What did they do?
Wilson, Sonsini, Goodrich, and Rosati one of silicon valley’s dominant law fims have created a free term sheet generator.
It is a modified version of the tool they use internally. Based on your input it generates a document similar to the one you would normally pay for.
Free:
The ability to generate term sheets
Premium:
Other services of the law firm
See more on their webpage
http://www.wsgr.com/wsgr/Display.aspx?SectionName=practice/termsheet.htm
or
http://www.startupcompanylawyer.com/2009/04/22/wsgr-online-venture-financing-term-sheet-generator/
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