The NVCA annual meeting ended a few hours ago and there were several pieces of news that I thought were noteworthy.  Normally, all the best content is saved for the last day, but not this time.

Outgoing Chairman of the NVCA, Dixon Doll has been spearheading research on the capital market crisis along with ideas on how to fix it.  In case you weren’t aware of the crisis, check this out from the NVCA press release on the initiative:

During the last decade, the number of initial public offerings (IPOs) by venture-backed companies has declined to alarmingly low levels, culminating in the 2008 drought when only six companies entered the public markets.  Given the proven contribution of venture-backed companies to America’s economic growth, the NVCA sought analysis and recommendations from leaders throughout the capital markets ecosystem over the last several months.   The resulting set of proposals looks to the venture capital industry, investment banking,  accounting professions, law firms, stock exchanges and the government to enact measures to restore a vibrant IPO environment once the overall economy stabilizes.

Perhaps the most amazing statistic coming out of the meeting was that venture-backed companies now account for over 20% of the U.S. GDP.  Let that number soak in and say "wow."  But more than just alerting us to the issues, Dixon and his group have come up with a Four Pillar Plan to re-energize the capital markets.  The four pillars are Ecosystem Partners, Enhanced Liquidity Paths, Tax Incentives, Regulatory Review.  The detail can be found in the presentation below, or on the NVCA press release.

I’m excited about what the NVCA is thinking about here.  It won’t be easy, but we need leadership here and I’m pleased the NVCA is taking this lead.

On a personal note, I’m happy to say that I’ll be intimately involved with this and other NVCA initiatives as I’ve joined the board.  It’s a great honor and I look forward to helping out in any way that I can. 

No, not weed, get your mind out of the gutter…

I’ve recently joined a site called Legal On Ramp.  It’s a discussion and collaboration forum for lawyers and it looks really interesting.  I’m new to the group, but there are many good discussions, including a current one on the American Law Institute’s proposed changes to software agreements.  One of of the key gripes is that ALI has a very closed system in determining best of breed practices.

Legal On Ramp is not open to the public – you have to register and show that you are a lawyer.  (Show them a bill?  ).  Apologies to the non-lawyers.   The legal eagles out there – join the club!

I used to think that I knew all the good drummer jokes, but lately there have been a few new ones.  (To me, at least).  In an effort to not only attack lawyers and accountants on my blog, I’ll turn the pen toward myself with my top 10 favorite drummer jokes.  Please feel free to comment and leave your favorites.

1. What is the difference between a pizza and a drummer?  A pizza can feed a family of four

2. What do you call someone who likes to hang out with musicians?  A drummer

3. What do you call a drummer that breaks up with his girlfriend?  Homeless

4. What is the difference between a dead snake and a dead drummer in the middle of the road?  There are skid marks leading up to the snake

5. What has three legs and an a-hole on top?  A drum stool

6. What’s the best way to confuse a drummer? Put sheet music in front of him

7. What do you do to get a drummer off your doorstep?  Pay him for the pizza

8. Why do guitarists place drumsticks on their dashboards?  So they can park in the handicap spots

9. What’s the biggest lie told to drummers?  I’ll help you with your gear

10. Why are band breaks only 20 minutes?  So you don’t have to retrain the drummer

Bonus politically incorrect swipe joke: 

What do Ginger Baker and black coffee have in common?  They both suck without Cream

I really don’t like to travel.  This is unfortunate due to the requirements of my profession, but as I like to say "if the job was perfect, they wouldn’t have to pay me." 

Being a frequent flyer in the friendly skies of United usually means an elevated blood pressure, missed meeting and the "unique" offering of customer service that only United has perfected.

However, all of my travel ills were reversed during my travels to San Francisco this week. For one single trip, the travel gods smiled on me.

1. Flight  235 DEN to SFO on the 23rd was 30 minutes early.  Gate was available.  Gate was the closest to the airport exit.

2. Ran into my partner Seth whom I hadn’t seen all week which was nice.

3. Went to Hertz and instead of the usual high-mileage piece of junk, I got this:

Now, how cool is that?  Crusin’ around the Bay with my mullet and my Mustang.

4. Then I get to the Hotel Vitale, my favorite hotel in San Francisco and I’m informed that I’m the last person checking in and they are 100% booked.  No problem, they say, they’ve upgraded me to the Penthouse Suite.  I had a balcony that sat "no more than 35 by order of he fire marshall" complete with heatlamps and great views.

5. Flight  482 SFO to DEN on the 24th was 35 minutes early.  Gate was available. 

Thank you travel gods.  For once it all worked out perfectly.  I expect my punishment will be quick and painful.

I’m very happy to report that Foodzie was selected as one of the Best Young Tech Entrepreneurs for 2009 by Business Week.

This is a huge accomplishment and more further proof that Techstars is really an amazing program. 

Congrats to Rob, Emily and Nik!  I suggest everyone celebrate by buying some great food on their site!

After the initial explosion of attention generated from my first post about 10 months ago where I took many startup lawyers to task on fees and over lawyering, there has been solid, but declining media attention on my follow up series Law Firm 2.0.

Ironically, the first post was only meant to be a wake-up call, whereas the follow-up articles were the “meat” of the argument. Of course, controversy sells and I am media-experienced enough to know that the original post would probably take most of the headlines.

I’ve spent quite a bit of time thinking about these issues – years in fact. The original rant (as some termed it) was not an emotional reaction, rather something that has been in my head for a long time.

