Earn more and have more certainty
Gain active business development training and direct support for my practice areas
Advance more quickly, without artificial limitations based on seniority
Gain a lot more freedom—make your own hours, focus on outside activities or family
Collaborative team members, not competitive team members
Ability to work from multiple offices or move around locations
More time for business development
Modern practice and client collaboration tools
Work with people who like what they do and their practice
Fun with the practice of law

Enjoy life more
Focus on all aspects of life, not just practice
Focus more on family, hobbies, investments, friends
Pass on skills to other lawyers and share work
Leave clients in good hands, with qualified people and a solid firm culture and value system
Continue to earn income as retirement or transition to other fields is phased in
Focus on practicing law, not administrative nonsense
Leave a legacy in law with others

The Problems I Want to Solve:

Unstable workflow, unable to supplement income during slow times
Losing clients to larger firms Lack of support on large projects
Don’t have people that they can cross-sells with at their firm
Lack of investor network
Living in a small market with limited capabilities
High overhead costs
Limited resources—no marketing team to help

Significant portion of income is tied to uncertain or unclear “discretionary” factors determined by comp committee;
Too many politics
Lockstep compensation is no good—no upside or reward for efforts or risk
Committee meetings controlling future
The firm teaches no business skills to grow practice
Stress of competing with other areas of the firm for resources
Can’t do business development at firm without losing time on billables and getting in trouble
The firm is not interested in what it believes are “new” practice areas or emerging areas of law

Hate going into office to work
Billable hour requirements will never truly end
No legacy without attorneys to take over practice s
No business skills to grow practice
No way to continue to earn money without continuing to work
Sick of practice administrative burdens and costs
Low confidence in other lawyers of the current firm in handling business
Go back to focusing on cases that I truly enjoy

About our Process

Transition can be difficult. It can be even be hard to simply think about moving. Let’s make this easy on both of us. Here is what to expect if you click the link above:

We will keep your information confidential.
We will send you an email with some more information about your particular goals and our firm. We will request a time and date to speak by phone or web conference (again, we understand discretion here).
If you are still interested (and we are still interested), we ask you to complete an online questionnaire (this is confidential).
We collaborate on a transition plan (this is tailored to your specific situation). We give you the opportunity to ask our partners about the firm and get to know what it is truly like working together as part of the team. We believe in transparency and that this needs to be a fit, so we want you to get a good feel for things.
Management presents interested candidates to other partners to for review.
We make an offer and send the transition plan.

Cara Stone is actively recruiting attorneys from complementary practice areas.

Cara Stone is a highly selective entrepreneurial firm that provides the dynamic client service, teamwork, and expertise of a high-end boutique law firm.

As a Cara Stone attorney, you control your earnings and growth potential. You’re encouraged to collaborate and discuss ideas with other attorneys, expand earnings potential through cross-selling and to enjoy the benefits of the firm’s business development, marketing, operational, and administrative support. We discourage in-house politics with transparent and measurable compensation that defines earnings up front when any new matter is opened – not at the end of the year behind closed doors.

The firm is looking for excellence, and welcomes applications from highly qualified candidates looking for a change. In making lateral hiring decisions, academic performance, previous work experience, and a prospect’s ability to provide clients with the best possible work product are all considered. All applications from lateral candidates will be reviewed on a confidential basis.

To practice law at Cara Stone, we require the following from partners

Exceptional legal ability and academic credentials
Book of business or executable plan to acquire significant business quickly
Entrepreneurial experience or other professional experience in organizations
Excellent attitude which fits our core values and culture

Blog

How Does Fundraising Work?

February 6, 2023February 8, 2023 No Comments

Disclaimer: This post discusses general legal issues, but it does not constitute legal advice in any respect. This post is not a substitute for legal advice and is intended to generate discussion of various issues. No reader should act or refrain from acting on the basis of any information presented herein without seeking the advice of counsel. Cara Stone, LLP. and the author expressly disclaims all liability in respect of any actions taken or not taken based on any contents of this post. The views expressed herein are personal opinion.

A common misconception is that a founder owns 100% of the company, and therefore, if the founder brings in investors, they are selling their shares to the investors to bring them into the company.

For founders who are new to raising money for a business, fundraising can be counter intuitive.

However, this is incorrect. In fact, founders do not sell their shares to investors. Founders are selling authorized, but unissued shares in the company. When an investor decides to invest in the company, the investor is investing their money directly in the companies bank account and expects the funds to be used on company growth. In exchange, the company sells the investor authorized (previously unissued) shares at some agreed upon terms.

