The bad old days are still alive and well in insurance and banking. Bankruptcy is even worse.

Eight years in the insurance world has shown me that the two biggest law firm "bad behaviors" are excessive billing and multi-party meetings. Both of which, as noted, VCs will be in a stronger position to refuse to pay.

I call this version of the principal-agent problem the "new boat problem." When a partner wants a new boat, she/he bills more hours.

Even more pumped for YC interview on Sunday after reading the comments.