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Trends in legal terms in venture financings in the San Francisco Bay area

The overall terms of venture financings in the third quarter of 2003 improved slightly from the previous quarter, according to Fenwick & West. The direction of price changes was similar to the second quarter of the year, but the use of some of the tougher terms such as multiple preference, ratchet anti-dilution and pay-to-play decreased.

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Fenwick & West LLP is a law firm providing comprehensive services to high technology clients of national and international prominence. The firm has over 300 attorneys and a network of correspondent firms in many major cities of the world. Fenwick & West has offices in Palo Alto California, San Francisco California, and Washington DC. For more information please visit www.fenwick.com