For instance, if a founder knows they want to bring in investors, they may create a company and create 200 shares in that company. The founder may issue themselves 100 shares. At this time, the founder owns 100 shares in the company and 100% of the company. However, 100 shares are unissued and set aside to sell separated to investors. If the company sells 50 additional shares to investors, the founder will still own 100 shares, but will own 66% of the company. While the percentage of the company the founder owns may drop, the actual number of units does not. Because those units will increase in value over time (and because the founder likely paid very little for those units) the founders interest in the company will continue to grow.

On the other hand, it is possible for the founder to sell some of his/her units in the company. However, in this situation, the money would flow from the investor to the founder personally and should not be used for company purposes. This is often a tool for founders to bring in personal capital after the business has already made grown.

In the venture capital context, companies will raise funds by selling previously unissued shares. Often times, when a company goes to do a financing, they will go through the process of re-evaluating and amending the total number of shares that they have available to be issued. This is why a cap table is so important. It can help founders see how the amount they raise will impact their equity in the company and can help them plan for the number of shares that need to be authorized to meet their goals.

Cara Stone has a free Cap Table Tool which you can download here. This can help founders at any stage plan for future investment, evaluate their stakes within their company, set aside options for employees and much more.

Disclaimer: This post discusses general legal issues, but it does not constitute legal advice in any respect. This post is not a substitute for legal advice and

insights

Louisiana companies raised over $130M across 33 deals in 2019

May 14, 2020 No Comments

Cara Stone, LLP (“Cara Stone”) is pleased to present the Venture and Angel Capital Report (the “Report”), covering venture and angel capital activity in Louisiana from 2011 to 2019.

Companies in Louisiana raised over $130M across 33 deals in 2019. The total capital raised in 2019 declined by approximately $60 million from 2018. Louisiana companies raised more venture capital in 2018 than in any other year in our reporting period. Despite the decline in capital raised, the total capital raised in 2019 is significantly higher than the average capital raised in a given year over the reporting period ($96M).

Louisiana companies completed 33 rounds of venture capital financing in 2019, the second-highest deal volume in our reporting period. Prior to 2019, deal volume had been steadily falling. However, the increase in deal volume in 2019 fits into a pattern of spikes in deals every 3 years. These spikes are likely caused by a combination of new companies entering the market, and established companies seeking bridge rounds.

Between 2011 and 2019, Louisiana companies raised over $862M in venture capital and completed a total of 224 deals. Mid-sized eco-systems across the country may be tempted to compare themselves to large markets where more data is available. Louisiana should resist this urge. Instead, Louisiana should look to other similar-sized markets or slightly larger market to benchmark growth. Compared to other markets with similar population size, Louisiana remains a leader in entrepreneurship.

The Louisiana Venture Capital Report also explores average and median deal size, industry trends over time, corporate structures, geographic trends and more.

Cara Stone, LLP (“Cara Stone”) is pleased to present the Venture and Angel Capital Report (the “Report”), covering venture and angel capital activity in Louisiana…

Download

Blog

Voting vs. Non-Voting Common Stock

January 23, 2023February 6, 2023 No Comments

Companies have the ability to issue both voting and non-voting common stock to shareholders. Voting common stock allows the shareholder to participate in corporate decision making through the use of their voting rights. Non-voting common stock does not come with voting rights, but the shareholder is still entitled to receive dividends and other financial benefits associated with being a shareholder.

While it is possible for a company to issue both voting and non-voting common stock, it is not typical for companies that are seeking angel or venture capital financing to do so. This is because these types of investors generally expect to have a say in the company’s decision making process and therefore prefer to hold voting common stock.

Instead of issuing both voting and non-voting common stock, it is more common for companies to issue common stock in the form of a restricted stock grant to key employees, such as co-founders or early hires. For other individuals, such as future employees and contractors, the company may issue options, which are the right to purchase stock at a future date at a predetermined price. These options are usually subject to vesting, meaning that the individual must meet certain criteria before they can exercise their options and receive actual shares of stock with voting and dividend rights.

In summary, while it is possible for a company to issue both voting and non-voting common stock, it is not typical for companies seeking angel or venture capital financing. Instead, these companies usually grant restricted stock to key employees and issue options to other individuals. Options give the holder an equity-like interest in the company, but do not come with voting or dividend rights until they are exercised and the individual becomes a shareholder.

Disclaimer: This post discusses general legal issues, but it does not constitute legal advice in any respect. This post is not a substitute for legal advice and