Startups begin as a simple idea, and it’s difficult to predict what’s going to happen to them within a year. Sometimes they take off so abruptly that it’s difficult to keep up with all the legal matters that come along the way.
If you start a new business and fail to keep its legal aspect in check, you might be in trouble later. Without the proper knowledge, you may find it challenging to handle it on your own. That’s why hiring the right lawyer at the starting point can prove to be an excellent investment. Cartwright King solicitors prepared some tips to help you make a choice that can have a massive impact on your business. If you want to learn more, keep on reading!
Get your needs covered
Try to find a knowledgeable lawyer who’ll help you navigate through all the legal matters concerning your startup. If you’re just at the beginning of your business journey, the right advisor will help you identify all sorts of legal issues and challenges you may encounter along the way. Nevertheless, do your research first. You’re the boss; you need to know in which direction you’re going. Even the best lawyers won’t make your business successful if you don’t know its purpose.
Also, make sure you have the same goals. Find a legal advisor who is objective, but who’s also going to support your vision. They need to understand the future plans for your business and have your best interests in mind. If you’re on the same page, you’ll work with the same purpose in mind: make your business profitable.
Don’t shy away from interviews
If your startup team lacks legal expertise and backup, finding the right lawyer to fill that spot will seal the deal for you and your business. Just like you need people to keep your startup up and running, you also need someone to keep an eye on all the important matters the laypeople may simply overlook. A startup lawyer is someone with whom you’re going to work very closely. Finding someone who’d be a perfect fit will spare you many hurdles. Why not put more effort into doing it right?
Whenever you’re looking for someone to complete your team, be it a new coworker or a lawyer, always treat it like a job hunt. If you want to offer someone a job, you’d likely invite them for an interview. That’s why you should ask your potential legal advisor as many questions as you need to get the whole picture. Here are some questions you can ask your candidate:
- What’s their work experience? Do they know how startups operate?
- How much time do they have for you and your startup?
- How do they expect an average legal matter, such as a partnership contract, will be handled?
- Do they have experience with mergers, acquisitions, and successful exit scenarios?
- Can they create compensation packages for the most valuable employees in a company?
- Who else in their firm can you reach out to if they’re unavailable?
- Are there any discounts or fee deferrals for a company like yours?
- Are they willing to provide you with references from other startups?
Get a client referral
The internet is full of comments, opinions, and reviews. If you’re looking for a lawyer, don’t forget to check their reputation and look for referrals. However, opinions online may be unrealistic or even fabricated. As such, you should ask your potential lawyer to get you in touch with their existing or former startup clients. Once you have all the contact details, ask about their experience with the lawyer, and try to get all the important details on the quality of their cooperation.
Determine the Costs
Every business owner needs to know exactly what their costs and profits are. Financial transparency is the key to a successful company. That’s why you should be very clear with your potential lawyer about all the costs and fees you’ll have to pay for their service.
Ask about the fixed fees and any additional costs that are likely to come up at some point. If you don’t want to hire a full-time lawyer at the first stages of your startup development, it’s fine! Make sure you know their hourly rates and what exactly they can offer during the time they spend working with your business. Compare the rates with other law firms and learn the average price point. The more transparent the situation is from the beginning, the better.
The bottom line
Finding the right lawyer at the beginning of your startup journey is going to help you immensely. These kinds of businesses tend to have a bit of a shaky start. Knowing that there’s a legal professional ready to back you up and navigate you through all the difficult procedures will put your mind at ease. In turn, you’ll be able to focus on growing your business.