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So here are 8 essential things, IMO, entrepreneurs should know before hiring their first lawyer. In the comments, share your own ideas.
1. Price & Quality
A highly efficient $300 per hour lawyer will end up costing less than a $150 per hour inefficient lawyer. Being a startup (even if you're funded) doesn't mean you should be paying the same in legal fees as more established businesses. While hourly rates are the most prevalent way lawyers bill, entrepreneurs should explore alternative fee arrangements such as fixed, contingent, capped or hybrid to name a few.
2. Network/Connections
It's always nice to meet lawyers who is already well rooted in your target market!These lawyers provide connections to support the growth and inspire the true spirit of entrepreneurship by providing warm introductions that can change your business for the better.
3. You Hire a Person Not a Firm
You may retain the most known law firm in the country but every firm has amazing lawyers, good ones and some that are neither. It's always a good idea to find out who exactly will be handling your case. Is it an associate fresh out of law school? The paralegal? Or the partner himself.
4. Professional Chemistry
Professional chemistry matters. So find legal representation through someone that you actually can see yourself getting along with. If you cringe every time your lawyers number shows up on your cell phone, then you probably have the wrong lawyer.
5. Trust Your Instincts
Input from friends and family are great but sometimes can be unreliable. Hiring your uncle who practices entertainment law to do your Delaware C Corp incorporation might not be so smart. Your own opinion matters a lot and while expertise and years of experience are important, you should feel like your lawyer is part of the team.
6. Background & Skills
The business lawyer should have an eclectic background and skills to alleviate the everyday stressors entrepreneurs face (raising money, issuing stock, what to incorporate as, hiring/firing etc..). He/she should have an understanding of the business strategy to mitigate risk intelligently and always from a cost-benefit perspective.
7. Exclusive
Your lawyer should strive to provide in-depth, detailed services to an exclusive, limited number of clients. Understanding a company’s unique culture takes time, as does gaining the trust of its founders. Lawyers achieve this level of trust by taking the time to knowing your business inside and out.
8. Available
Finally, and most importantly, entrepreneurs don't operate in the typical 9 to 5 work structure, so make sure your lawyer is committed to being available when you need it.
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