- Five Ways to Manage Business Startup Legal Expenses
- November 19, 2016 | Author: James H. Gulseth
- Law Firm: JGPC Business & Corporate Law - Pleasanton Office
Money: without sufficient amounts of it, your new business idea is not likely to get very far. When starting a business or project, it is crucial to ensure that you have enough capital to pay for your startup expenses. Hiring a business startup attorney to help you in taking the legal steps necessary to get your business up and going, but the costs of these services can sometimes seem expensive. Thankfully, there are several ways entrepreneurs and new business owners can manage their business startup legal expenses.
5 Ways to Manage Your Business Startup Legal Expenses
Managing your business startup legal expenses takes planning, but it need not be difficult. Here are five ways you can make the most out of your legal expenses line item:
- Don’t let price dictate your choice of an attorney: Cost is a relevant, but not determinative, factor in deciding upon which attorney will serve you best. You should consider the attorney’s experience and primary practice areas. The goal should be to hire a law firm that will represent a “good value” overall. The most expensive law firms are not always the best, and the least expensive firms are not always a bargain. Consider what you will be getting for your money.
- Listen to your gut: If you speak with a certain law firm or attorney and do not get a “good feeling,” it is often best to listen to your gut and find a different law firm. Hiring an attorney or firm despite such feelings just because a friend recommended the firm or you heard good things about the firm will not make those feelings go away. It is very likely you may end up terminating your agreement with the firm down the road and will pay more to find a replacement firm who can pick up where the other firm left off.
- Look for an attorney who can assist and advise you in multiple areas: In starting a business, you will likely have several legal “needs” including , drafting of operating agreements and contracts, and protecting business assets and intellectual property. A law firm who is well-versed in several of these areas will save you the time and expense of trying to find a different lawyer to handle each of your needs.
- Know what you can realistically spend on legal fees: Form a budget for your startup legal expenses and stick to it. Carefully consider the ramifications to your business before you go over your budget to afford a particular law firm. Starting out deeply in debt to an attorney is not the smart way to begin your business.
- Do not be afraid to negotiate: It never hurts to ask if the attorney with whom you are speaking can offer you a better deal or payment terms that are more friendly to you and your business. While not every attorney will lower his or her fees or allow you to “pay as you go,” you will never know unless you ask.
This article was originally published on JGPC.com.