Services Web3 & Product Strategy
Product
counselling
What is
product counselling?

Product counselling is the legal work that sits closest to the product itself. It is concerned with what the product does, how it is offered, what the customer sees, what the customer agrees to, and whether the underlying flow creates regulatory, contractual or consumer-facing risk.

In practice, this usually means reviewing a feature, product launch or customer journey before it goes live. The legal question is rarely just whether the feature is attractive or commercially useful. The real question is whether the feature changes the legal character of the business, creates new obligations, or exposes the company to risks that are not reflected in the terms, policies or operational controls.

When is legal input usually needed?
Legal input is usually worth getting when:
  • 01 A new feature changes how money, assets, data or instructions move;
  • 02 A product starts to involve third-party providers, white-labelling, referrals or embedded services;
  • 03 Marketing language is broader than the actual product functionality;
  • 04 customer incentives, loyalty mechanics, rewards or token elements are introduced; or
  • 05 the business is entering a new market with an existing product.
What tends to go wrong?
The most common issue is that teams review the feature in isolation instead of reviewing the whole journey.
A product may look unobjectionable on screen, but the legal risk sits in the onboarding flow, the settlement mechanics, the allocation of responsibility with a partner, or the promises made in customer-facing copy.

Another common issue is factual mismatch. Legal reviews are only as good as the description they are based on. If product, compliance and commercial teams are each describing the feature slightly differently, the review usually misses the real pressure points.
What should be looked at first?
At the outset, the business should usually pin down four things:
  • What the customer is actually being allowed to do;
  • Which entity is providing each part of the service;
  • What the terms, disclosures and user consents need to say; and
  • Whether the product flow matches the operational and compliance reality.
That usually gives management a much clearer picture of whether the product is ready to launch as designed, needs guardrails, or needs to be restructured before rollout.
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