Formation, Equity & Governance
Entity selection, founder arrangements and vesting, equity-compensation plans, and the board and governance practices a learning company needs to scale and to survive a financing or a sale.
Counsel for the companies and institutions building how the world learns, from learning platforms and schools to training and credentialing businesses. Financings and M&A, IP and content licensing, student-data privacy, and a regulatory posture that holds, run by a partner who knows the whole story.
Firm facts · ReachA corporate and private-capital boutique with international reach: a principal office in Chicago, a second office in Oakbrook Terrace, offices in London and Dubai through partner firms, meeting locations by appointment in seven further US cities, and a partner network across ~51 jurisdictions on five continents. Founded 2013.
A school may hand a vendor its students' records without parental consent only as a "school official" under FERPA, which requires the school's direct control over the records and a use limited to the school's purposes. The amended COPPA Rule, compliance due 22 April 2026, adds separate parental consent before a child's data is disclosed for advertising, a written retention policy and a written security program. In Illinois the district and the operator must also sign an agreement the district posts for parents to read.
The product side is no softer. Larger public schools and universities must meet WCAG 2.1 AA for their digital services from April 2026, the rest a year later, so the accessibility clause in a procurement contract is a statutory flow-down. A college that takes federal student aid is a financial institution under the FTC's Safeguards Rule, and its security questionnaire is how it passes that duty down.
We advise learning companies and the investors behind them on formation, financing and sale, and on the data, content and procurement paper diligence opens first. Accreditation, licensure and agency proceedings go to education-regulatory counsel we coordinate.
Entity selection, founder arrangements and vesting, equity-compensation plans, and the board and governance practices a learning company needs to scale and to survive a financing or a sale.
Company-, founder-, and investor-side support across SAFEs, convertible notes, and priced rounds, with term sheets, financing documents, and cap-table and option-pool modeling for education and EdTech ventures.
Buy- and sell-side M&A, joint ventures, and group structuring for learning platforms, training businesses, and the operators and investors consolidating the sector.
Clean creation and protection of courseware and brand through assignment and instructor agreements, copyright and trademark strategy, and content, platform, and technology licensing that follows how the curriculum is made and delivered.
Privacy posture for learner and student records, mapping federal education-records, children's-privacy, and state student-privacy frameworks into contracts, data-processing terms, and product practices, with further counsel coordinated where a framework requires it.
Counsel on consumer-protection and education regulation, covering enrollment and disclosure practices and matters before regulators such as the FTC and state authorities, with accreditation and licensure work coordinated with education-regulatory or locally admitted counsel where required.
Under COPPA a school may consent on parents' behalf to a vendor collecting data from children under 13, but only for the school's educational purpose, never for the vendor's commercial use. A general-audience platform owes the same duties once it knows a user is under 13. The age gate is a legal document.
A contractor's courseware is the company's as a work made for hire if it falls within the Copyright Act's nine categories, instructional texts among them, and a signed writing says so. Anything else needs an assignment. An employee's work is the employer's, unless the employee is faculty, where custom runs the other way.
An institution teaching students in another state needs that state's authorization, and the states' reciprocity agreement covers every state except California. A Title IV institution may not pay recruiters per enrollment, and a for-profit that draws more than 90 percent of its revenue from federal education benefits two years running loses its eligibility.
A buyer or a lead investor asks for the accessibility conformance report against WCAG 2.1 AA, the security questionnaire or audit report the universities required, and the signed student-data agreements with each district, most of them on the national model addendum. A company that cannot produce the three sells at a discount for the cleanup.
Accreditation, licensure, and specific agency proceedings can require education-regulatory or locally admitted counsel. Where they do, we say so and coordinate the engagement with that counsel.
The GDPR sets the age of digital consent at 16 and lets each member state lower it to 13; the United Kingdom chose 13 and added a children's design code for any service a child is likely to use. The age flows change at the border, and so does who the controller is.
Before the first district contract, we chart which regimes the product touches: federal education-records and children's-privacy frameworks, state student-privacy statutes, and any UK/EU transfer rules. Then we fix the age gates, consent flows, and data-processing terms the roadmap has to honor.
