“When it comes to the start-up world, the lawyers that accompany the companies have an irreplaceable value – vast experience that even old hands in high-tech can’t compete with. Even if we’re talking about a serial entrepreneur, it’s reasonable to assume that he or she has founded three or four companies. But someone who has accompanied and led 3,000 transactions of all kinds, on both sides of the table? There are a few very experienced lawyers, accountants and board members, especially here in the start-up nation, who can boast of this. That kind of person constitutes the biggest database of business experience in the world and it cannot be taken away from the people in these professions,” says Attorney Nimrod Vromen, CEO and one of the founders of Consiglieri Ltd. which accompanies start-ups, investors and large companies that want to become involved with start-ups or acquire experience in innovation. “On the other hand, the needs of start-ups have changed and developed and their expectations have accordingly become more sophisticated. Professional service providers suffer on the one hand from an old-fashioned, out-of-date business model that is challenged today by the clients, and on the other hand by technological solutions and sophisticated clients, which do not accept foot-dragging. They need to move quicker and move forward, before they have acquired the experience to manage the key transactions in the life of the company. If it were possible to make a holistic and reliable support package accessible to the founders, who often suffer from genuine isolation in their roles, which would take over responsibility for the process together with them, then this would enable them to invest more of their energy and time on the main thing: the product, the team and the company’s development. For these reasons we decided to establish Consiglieri, which accompanies start-ups at all levels of an important transaction, personally and at every step, manages all the service providers and runs the entire system in order to achieve the right outcome for each client.”
The company was founded by Nimrod Vromen – the company’s CEO, Moshe Levin – Acting Chair with 20 years’ experience as CEO of Nasdaq high-tech companies, with an extensive tech background, and more than 20 years as managing partner in leading venture capital funds, and also by the law firm of Yigal Arnon (now Yigal Arnon – Tadmor Levy), which is also an investor and strategic partner.
There's no substitute for experience
Attorney Vromen (40) began as an entrepreneur, but after the first company he founded failed, he decided to learn about start-ups from the experts at Yigal Arnon, where he focused on legal support for companies and technological projects. “I have accompanied some 500 high-tech companies from start to finish, whether in raising capital, exits or additional acquisitions. The relationship with the founders also means accompanying them during their lives, in good moments (starting a family, buying properties, etc.) and in difficult ones, which makes the whole process fascinating,” says Vromen. “The work is carried out by Yigal Arnon’s high-tech team, which holds one of the biggest start-up practices and we learn from the activity daily.”
Business and personal
Consiglieri focuses on accompanying clients during the critical points of their activity, where management sometimes lacks relevant experience, and offers a variety of consultation and advisory products, including:
Advisory service for start ups at the pre-seed stage: from the idea to the first investment term sheet. This stage lasts about six months and includes consolidating the relationship between the founders, investors’ presentations, building a business program, placement and establishment of a coterie of consultants, assistance in finding initial customers, etc.
Guidance and assistance in raising capital for rounds A, B and C: strategic guidance in building the round, managing the approach to investors, the process of negotiations and helping entrepreneurs to plan their steps after each stage of financing.
Managing an accelerated exit: Consiglieri accompanies start-ups that are not ready for an exit but have received an offer that is hard to refuse, and helps them to manage this process in an emergency. “Today the average exit is 100 million dollars. An exit of between 5-120 million dollars usually happens in a company that has not planned for it, or that planned to sell but received an offer that was hard to refuse and was forced to act quickly and with gaps in information and ability to conduct negotiations, through no fault of their own,” says Attorney Vromen.
Buying companies: Vromen explains that quite a few Israeli start-ups want to purchase companies before they have acquired the skills to manage such acquisitions. “Consiglieri is staffed by lawyers who have accompanied giant buyers in Israel, we have an accountant, strategic consultants, senior HR advisors and all relevant service providers for the day before and after the acquisition,” he says.
Separation of founders: When founders separate, it’s like a divorce and it can end in great disaster for the company,” says Attorney Vromen. “We work differently: There is no lawyer in the room, and each of the parties declares that he wants what is best for the company. Someone who goes into this with sincere intentions usually comes out with a fast separation agreement and a good chance that the company will continue to grow. On the other hand, those who do not end the process with us have a smaller chance of managing to survive with the company.”
2021 exceeded all of Consiglieri’s forecasts. “We accompanied innumerable companies in all of our consultation products. 15% of our income comes from foreign companies that have no connection to Israel, so that we also make an impression in the international market,” Attorney Vromen summarizes. “This is despite the fact that our product is innovative and unprecedented. It just proves how much the world of start-ups was waiting for a company like Consiglieri.”
Partnered with Consiglieri