Hiring a Lawyer
Tips for reducing legal costs for startups.
- Ask for an "emerging company" discount. [1]
- Consider deferred fee structures.
- Deferred fee structures generally involve payment in something other than cash, or payment at a time in the future; there are two primary types: (a) payment of fees delayed until close of pending investment; and (b) equity (or other consideration) offered in lieu of cash. [1]
- Whenever possible, you can request that paralegals and junior associates do the most routine (yet time-consuming) work. [1]
- Leaving critical negotiations to the partners and high-level drafting to senior associates. Finally, make sure you understand in advance what costs and expenses the firm will pass on to you (e.g. photocopying, postage, couriers, travel) and whenever possible, ask if these costs can be waived or reduced.