Launching a startup is no easy endeavor. One of the necessities that first-time entrepreneurs tend to overlook is hiring a legal expert for their business.
Unfortunately, failure to seek legal guidance can be a costly mistake that could break a business. If you want your startup to survive, it is important that you have an effective legal team behind you.
Here are some factors you need to consider when selecting a business lawyer for your startup.
Determine When You Need a Lawyer
Since your business is still in the initial stages, you might think that you don’t need a lawyer at the moment.
You may not have enough financial resources to hire a business attorney, and, understandably, you would want to spend your funds on other aspects of your business.
However, if you want your startup to avoid any legal liability, you should find a business lawyer right away.
The sooner you get legal advice, the more successful your startup is going to be.
Before signing a lease, seeking investors, or entering into a business partnership, make sure that you already have a legal expert who can safeguard your business rights.
Ensure That You Are Comfortable With Their Fees
When setting a budget for your legal needs, you mustn’t compromise the integrity and safety of your startup just to save money.
Keep in mind that the law is a highly complex field. Lawyers skilled in navigating the business world will cost more than those who have no experience or connections.
Think of hiring a lawyer as a financial investment; you get what you pay for.
If you hire someone with the lowest rate, there is a possibility that their quality of service may be parallel with the amount you’ve agreed upon.
If you have limited funds at your disposal, do your research first. Make sure that you know the different options lawyers bill their time. Some get paid on an hourly basis, flat or fixed fees, and others prefer to get charged monthly.
Find a Lawyer That Matches Your Needs
To find the best lawyer for your startup, you need to know the full extent of your legal needs first.
Do you need someone who can guide you with your business taxes or an expert in drafting contracts, or do you want a lawyer who can provide you with business advice?
Most business lawyers can handle basic legal tasks, but just like with other professions, these legal experts also have their specialties.
Choose a lawyer who understands your business niche. Regardless of how credible or popular your attorney is, if they don’t know how your industry operates, then you’re just wasting your money.
However, if they are willing to learn more about your business, then they might still be worth your time and resources.
Your goal is to establish a relationship with someone who supports your company’s vision and has your best interests at heart.
Consider the Location
When searching for a lawyer, you should also consider location. While it may be easier to go with a legal expert within your state or area, doing so may hinder you from fulfilling your business goals.
For instance, if you want to expand internationally within the next two to three years, it makes more sense to choose someone capable of managing your future target clients.
Your business lawyer doesn’t need to be geographically near you. The important thing is that they can handle your business transactions regardless of where you are.
Get Someone With the Right Connections
Aside from choosing a business attorney who genuinely cares for your startup, you should also make sure that this person has the right connections in the legal and business world.
For your company to grow, you must meet the right people to help you make it happen. Do not hesitate to ask your prospective lawyer these questions:
- Are you a member of associations or groups that my business can benefit from?
- How long have you been dealing with other professionals or businesses in the industry?
- Are you able to set meetings with investors or potential clients?
Remember that your lawyer will represent you in all of your ventures, so they should have enough industry connections and the ability to add value to your business, aside from taking care of your legal needs.
Your business lawyer can either be an asset or a liability to your startup. The legal world is a complex system with numerous underlying factors.
For your company to thrive, you should select someone who can ward off any legal threats and guide you on your business journey.
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