5 Primary Things To Consider Before Finalizing Your Startup Lawyer
There’s always a first for everything. The first time you learned your skills; the first time you decided you needed to kick-start a business venture; the first time you became a proud owner of a business you can call your own- memories of diving into the unknown are often bitter-sweet. You learn something from the inaccurate steps and revel in the joys for the accurate ones. However, your startup has seen a lot of late-night brow sweats and letting your company risk it all on an inaccurate legal step doesn’t seem right. Now, startups battling legal and financial constraints are not unheard of, especially if you’re a first-timer to this whole entrepreneurial front. While you busy yourself with the operations, what your newborn business desperately needs right now is a startup lawyer.
For your new business venture to grow and prosper, you need to buckle down and start strengthening the foundation of your business. Legal discrepancies amidst brand building is a blunder no startup wants to commit and hence the concept of Startup Law and lawyers specializing in it was born. But here’s the deal- not every startup lawyer you come across will be valuable to you. Much like the diverse genres of industries, your startup lawyer and his business handling skills vary too. Let us tell you about the 5 primary things you need to consider before you shake hands and finalize the deal with your startup lawyer.
Look For ‘Startup’ Experience
MNCs and industry leaders have their own woes and startup entrepreneurs have a whole new gamut of rules and regulations to keep in mind. There’s budgeting, hiring, legal documents, contract papers, invoices, corporate connection- the list will go on and on. However, your Startup lawyer should already be a pro at this from day 1. If you’re looking into startup law by now you must have figured how intricate it is to abide by the legal rules in order to achieve a seamless growth and the lawyer chosen by you should understand that too. But how will you understand whether your lawyer is good at startup law or nor? The answer lies in research. Ask your lawyer, ask some startups he has helped or worked at before and then conclude your decision.
Talk Legal Priorities
If you’re a newbie in this entrepreneurial without a professional backbone to fall back into, you might have noticed how your brand gets tangled with a lot of legal regulations. It’s natural for a new business to strive financially and still make legal ends meet but there are truly some bills that can be kept for later. Your startup lawyer should treat your budget as if it’s their own and handle it as delicately as possible. Being on a budget when starting a business venture means you need to hire a smart startup lawyer who can figure out which legal dilemmas need urgent priority and which ones can be shoved to the back of the closet for later.
Take Flexibility into Account
You don’t want to busy yourself with operations and then come to your office desk crowded with multiple legal contracts and bills that you’re completely clueless about. This is one common problem entrepreneurs face all the time. Lawyers hired for a certain purpose would blatantly deny additional help out of their retainer plan. However, there are still a few flexible professionals out there who admire the dedication and will power of entrepreneurs as they burn the midnight oil and that is exactly the type of person you need right now in your team. You should ask your shortlisted lawyer about the limitation or extension of assistance pertaining to legal and possibly financial matters and if he’s even a tad bit reluctant, he’s not the guy for you.
Keep a Tab On the Social Circle
The right kind of connection can move the world. The judicial system has always been the turtle of the race, slow and steady but with your new business ready to balloon, facilitating legal shenanigans can really help you create an edge in the market of newbies. However, if you lack the legal networking circle, you need to find yourself a lawyer who doesn’t. Usually lawyers because of their job profile, have a lot of legal connections and sources and that’s exactly the type of social circle that can boost your brand’s presence by concreting it with legalities out of the way.
Let Your Instincts Kick In
The last point every entrepreneur should keep in mind when choosing a legal partner is their gut feeling. If you think there’s something wrong with this lawyer, there probably is. When choosing a lawyer you need to closely monitor the person’s attitude towards your brand and the way he chooses to handle things if taken on board. By this we mean, if your lawyer is making a lot of excuses or trying to reduce his workload- you probably wouldn’t want him on a retainer helping you and your company for the long-term. If you don’t want your instincts to misguide you, do a comprehensive background check on the person before hiring him. You can approach his past clients and ask them about his feedback or review, to begin with. Market reputation has a lot to do with this scenario as well.
No matter how intricate and intertwined startup law is, there’s always a loophole somewhere waiting to be explored. However, in order to make the best of your legal journey to brand success, keep these 5 primary points in mind when you set out to choose a startup lawyer for you.