Turnaround Time Policy

In the corporate world, time is currency. Waiting for a critical legal agreement, be it an NDA for a sensitive pitch or a Shareholders’ Agreement (SHA) for a deal closing, can stall business momentum.  

At Edwin Lee & Partners, we manage expectations by distinguishing between the time we control (Drafting) and the time we don’t (Negotiation & Execution). Understanding these factors is key to managing your project timeline. 

Realistic Timelines for Corporate Agreements (Illustrative) 

The following table provides typical turnaround times for key phases of common corporate documents under a standard track (routine priority) versus an express track (urgent, subject to immediate lawyer availability and potentially an urgency fee). 

Note: Drafting time is from receipt of all necessary information until the first version is sent to you. The Full Execution Cycle is the total time to get the document signed by all parties, a phase heavily influenced by external dependencies. 

Critical Dependencies: What Slows Down the Process? 

The drafting phase is quick; the negotiation phase is where deals often stall. The full execution timeline is heavily reliant on factors outside of the law firm’s control: 

1. Counterparty Response Time (The Unpredictable Factor) :

The biggest delay is often waiting for the other side (your counterparty) and their legal counsel to review, mark up, and return the draft. 

• Impact: If the counterparty takes a week to respond, your timeline extends by a week, regardless of how quickly your lawyer drafts. 
• Speed Up: Set a clear Response Deadline in your cover letter to the counterparty (e.g., “Please provide comments within 3 working days”).

2. Number of Negotiation Rounds (The Legal Tug-of-War) :

More complex, higher-stakes agreements naturally involve more iterations. 

• Simple Documents (NDA): Typically 1-2 rounds of comments/redlines. 
• Complex Documents (SHA/MSA): Can easily require 3 to 7+ rounds of review and negotiation, often needing direct lawyer-to-lawyer calls to resolve critical commercial points like liability caps, termination rights, or exit mechanisms. 
• Speed Up: Agree on a concise Term Sheet upfront. This short document outlining the key commercial terms (price, shares, timeline) before the legal drafting starts can dramatically reduce negotiation rounds later. 

3. Internal Approvals and Board Review (The Internal Hurdle) :

Once lawyers agree, the document still needs internal sign-off. 

• Internal Dependencies: Waiting for your CEO, CFO, or other internal departmental heads (e.g., HR for employment contracts, IT for SaaS) to approve technical clauses. 
• Statutory/Board Approvals: Documents like an SHA or a major transaction often require formal Board Resolutions and, in some cases, a Shareholders’ General Meeting, which legally requires a minimum 14 to 21 days’ notice under the Companies Act 2016. There is no way to bypass this statutory requirement. 
• Speed Up: Prepare your internal stakeholders and get necessary board meeting dates scheduled before the final draft is ready. 

What Speeds Up Your Legal Work?  

You can significantly accelerate the process by providing the following to Edwin Lee & Partners upfront: 

1. Term Sheet/Deal Summary: A simple bullet-point document outlining the key commercial understanding (who, what, how much, and when). 
2. Relevant Existing Documents: Any past NDAs, standard contracts, or the company’s Constitution. 
3. Details of All Parties: Full legal names (as per SSM), registration numbers, and current contact details of the authorised signatories. 
4. Defined Timeline: Clearly state your drop-dead deadline and the reason for the urgency.