funds and the on-the-job training of the principals of the venture capital firm. Sitting with a New Client: The Overview on Exposure to Legal Issues A solid initial strategy when sitting with a new client is to first discuss the vanous laws that apply to a typical venture capital operation. It is also important to provide an overview of the typical documents that will be required so as to avoid future surprises. Counsel should assure clients that he or she will be there working with and for them throughout the process. Lastly, it is important to emphasize that clear and honest communication between kwyer and ckent is essential to making sure the process goes smoothly. Helping Companies Succeed with Respect to Legal Issues There is no single strategy for success in the venture capital industry given the almost endless permutations of venture capital operations, the variety of investments that can be made, and the broad variety of legal issues a particular ckent could face. For the attorney to be able to effectively support the ckent's business, it is important that the attorney and client develop a strong working relationship. For this to occur, it is necessary for the attorney to first be knowledgeable on the applicable laws and then take the time to develop a clear understanding of what the particular client is trying to accompksh. A successful attorney works hard to find a way for the client's goal to be met in a lawful manner and in a way that most effectively enhances the ckent's business. There is no magic to this process—it simply takes good communication and hard work. International Issues Many international issues are similar to those in the United States. Most countnes have laws that apply to the offering process (private placements versus pubkc offerings, often referred to as exempt offerings versus registered offerings), broker-dealer laws, and other relevant issues. If you are dealing with international issues, special consideration needs to be given to a number of factors, including: local/foreign taxes, as well as any tax treaty between that country and the United States; the ability to withdraw capital from the country; and any filings as to investments being made in 41