Terms and Conditions

Effective Date: January 1, 2026

These Terms and Conditions govern the use of the Shelton & Steele LLC website, publications, educational materials, advisory services, and related communications. By accessing this website or engaging Shelton & Steele LLC ("Shelton & Steele," "we," "our," or "us"), you acknowledge and agree to these Terms and Conditions.

1. Scope of Services

Shelton & Steele provides strategic consulting, executive recruiting, law firm merger and acquisition consulting, Legal Management Services Organization ("Legal MSO") advisory services, market intelligence, educational resources, and introductions to qualified business organizations and professional advisors.

Our services are intended to help clients better understand the Legal MSO marketplace, evaluate strategic alternatives, prepare for potential transactions, identify appropriate advisors, and make informed business decisions.

Every engagement is unique. Services are limited to those specifically described in the applicable engagement agreement or otherwise agreed upon in writing.

2. Educational and Informational Purpose

Information contained on this website, in presentations, white papers, articles, webinars, newsletters, social media posts, emails, and other communications is provided solely for general educational and informational purposes.

Because every law firm, transaction, and business situation is different, no information published by Shelton & Steele should be relied upon as advice for any specific transaction or decision without consultation with qualified professional advisors.

3. No Legal, Tax, Accounting or Investment Advice

Shelton & Steele is not a law firm, accounting firm, valuation firm, registered investment adviser, or tax advisor.

Nothing contained on this website or provided during any engagement constitutes legal, tax, accounting, audit, valuation, investment, regulatory, securities, or other professional advice.

Clients are solely responsible for retaining qualified legal counsel, accountants, tax advisors, Quality of Earnings professionals, valuation experts, transaction specialists, and any other advisors appropriate for their circumstances.

4. No Broker Dealer or Investment Banking Services

Shelton & Steele is a strategic consulting and advisory firm.

Shelton & Steele is not a broker dealer, investment bank, securities dealer, securities intermediary, placement agent, registered investment adviser, or capital raising firm.

Shelton & Steele does not:

Effect securities transactions.
Solicit the purchase or sale of securities.
Negotiate securities transactions on behalf of others.
Underwrite securities offerings.
Raise capital for issuers.
Hold client funds or securities.
Accept discretionary authority over client decisions.
Act as an agent with authority to bind any client or third party.
Provide fairness opinions or valuation opinions.
Conduct public offerings or private securities placements.

Our role is limited to providing strategic guidance, education, market intelligence, introductions, and observations regarding business considerations that may arise in connection with Legal MSOs, law firm mergers, acquisitions, strategic affiliations, and related business opportunities.

5. Client Responsibility

Clients remain solely responsible for all business decisions, strategic decisions, negotiations, due diligence, and transaction decisions.

Whether to pursue a transaction, continue discussions, accept or reject any proposal, negotiate any provision, or complete any transaction is entirely the client's decision.

Nothing provided by Shelton & Steele should be interpreted as directing, recommending, or requiring any particular course of action.

6. Introductions

Shelton & Steele maintains relationships with law firms, Legal MSOs, private equity firms, lenders, consultants, accountants, attorneys, valuation professionals, executive recruiters, and other business professionals.

Any introduction is provided solely as a professional courtesy and for informational purposes.

Shelton & Steele makes no representation that any individual or organization introduced is appropriate for a particular client or transaction.

Clients independently determine whether to retain, engage, or transact with any third party.

7. No Endorsement

Reference to any Legal MSO, private equity firm, law firm, financial institution, consultant, accountant, attorney, or other organization does not constitute an endorsement or recommendation.

Descriptions of organizations are based upon information believed to be reliable but may change without notice.

8. Market Information

Industry statistics, transaction multiples, market trends, valuation ranges, EBITDA multiples, private equity activity, Legal MSO developments, and other market information are derived from sources believed to be reliable.

Because market conditions change continuously, Shelton & Steele makes no representation that any information is complete, current, or applicable to a particular situation.

Past transactions are not predictive of future valuations or transaction outcomes.

9. No Guarantee of Transaction

Shelton & Steele does not guarantee:

That a transaction will occur.
That financing or capital will be available.
That a particular valuation will be achieved.
That any buyer, investor, or Legal MSO will submit an indication of interest or letter of intent.
That any proposed transaction will successfully close.
That any transaction will achieve anticipated operational or financial results.

Any valuation, market observation, transaction structure, or industry trend discussed during an engagement is informational only and should not be interpreted as a guarantee or prediction.

10. Independent Professional Advisors

Clients are strongly encouraged to retain experienced independent legal counsel, accountants, tax advisors, Quality of Earnings professionals, valuation specialists, and other advisors before entering into any transaction.

Although Shelton & Steele may introduce clients to qualified professionals, those professionals are retained directly by the client and act independently.

Shelton & Steele neither supervises nor controls the services provided by any third party.

11. Confidentiality

Unless otherwise required by law or authorized by the client, Shelton & Steele will maintain the confidentiality of nonpublic information received during an engagement.

Confidentiality obligations do not apply to information that becomes publicly available through no fault of Shelton & Steele or information independently obtained from other lawful sources.

12. Third Party Websites

This website may reference or link to third party websites for informational purposes.

Shelton & Steele has no control over those websites and assumes no responsibility for their content, policies, accuracy, availability, or security.

Accessing third party websites is solely at the user's own risk.

13. Intellectual Property

All content published by Shelton & Steele, including articles, white papers, research, presentations, graphics, reports, educational materials, videos, webinars, market analyses, logos, trademarks, proprietary methodologies, and other materials are protected by applicable intellectual property laws.

No material may be reproduced, distributed, modified, transmitted, displayed, published, or used commercially without prior written permission from Shelton & Steele.

Reasonable quotations with attribution are permitted.

14. Artificial Intelligence

Shelton & Steele may use artificial intelligence technologies as one component of its research, drafting, administrative, and analytical processes.

All work product is subject to human review before being delivered to clients.

Clients remain responsible for independently verifying all material information with appropriate professional advisors.

15. Limitation of Liability

To the fullest extent permitted by applicable law, Shelton & Steele shall not be liable for any indirect, incidental, consequential, punitive, special, or exemplary damages arising from the use of this website or any advisory engagement.

In no event shall Shelton & Steele's aggregate liability exceed the amount actually paid by the client to Shelton & Steele under the applicable engagement agreement.

16. No Third Party Beneficiaries

These Terms and Conditions are intended solely for the benefit of Shelton & Steele and its clients.

Nothing contained herein creates any rights in favor of any third party.

17. Modification

Shelton & Steele may modify these Terms and Conditions at any time without prior notice.

Continued use of the website or continued engagement with Shelton & Steele after modifications constitutes acceptance of the revised Terms and Conditions.

18. Governing Law

These Terms and Conditions shall be governed by and construed in accordance with the laws of the State of Texas, without regard to its conflict of law principles.

Any dispute arising from these Terms and Conditions or any engagement with Shelton & Steele shall be brought exclusively in the state or federal courts located in Texas.

19. Entire Agreement

These Terms and Conditions supplement any written engagement agreement between Shelton & Steele and its clients.

If a written engagement agreement contains provisions that conflict with these Terms and Conditions, the written engagement agreement shall control with respect to that specific engagement.

20. Contact Information

Shelton & Steele LLC

Website: www.sheltonsteele.com

Email: info@sheltonsteele.com

Phone: (650) 242-8500