While it’s true that most early-stage startup companies don’t have the legal department or the legal budget of larger corporations, that doesn’t mean that they don’t need the services of an attorney. A lawyer can help you to establish your company in a way that protects its assets and insulates it from future risk, help you to navigate contracts, and make sure that the government complies with all laws related to taxation, accounting, and other legal requirements relevant to business ownership and operation. This is why early-stage startup companies should hire a lawyer – because they need one!
What Lawyers Do For Startups
An attorney can help you raise money, get in touch with potential clients, and protect your intellectual property. A good lawyer is also worth their weight in gold when it comes to drafting contracts. A startup’s primary goal is to make money and grow. In order to accomplish that goal, entrepreneurs will have to negotiate many contracts in all areas of business: employment agreements, consulting agreements, vendor agreements and licensing agreements are just a few examples.
What Lawyers Do Not Do
Lawyers are not salespeople; they will not sell you on your legal issues. Your lawyer does not know whether or not you should take legal action, or even if your case is winnable. Only you can make that determination. Your lawyer will lay out all of your options and let you decide what is best for your company and yourself. Do Not Assume That Lawyers Understand Startups: In their experience, lawyers have dealt with larger corporations, established businesses, and organizations far older than most startups.
Consulting Vs. Attorneys
Starting a new business, either as an entrepreneur or part of a startup team, is exciting. You are now free to set your own hours and pursue your passion. It can also be overwhelming when you take into account all of the tasks that need to be completed and the challenges that lie ahead. If you want to ensure everything goes smoothly in terms of launching your company and protecting your personal assets, hire an attorney from day one.
How to Choose A Lawyer?
Deciding which type of lawyer to hire—corporate, tax, litigation, or another specialty—depends on your industry. If you’re in a highly regulated industry such as financial services or health care, you may want to consult with corporate attorneys who specialize in-laws and regulations related to your specific business. Choosing an attorney can be time-consuming but it is important for startups to have legal counsel as part of their team.
What are Legal Fees?
In short, legal fees are what it costs to get a lawyer to do his or her job for you. For startups, which have extremely tight budgets, these fees can be eye-opening. The good news is that startups don’t always need to hire an attorney directly. It all depends on your startup’s needs at any given time.
Where To Get Help
When starting up, many companies want to do everything as cheaply as possible. There are times when that is appropriate, but not when it comes to legal advice. Paying for guidance from a lawyer at an early stage in your business life can actually save you money in more ways than one. If your business ever has to face legal action or go public, hiring a lawyer from its inception can mean big savings later on down the road.