The IRC Legal Business Brief

The IRC Legal Business Brief is an outlet to share my knowledge and experience. It’s for those who want to continue to learn as we stay at the forefront of the intelligence economy.

My goal is to be real with you, be informative, tell war stories, and give quick-witted opinions as I close my next $3 billion in deal value along the way. Let’s go.

Entrepreneurship is a necessity. The 20th century playbook of graduate high school, go to college, and work for one employer for decades is in the trash. The game of job-hopping every two years to climb the ladder for 20%-60% pay increases is also dying. There is no loyalty among employers and employees. Jack Dorsey just cut 40% of Block’s workforce citing AI, even though “business is strong.”

There is no safety in the 9-5 grind. Today, companies of all sizes are becoming increasingly mechanical, where you wade through corporate-speak while looking over your shoulder. Performance no longer guarantees promotion or eventual success. Neither does college but we’ll save that for later.

The good news is that starting your own venture is easier now than ever. If you are actively solving a problem for someone else or have the vision to fill a void in the market, you can make it a reality with some action. Whether weighing the leap or already looking to scale, the fundamentals are the same.

I've sat across the table and in the boardroom at every stage. From seed rounds, to acquisitions and going public. I know where founders and companies get hurt and where they leave money on the table.

So this is your sign to take that risk and bet on yourself. And when you need someone who’s been in the room, just reach out.

AI is the primary reason it’s easier to start a business today than ever before. You should be experimenting with it.

But let’s not run wild. AI is evolving so quickly it's overwhelming and impossible to keep up. In the rush to stay ahead, people are making costly mistakes. Founders I’ve spoken to are overcommitting to various platforms, spending thousands in subscription fees with no plan to improve operations. Or worse, trusting unknown platforms with sensitive data.

The opportunity right now isn’t replacing everything with AI. But you should be integrating it into your day-to-day. The people who figure this out early will have an unfair advantage in the coming years.

One of the platforms I use is Gemini, the self-described “sophisticated AI model trained by Google.” Last week it released a “Create music” tool. I one-shotted a country song after Team USA won the gold medal in Men’s Hockey (shoutout to PubKey for the beer and hot dog).

Fun novelty? Absolutely. But used the right way, AI is a performance enhancing drug. I'm using it to peer around corners I haven't approached yet: pressure testing strategies and opposing counsel responses before I walk into the room.

Beyond Gemini, there is ChatGPT, Claude, Grok, and others, all competing as the “Netscape” or “Internet Explorer” of AI. The landscape will look completely different in another six to 12 months.

Don’t ignore these tools, but don’t overinvest or be reckless with them either.

You might be rolling your eyes, but Bitcoin will likely prove as important in the 21st century as AI, if not more important.

I (probably like you now) hated Bitcoin for many years. I first heard of it around 2011. I laughed at the people who held it when it crashed in 2014. The problem was I never paid it much attention and didn’t take the time to learn.

Fast-forward to 2017. I jumped into Bitcoin as a joke. I watched it explode into the end of the year before crashing again. It was 2018-2019 where I really dug in and spent the time to understand this mysterious new technology and form of money.

Bitcoin is many things. I view it as infrastructure that will outlive us all into the 22nd century. It is the last remaining truth in the digital fog. Whether you believe in it or not, Bitcoin is forcing new conversations about ownership, payments, and treasury strategy.

Ignoring Bitcoin is as foolish as ignoring AI.

I also accept Bitcoin for my legal services and have the largest known strategic bitcoin reserve of any law firm.

I spent nearly a decade working at major law firms. BigLaw in New York City (Schulte Roth, BakerHostetler). High-stakes, high-pressure, and it sharpened me greatly. It gave me a front row seat to the highest levels of deal making: private equity roll ups, leveraged recaps, and complex M&A.

Then I joined a tech startup as General Counsel which was like moving to Kansas. The urgency to move faster with fewer resources than ever was palpable. COVID hit quickly while we were fundraising. We became private equity-backed: $500 million raised. I saw business from a completely different angle. Not as an outside lawyer giving warnings, but as the mine sweeper on the front lines of the organization. Strategy, people, money, chaos. All of it.

We were at the goal line of going public. Then we didn't. Ultimately, the company went bankrupt.

I guided with a steady hand through each phase: through the highs, the near-miss, and the unwind. That experience, more than anything else in my career, is why I understand what founders, operators and investors actually face. Not from 30 floors above Manhattan, but from the trenches.

That's the lens I bring to every client and every deal.

Worth your time:

Hit reply and tell me what you’re building. And if you found this valuable, forward it to one person who needs to read it.

I’ll catch you at the next block.

-Ian R. Cohen

Principal Attorney - IRC Legal

Block No. 01 Originally Published 939142