If you're starting up a business there will come a time when a good
lawyer will be your best friend. However, that doesn't mean you need to utilize
their bill-by-the-minute services for every legal decision you make. There are
ways to avoid legal fees. Consider these options:
Go Boilerplate
If you've ever signed a renter's agreement for an apartment you were
probably using a boilerplate contract. This is a template agreement already
drawn up by a lawyer and is readily accepted by both sides. You might find that
many of business contracts can use boilerplates that are available for free on
many online legal resources sites. These contracts can include:
- Commercial building lease agreements
- Employee contracts
- Vendor agreements
- Non-disclosure agreements
Ask For a Fixed Fee
Much like the boilerplate contracts, there are also boilerplate
services. Filing for a trademark or setting up a corporation are pretty much
routine. The only changes that are made are the names in each of the contracts.
Does this mean you should be paying a lawyer by the hour to get
those papers in order?
Not at all.
Ask around and see if you can find a lawyer to handle those kind of
for a fixed fee. That means whether it takes them two or 20 hours it will only
cost you one price
.
You could also offer stock options in exchange for legal services.
The caution with that is giving away too much for the kind of "simple
work" mentioned above. Your new investors might not be happy about that.
And, if you want to avoid hiring a lawyer for basic corporate
services, consider using a document filing service (like CorporationCentre.ca!)
to submit your paperwork at a much smaller fee than a lawyer may charge.
Part-Time Lawyer
You might find that after your initial start-up filings you don't
need a lawyer all that much. However, you're now stuck paying a hefty monthly retainer
to a law firm. Not a wise move.
Instead, look for a firm that can provide you with a part-time
attorney. This is someone you can talk to once a week for a reduced fee. Save
up your questions and make that weekly meeting count. You can also look into
legal insurance. You pay a small premium in exchange for getting a lawyer only
when you need them. That's a lot less than the big retainer fee.
If you should ever come across a complicated issue with taxes or
find yourself being sued then you don't want to turn that into a DIY legal
matter. Get a good lawyer on your side. For everything else, look for flexible
options from your legal firm.
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