How Foresite Capital Saved Tens of Thousands of Dollars in Attorney Fees

SixFifty: Helping set employee policies with confidence

Foresite Capital Management is a venture capital firm investing in people, ideas, and discoveries in the life sciences and healthcare space. To date, they have closed five funds, hold about $3.5 billion of assets under management (AUM), and are well on their way to their ultimate goal of accelerating innovation and transforming healthcare at large. Of course, such lofty goals require the right employees for the job—the company is made up of an impressive team of scientists, clinicians, engineers, analysts, and more. Their offices span from the San Francisco Bay Area to Madison Avenue in New York City, with 60 employees residing in 12 states in between.

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When HR manager Jeff Wheeler started working for Foresite Capital, he knew one thing was certain: he was bringing SixFifty along with him. At Wheeler’s previous job at global SaaS company App Annie, they were using outside legal counsel, and costs were racking up quickly. “When COVID first began, we had our outside APAC legal team reviewing just our China COVID policies—that alone was $12,000, just for China,” Wheeler said. Understandably, it didn’t take much to convince App Annie to make the switch to SixFifty. After using the tool there, he immediately saw the value SixFifty could bring to Foresite Capital—and their sister company, Foresite Labs, too.

Employee policies, but make it simple

As the sole HR agent creating company policies, Wheeler sees SixFifty as a huge time-saver. Foresite Capital was rolling out new policies on a weekly basis during the height of the COVID-19 pandemic, and the Return-to-Work tool proved essential throughout that hectic time. They used the tool to generate documents related to everything from vaccines and sick leave, to COVID travel and telecommuting.

“I personally find all of the COVID-related updates very, very valuable, especially back in the early days when things were changing daily and weekly,” said Wheeler. Thanks to SixFifty, Wheeler can effortlessly create a new or updated policy, download it to Microsoft Word, and upload it to DocuSign to send out for signatures company-wide. The tool has saved Foresite Capital tens of thousands of dollars in attorney fees, without sacrificing the expert attorney advice. Wheeler especially appreciates the information he can quickly glean from the SixFifty platform and webinars.

“I’ve seen how you’ve refined your webinars throughout the years and what a great community around this you have built,” he said.

Staying up-to-Date, no matter what

After the whirlwind past two years, Wheeler is excited to continue using the tool at a slightly slower pace: “Moving forward, I plan to roll out new and updated policies annually, and not worry about keeping them updated every single week,” he said. No matter what work policy challenges may come their way, Foresite Capital will turn to SixFifty for an intuitive, automated solution that allows them to easily comply with the latest laws and regulations in any state. “I have been really pleased with everything: the platform, the tools, your support team, [and] all of our one-off calls,” said Wheeler.

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