Lyman Thai

Partner at Foley & Lardner | Lawyer for Startups and Venture Capital Investors | Forming, Funding and Advising Tech Companies

San Francisco, California, United States

About

I am an emerging companies and venture capital lawyer based in San Francisco/Silicon Valley, representing startups through all stages of growth from incorporation to exit. I have guided companies, VCs and CVCs through hundreds of venture financing transactions totaling over $4 billion of invested capital, and advise founders, executives, and boards of directors day-to-day on corporate governance, federal and state securities laws, stock and option administration, IP protection, employment and compensation, commercial contracts, M&A, and other strategic transactions, including equity, debt, and convertible note and SAFE investments. I was formerly the General Counsel at a Series B legal technology company, where I helped the company raise $65 million in venture capital through multiple rounds, supported the company’s growth from 25 to 200 people, negotiated strategic transactions and commercial contracts, and managed business and legal risks across the organization. I earned my bachelor's degree from Harvard and law degree from the University of Michigan Law School (Go Blue!). Attorney advertising - prior results do not guarantee a similar outcome. Opinions expressed here are my own and do not reflect those of Foley & Lardner LLP.

Experience

  • Partner at Foley & Lardner LLP
    Oct 2022 - Present · 3 yrs 10 mos

    Emerging Growth Company Representations • Fieldguide (AI-native accounting and audit platform) in its $75 million Series C led by Goldman Sachs, $30 million Series B led by Bessemer and $17 million Series A led by 8VC • Mexico-based fintech in its $40 million Series B led by Tribe • Online wholesale solution for SMBs in its $15 million Series A led by Altos • CrowdStrike (cybersecurity) in its $100 million Series C unicorn round led by CapitalG and $100 million Series D led by Accel • QuantumScape (solid-state batteries) in its $200 million Series F led by VW, concurrently with its de-SPAC and public listing • Postmates (on-demand delivery) in its acquisitions and Series B to Series E rounds raising $300+ million led by Spark Capital, Founders Fund and Tiger Global • Panther Labs (SIEM) in its $15 million Series A led by Lightspeed and $120 million Series B unicorn round at a $1.4 billion valuation led by Coatue • PandaDoc (document workflow automation) in its Series C unicorn round at a $1+ billion valuation • Replit (online developer tools) in its $80 million Series B led by Coatue Venture Capital & Growth Equity Representations • Riverwood Capital in growth equity deals • NEA in venture capital deals • FundersClub in 50+ early-stage deals, including Coinbase, Chainalysis, and Webflow • Venrock in early-stage technology deals • US Venture Partners in early-stage technology deals • TCG Crossover in life sciences deals • Samsung Ventures in early-stage technology deals, including Anthropic • LG Technology Ventures in early-stage technology deals • TDK Ventures in early-stage technology deals *Certain matters handled prior to joining Foley*

  • Of Counsel at Wilson Sonsini Goodrich & Rosati
    Jun 2020 - Oct 2022 · 2 yrs 5 mos

  • General Counsel and Assistant Corporate Secretary at Atrium
    Oct 2017 - Mar 2020 · 2 yrs 6 mos

    Atrium was a Series B legal technology company with a dual-entity corporation and law firm structure and regulation-heavy business model backed by venture capital investors Andreessen Horowitz, General Catalyst, and Y Combinator. • Corporate/M&A: Advised board of directors and executives through legal, ethical, and business risks, corporate and partnership governance, and significant corporate transactions. Attended and kept minutes of board meetings. Represented Atrium in its $65M Series B financing. Negotiated, conducted due diligence, and closed acquisition of a machine learning company. Administered stock issuances, transfers, and repurchases. Managed outside counsel in real estate leasing, tax, trademark prosecution, privacy and data protection, professional regulations, and litigation matters. • Commercial Contracts: Drafted, negotiated, and closed commercial contracts with clients, vendors, and business partners (engagement letters, SaaS agreements, master services agreements, NDAs, procurement agreements, consulting agreements, SOWs), enabling growth from near zero to 450+ clients and $18M in annualized revenue in under two years. Created, deployed, and optimized collaborative playbooks and template agreements to improve efficiency and reduce errors. • Product/Marketing: Worked closely with finance, operations, marketing, product, and engineering stakeholders to launch subscription business and resolve legal challenges. Drafted and maintained product terms and policies. Authored, edited, and led review and approval of marketing content to influence client pipeline and retention while complying with regulatory requirements. • Employment Matters: Supported finance, operations, and HR through growth from 25 to 200 headcount, including drafting offer letters and employment agreements, negotiating executive compensation packages and separation agreements, conducting internal investigations, and advising on insurance, benefits, and workforce restructurings.

  • Associate at Wilson Sonsini Goodrich & Rosati
    Jun 2012 - Sep 2017 · 5 yrs 4 mos

  • Research and Project Development Manager at Element Markets
    Aug 2008 - May 2010 · 1 yr 10 mos