Section I · vs Hiring a Securities Attorney

PPMWizard vs a from-scratch attorney draft

This is the comparison that costs sponsors the most time and money to get wrong. It is also the comparison most likely to be misread. So to be clear up front: PPMWizard is not a replacement for a securities attorney. Every PPM drafted on PPMWizard still requires a qualified attorney’s review before issuance. What PPMWizard replaces is the blank page — the four-to-six-week, $5,000 to $15,000 engagement where counsel drafts a PPM from nothing.

Attorney-drafts-from-scratch

A bespoke, multi-week engagement

In a traditional first-draft engagement, you hand securities counsel a summary of your deal — sponsor, target, exemption, waterfall, investor list — and an attorney drafts a bespoke PPM from a blank page (or from their firm’s internal precedent library). The engagement typically runs four to six weeks of calendar time: first draft, your sponsor-side revisions, a second draft, counsel-side clean-up, stakeholder review, and final edits.

Fees commonly land in the $5,000 to $15,000 range for a first-draft PPM, depending on deal complexity, firm seniority, and market. The output is fully bespoke: any provision you and counsel negotiate can be written into the document. The cost is measured in hourly fees and calendar weeks before the document is usable.

Draft-with-wizard-then-review

An afternoon in the wizard, then a redline

The PPMWizard flow compresses the first-draft step from weeks to an afternoon. You walk the guided wizard, answer structured questions about your exemption, sponsor, target, and waterfall, and export a draft PPM your securities attorney can redline. The attorney is still engaged — just not to assemble the document from scratch.

In our experience, counsel review of a PPMWizard draft takes a fraction of the billable hours a blank-page draft would. The delta usually saves sponsors somewhere in the $3,000 to $10,000 range on first-draft fees, and shortens calendar time meaningfully. The subscription is $199/month; every subsequent deal runs on the same account.

Section II · Side by Side

Eight questions that actually matter

Below is a honest side-by-side. Note that the right-hand column still assumes an attorney reviews the draft before issuance — that part of the workflow does not change.

Attorney first-draft

PPMWizard + counsel review

Time to first usable draft

Typically four to six weeks, depending on counsel availability and revision rounds.

An afternoon in the wizard. Counsel review then usually takes hours, not weeks.

Cost of first draft

Commonly $5,000 to $15,000 for a blank-page first draft (varies by complexity, firm, and market).

$199/month subscription plus your counsel's review hours. Often saves $3,000 to $10,000 on first-draft fees.

Customization ceiling

Fully bespoke. Counsel can write any provision you negotiate for.

Structured wizard covers most common patterns. Unusual provisions are added by your counsel during review.

Formal legal opinion

Yes, from your attorney. The draft comes with their professional judgment attached.

None. PPMWizard is a drafting tool, not a law firm. Legal opinions must come from your counsel.

Attorney engagement required

Yes — counsel is the drafter from day one.

Yes — counsel reviews and signs off on the PPMWizard draft before you issue. This comparison is draft-then-review vs draft-from-scratch.

What you own at the end

A bespoke PPM in Word, with whatever reusable templates your firm builds for you.

A PDF, an Excel model, a Form D pre-fill, an investor questionnaire — plus the wizard state for the next deal.

Updates for subsequent deals

Typically a new engagement — lighter than the first, but still hourly billable work.

Clone or re-run the wizard on the new deal. Same subscription, no incremental drafting cost.

Sample offerings for inspiration

Depends on the firm. Most have internal precedents but are cautious about sharing them.

27+ sample offerings across asset classes, available from day one as starting points.

Time and cost ranges reflect figures commonly cited by syndication sponsors and securities-counsel firms. Your actual bill depends on deal complexity, jurisdiction, and scope.

Section III · A Non-Negotiable Disclaimer

PPMWizard is not a replacement for a securities attorney

Read this carefully. Every PPM drafted on PPMWizard must be reviewed by a qualified securities attorney licensed in your jurisdiction before you issue it to investors. The comparison on this page is not “replace the attorney” versus “hire the attorney.” It is draft-then-review versus draft-from-scratch-with-attorney.

We think the first path — draft-then-review — gets sponsors to a usable document faster and at lower total cost. But it still ends with an attorney’s redline and sign-off. The attorney in the loop is the whole point of the exercise. The only thing the wizard changes is how much of their time is spent assembling a document from a blank page.

If you do not already have securities counsel, any state bar association’s referral service can direct you to a practitioner. Most syndication-focused attorneys will happily quote a fixed-fee review on a PPMWizard draft, which is typically well below what a blank-page draft would cost.

Colophon · The honest test

Draft your deal. Send it to counsel.

The honest test is the one your counsel runs. Walk the wizard, export the watermarked preview PDF, and ask your securities attorney how many hours they would bill to redline it versus draft from scratch. The delta is the value of the subscription.

Browse sample PPMs

Drafting tool only — attorney review required before issuance