The Founder’s Primer on Multi-Class Voting Structures

On November 6, 2026, Cravath prepared a memo for its clients entitled “The Founder’s Primer on Multi-Class Voting Structures.” The memo discusses the core concepts founders should understand about multi-class voting structures, the principal structures in use today and the design decisions founders should consider before an IPO. Specific topics include dual-class and triple-class structures, variable-vote structures, sunset provisions, conversion triggers and accompanying governance features, as well as practical considerations for founders.

Please click here to read the memo.