In case you missed it, here were the major posts in the series (the whole series is here):

1. Why Startup Lawyers Frustrate Me – the post that started the series, including the quick follow up to clarify some points and poke fun at some whiny lawyers;
2. Why can’t financings be easier and cheaper? – A look into making financing transactions more efficient;
3. Let’s change billing practices before it is too late – Exploring alternative billing practices and ramifications for keeping the status quo;
4. Re-architecting the Law Firm – Specific recommendations for redesigning the business plans of law firms with specific topics:
   1. Associate Retention and Hiring;
   2. Cost Structures;
   3. Compensation; and
   4. Outsourcing;
5. Lawyer Bill of Rights – What Clients need to do in order to help law firms change;
6. Lawyer Layoffs – What It Means To You; and
7. What might the future of law firms look like? – Some guesses for the future.

So what’s become of all of this? Well, I’ve met a lot of progressive lawyers and do believe that there are many out there who realize the issues and are working hard to change things. Whether or not they have the influence to do so within their large corporate structures is another issue. I’ve also gotten to meet many smaller firms that have created new business models. It will be exciting to watch these firms evolve.

I’ve also been fortunate to garner a ton of comments on specific posts. To me, this is the greatest satisfaction and greatest strength of the series. I think the comments are in many case more persuasive and valuable than my original thoughts. I’d highly encourage fans of the series to go back and read your comments. They really are great.

Furthermore, I’ve been incredibly lucky to meet entrepreneurs who not only share my frustrations, but are creating companies to service Law Firm 2.0. These technologies are incredibly exciting and I hope to see them integrated into the practice soon. Our investment in FirstDocs is representative of technologies that we believe Law Firm 2.0 will use.

And with that, you have Law Firm 2.0. Actually in review, it’s really “Law Firm 1.8” as it needs some work, but I figured after “body slamming” my former colleagues, I owed them more than just criticism, but some real ideas. Hopefully some change will come of it, because if the amount of email that I’ve gotten from entrepreneurs is any indication, there are a lot of negative feelings out there. And it’s not realistic for the clients to force change. They may pay the bills, but it’s too hard for them to organize and put any real pressure on the firms to change. Rather at some point, they’ll just pay someone else and quietly walk away. This I am sure of.

Let’s keep the discussion going. For now, I’m done. I invite any name brand firm that is serious on making real changes to contact me if they’d like to discuss. Let’s see how creative, inventive and full of entrepreneurial spirit these firms can be along the lines of the clients they service.

(P.S. – I’d like to thank some “big company lawyers” who called and emailed with suggestions of how to make things better. There are clearly some folks with their hearts in the right place; it’s just that steering the massive ship into the waters of change will take some very strong captaining. Of course, none of them wanted to go directly on the record, but I thank you folks for all of your encouragement and help with this series).

Today, Wilson Sonsini Goodrich & Rosati announced the release of a new client tool:  The Venture Financing Term Sheet Generator.

I’ve been using beta versions and it’s cool what they’ve come up with.  And to note, their own attorneys are using the tool.  Per their statement:

Our attorneys use a more extensive version of the tool to generate initial drafts of documents for Series A preferred stock financings, including Certificates of Incorporation, Preferred Stock Purchase Agreements, Investor Rights Agreements, Right of First Refusal and Co-sale Agreements, Voting Agreements, corporate approvals, and closing documents.

Anyone who knows my Law Firm 2.0 series knows that I’m a huge fan of technology in the law firm.  Congratulations to WSGR on taking a real positive step. 

Per my post yesterday, I am officially retired as an adjunct at the University of Colorado. 

That of course didn’t stop my students from sending me off in "style."

I was awarded two very special gifts.  First, I received the "Most Kick Ass Professor" award of 2009, complete with my own Karate action figure.  And second, I received a nice Zildjian ride cymbal (how did they know that I don’t like Paiste?) signed by everyone in the class:

It was one of more thoughtful gestures that I’ve ever received.  In fact, there was a moment when the lump in my throat threatened to completely derail my last lecture. 

Thanks folks, I’ll remember you always and not because I am now looking for a 1985 Chevy Caprice Station Wagon to mount my trophy to the hood.  I look forward to the quick transition from teacher / student to friends / colleagues.

Today, I will give my last lecture at the University of Colorado. I’ve been co-teaching a class on venture capital for the past two years and it’s been a great experience.

I have always thought that one day, after I retire, I’d like to spend my time teaching at a university.  I taught drums while in high school and economics while in undergrad and some of my favorite intellectual moments have been while answering some well-thought question from a student. 

Teaching at the University of Colorado did not disappoint.  The students were inquisitive, intellectually honest and demanded that I arrived at class 100% prepared each day, otherwise their curiosity would expose my poor preparation.  I learned a lot about my own industry reading the academic works and thinking deeply about policies that affect venture capital – something that will be well used as I get ready to join the board of the National Venture Capital Association.

Thanks to all who put up with my diatribes, F-bombs, disorganization and occasional insults.  I had a great time and felt honored to come to the class every day.  While I don’t plan on retiring from venture capital any time soon, I do look forward to teaching again some day.

Thanks all.

Mark your calendar on April 25th, for Puttin’ on the Leash to benefit the Humane Society of Boulder Valley.

Todd Vernon, CEO of our company Lijit, wrote a great post on the event as he is on the board. 

I love the Boulder Humane society and think they go great work.