Appointing and dealing with attorneys is often daunting and confusing, especially if you’re facing it for the first time. The process turns out to be even tougher when it comes to business. With the right legal advice, you can get going with your business right away.
You need to know what to expect from lawyer-client relationship in order to hire the right attorney. Most importantly, you should know why you’re hiring them and what you want them to do.
The main categories of startup firms that face problems include –
- Financing,
- Corporate formation, and
- Customer/website agreement.
Some firms encounter problems with
- Industry regulations,
- Intellectual property, and
- General litigation
However, company formation, and finance related problems are the main areas of concerns for most of the startups.
Do Lawyers Understand Your Niche?
You can find many lawyers, who’re deal killers; often inexperienced and less patient, they concentrate on short cuts, wrong things and forget what their clients want. When you discuss with the lawyer, put two or three complicated negotiations and see how they overcome obstacles. Don’t make price as the main criteria when hiring local lawyers. Making cheaper payment on hourly basis may sound great initially, but can be expensive at the end, if he is an inexperienced advocate. Be clear about your expectations and budget, so that you can ensure that there is no waste on irrelevant topics.
Finding Industry-Specific Local Lawyer
Most importantly, an attorney should understand your industry; many local law offices or services are excellent with document preparation and contracts, but if they fail to understand your niche, they can’t offer you the best suggestion. Test their knowledge about your niche and business first and ensure that they know your field and give the right advice.
Experienced in Working with Startups
Startup firms have different legal requirements in comparison to established ones; for startups, the concentration has to be on creating a legal theme for the firm, though funding and securities also come into picture. If the lawyer or service has not worked with startups, he may not understand what goes into initial legal infrastructure.
You can find a lot of lawyers working with established businesses, but they have zero knowledge when it comes to early startups. Look for the one who understands the process from scratch to launch. He should be experienced enough to come up with a great presentation, knowing exactly what your firm does.
Know the Cost Factor
Startups want the whole business building process to go on at cheaper rate, especially the service providers. Though it is important for startups, if someone’s offering free legal advice, give it a second thought before accepting or striking a deal. Some lawyers don’t charge initially, but know very well how to make up for it when the time is right. Hence, look for services, which have startup package or up-front with their fee structure.
On the Whole
Last but not the least; you need to hire someone who’s responsive enough to take care of your needs. The experience alone doesn’t matter, but also the personality, communication, and the entire work process, which in turn, defines the outcome. In this way, you can hire the right lawyer, who can advise and represent your startup in the most efficient manner.
