CYTLAW HELPING OTHERS — CORONAVIRUS RESPONSE
Dear Clients & Friends,
In these trying times we wanted to offer our support and resources as we collectively navigate the Covid-19 outbreak. Our law firm continues to provide service to both our startup and venture capital clients without interruption. Our team is working from home and staying in constant contact using our tech resources.
We have already assisted several clients dealing with legal issues in connection to Covid-19 in the US and Poland.
2008 & 2020
Deal making, financing, acquisitions and expansion is on the back burner for the next days. We know a lot of you are concerned and the panic is center stage. Our managing partner’s experienced similar anxiety and stress back in 2008 when he got laid off in the securitization/structured finance meltdown. In 2008 no one was picking up the phone, no one was hiring and marque financial institutions collapsed. It looked like the end of the world and there was no hope. The market eventually bounced back. Back then a good friends of ours told us to go to California and start fresh. Tytus was afraid to “go west’, but reinvented myself nonetheless as a startup/venture capital lawyer you know today. The difficult days of the 2008 crisis was the beginning of Tytus’ personal story and his team. From the ashes of the securtitzation world arose many great entrepreneurs and an amazing startup friendly law firm. It can be also a new adventure for you and after all venture capital comes from adventure.
Lessons Learned
There are many lessons from 2008 that are applicable in the Covid-19 crisis.
Being useful. Fear is real, however, it is only an emotion that passes. You have to stick to your guns and be useful to your customers. VC should help startups navigating through turbulent times. Help can be in the form of going the extra mile not only in terms of bridge loans, but sharing the hard things about hard things. Startups should also be valuable to customers in time of crisis. In crisis customer feedback and providing true value to customers is more then essential.
New Things. A crisis is an opportunity for new things and crisis makes you stronger. In time of crisis you have to make difficult decisions.
Timing. You can’t be on the sidelines waiting for the tide to turn. You have to get involved immediately and face the challenge. This means if you are facing a down round it is better to get it done asap.
Volatility. Volatile times prevent strategic thinking and we are only left with tactical small steps. We have to adopt to changing times and grab opportunities as they come.
Risk. It is “ok” to be on the edge. It is important to identify the edge and try to push that edge slightly forward. In risky times it’s time to double down on risk. It is hard to think about growth and taking on more risk if the economic is tanking and there is a probability that we folks will die. We believe we are going to make it and we need to reflect and stay positive.
Going Forward
Some folks are already predicting that “there will be blood” and you will need lawyers for debt collection. We are rather realistic and don’t want to pander to to the fear mongers. However, the time of crisis is also a time for solidarity. The Startup Grind mantra of giving first, building stronger communities and helping others is still applicable in the Covid-19 crisis. As a law firm we want to help our client friends go forward. What can we do for you? What is our responsibility to our clients? We strive to be fully available and more responsive than usual to overcome any presumption that service is slipping. Difficult times are when the strongest relationships are developed.
Help
We know many of you are concerned about your cash position, financings and deals. In case you have been affected by the coronavirus crisis we are offering you flex plans and preferred blended partner/associate rates as of Monday (3/16/20) for all of the matters we are working on. Whether you are starting or growing your company, our law firm wants you to know that your personal safety and the safety of your business is our priority. We are in this together.