Courseware is only an asset if the paper says so. We run assignments and licenses back through founders, instructors, contractors, and open-source components, so every lesson, item bank, and adaptive model the platform serves is owned or licensed on terms a buyer will accept.
The free classroom pilot becomes a district or university master agreement, with student-data addenda, accessibility and security commitments, FOIA-exposed pricing, and renewal mechanics written for public-sector procurement cycles rather than SaaS boilerplate.
In an education financing or sale, diligence goes straight to data practices, content rights, and regulatory posture. Because those files were built deal-ready from stage one, the round or the sale prices the platform rather than the cleanup.
In education, the data belongs to the student before the product belongs to you.
Hart David Carson LLP advises education and EdTech businesses on the corporate and regulatory work that runs underneath a learning company: entity formation and equity, venture and growth financings, M&A, IP and content licensing, commercial and platform contracts, student-data privacy, and the accreditation and consumer-protection posture the sector requires. A partner runs the engagement, and we coordinate with education-regulatory or locally admitted counsel where a matter calls for it.
It decides what the contract must say and what the product must do. With a school the vendor is a "school official" under FERPA, so the agreement has to keep the records under the school's control, limit their use to the school's purposes and bar redisclosure, with deletion at the end. Under COPPA, consent for children under 13 may come from the school only for its educational purpose, so any use of the data for the vendor's own product development or advertising needs the parent, and the amended Rule in force since 2025 requires separate consent before data goes to third parties for advertising, a written retention policy and a security program. Illinois adds a signed, publicly posted agreement with each district and breach notice to the school within 30 days. We write those terms once, into a data addendum the sales team can sign without calling us.
We advise education clients on the regulation and consumer-protection rules that bear on their model, including institutional and program structure, disclosure and enrollment practices, and matters before regulators such as the FTC and state authorities. Where accreditation, licensure, or a specific agency proceeding requires education-regulatory or locally admitted counsel, we coordinate that work so the regulatory posture is in the right hands.
Whoever the paper says. An employee's courseware is the employer's by statute; a contractor's is the company's only if it fits one of the Copyright Act's nine work-for-hire categories and a signed agreement says so, and otherwise only by a present-tense assignment. Instructors who bring their own material license it, and the license should say whether the company may edit, translate and keep using it after they leave. Third-party media and openly licensed material carry their own terms, and a non-commercial Creative Commons license does not become commercial because it sits inside a paid course. If learners upload content, the platform's safe harbor for infringement claims depends on a registered agent at the Copyright Office, renewed every three years. We audit the chain of title before a financing does.
We act for companies, founders, and investors across venture and growth rounds and buy- and sell-side M&A, handling term sheets and financing documents, cap-table and option-pool modeling, diligence, and the corporate housekeeping a deal depends on. In education, diligence reaches into data practices, content rights, and regulatory exposure, so we align those workstreams early to keep a financing or sale from stalling on cleanup.
Yes. A learning platform that crosses the Atlantic meets a different age of consent (16 by default in the EU, 13 in the United Kingdom), a children's design code in Britain, and a school that is a data controller under the GDPR with the vendor as its processor under a written Article 28 agreement. Moving the data back to US servers needs an approved transfer mechanism and a transfer assessment. We handle the US structure and the contracts from Chicago, work through partner firms in London and Dubai, and engage locally admitted counsel from a partner network of about 51 jurisdictions for the local filings a market requires.
The software backbone of EdTech, covering venture financings and M&A, IP and licensing, data and privacy, and equity compensation for platform businesses.
Explore →Another regulated frontier where data, consumer protection, and deal structure intersect, from clinical software to the longevity sector's legal questions.
Explore →The capital consolidating education and training businesses, through buyouts, fund formation, and direct deals for sponsors and the family offices behind them.
Explore →Reviewed by Jonathan D. Herpy, Sr., Senior Partner · Last updated October 2026 · Educational overview · Not legal advice
One partner is accountable for the whole matter, and you have that partner's direct line. Chicago, London, and Dubai work to the same standard.