Any new business needs a good lawyer, so it is crucial that you get the best advice according to your budget. Making a mistake in this matter can result in a waste of time and money, redoing contracts and renegotiating deals. To make this process easier, we share the most common mistakes that startups make as well as a tip to avoid them:
Hire a lawyer too early
Some companies hire a lawyer before they even know what they want or need from them. To know when to start with this contract you must have at least to: define what type of society you will choose, rent or buy a place, process a license, register your brand, deduct taxes and hire employees or outsourcing services. You could get the first advice from interns in law schools; doing it would help you save money.
Believe that big is better
Large firms can be very attractive to novice entrepreneurs, but you could end up paying high fees for the company’s less-trained staff because, in general, the best lawyers work for large companies. That’s why it’s better to look for small firms that offer value, personalized treatment, and expertise. Bet on big firms when your company grows or has a serious problem, such as a lawsuit.
Do not discuss the rates
It may seem unimaginable to negotiate in an area like the law but remember: you are hiring a lawyer in the same way you would hire a consultant or accountant. There are many different arrangements to pay for these services, including monthly flat rates, per hour or offering shares of the company. Define well the payment method from the beginning, as well as the consultation time and charges for extra hours or services.
See a lawyer only as a lawyer
One way to pay a business lawyer wichita ks might be to offer you participation in your company. If so, you should bear in mind that your lawyer would become your business partner and that you should treat it as such. Also, before accepting this proposal, make sure that the person not only has experience but also valuable contacts that could share and skills for the growth of the company.
Even if you choose a more traditional model (direct payment to the lawyer or the firm), you should consider that in the early stages of the business it can become a valuable counselor. It is therefore important that you make a good decision, observing your resume but also the chemistry with you in order to ensure a good relationship.