Entrepreneurs: Please Hire an Attorney…Even If It’s Not Us
Entrepreneurs: Please Hire an Attorney…Even If It’s Not Us.
When Entrepreneurs set out to build their business they frequently do so in a vacuum and with the excitement of starting something new. More often than not, they fail to consider potential legal issues they are facing now and down the road, most of which they cannot anticipate during the early stages of forming an entity.
With the help of an experienced business attorney, entrepreneurs can set a solid foundation that is less likely to be shaken down the road. I think the general perception is that hiring an attorney is really expensive, and in some cases it certainly is. However, not hiring attorney when starting a business, can prove exponentially more expensive, especially if you’re successful. Our best (non-legal) advice for anyone considering counsel for their start-up includes the following;
- ASK FOR A FREE CONSULTATION: Any attorney who wants to truly partner with you should be willing to spend 20-30 minutes face-to-face in an effort to understand your business model before you pay them a dime.
- BIGGER DOES NOT MEAN BETTER: Massive law firms with hundreds, and even thousands of attorneys, are not usually a good fit for most entrepreneurs. Smaller boutique firms focused on business law are traditionally not only easier for entrepreneurs to work with, but you’re not paying to educate their new associates that are given matters with smaller budgets. By considering a boutique firm, you usually get a more experienced attorney and more one on one attention for a lesser amount of money.
- HOURLY BILLING ISN’T ALWAYS IDEAL: In some cases, billing hourly can be a nightmare. Look for a lawyer who is willing to consider working on a flat fee, at least to get your business set up to operate. If you have a business that needs ongoing legal work, you will get more out of the partnership if you know the firm is working consistently each month and they will likely over deliver on services.
As entrepreneurs ourselves, we understand that it can be much more gratifying to spend seed money on a fancy logo, a new website and glossy sales materials in your effort to let the world know about your incredible new company. However, instead of simply focusing on the fun stuff, we recommend that you protect your investment by consulting with an attorney so you know what you need and so you’re at least aware of your potential liabilities.
If you are an entrepreneur or business owner who would like to speak with an experienced business attorney, contact Kennyhertz Perry today.