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Do you need to find a good lawyer? If you are an entrepreneur, the answer is a definitive yes! Finding good lawyers is critical to your long-term success.
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Think about all the situations where entrepreneurs may need help from a good lawyer:
- choosing a business structure
- signing contracts
- obtaining financing
- negotiating a lease
- hiring employees
- sharing equity with employees
- doing business in areas involving heavy government regulation
- protecting intellectual property
- dealing with litigation
- acquiring another company
- selling your company
- going out of business
Tips for Selecting Lawyers
When hiring a lawyer, here are some considerations that will help you to find the best lawyer for your needs:
- Hire a Specialist. A lawyer that is adept at
helping you to raise venture capital may know nothing about helping
you to negotiate a lease. For any legal need, compile a list of
lawyers specializing in that area and then select the best lawyer
you can find.
- Get Referrals from Friends. Talk to friends
and business peers for referrals in the legal area you need. Back
in our entrepreneurial days, we were raising our first round of
venture capital and needed a lawyer. We asked a good, experience
venture capital friend these questions: "What lawyer do you hate
to go up against? Who in town ends up getting the best deal for
the entrepreneurs?" We got a great referral and hired a pit bull
of a lawyer who did very well for us.
- Don't Buy Legal Knowledge Only. Remember that
a lawyer can be a valuable conduit to wire you up with venture
capitalists, customers, partners and others. Don't simply choose
a lawyer that knows the law -- choose a lawyer that can add value
to your business.
- Understand Fee Structures. It's good to ask
your prospective lawyer how much things cost and who will do the
work. Lawyers are under the gun to be billable, so it's good to
monitor them closely to be sure they don't overcharge you. Know
how much you are willing to pay. The best lawyer at the best law
firm in town may cost $500 per hour - perhaps you could do better
somewhere else.
- Fire Your Lawyer If They Don't Perform. Don't
rely on one lawyer for everything. It's best to have relationships
with a few different lawyers and let them know that you have options.
If they don't perform well at a decent price, you will move on.
- Use Your Lawyer Intelligently. Many entrepreneurs
overspend on legal fees because they let their lawyer do everything.
To save money on legal fees, it's a good idea to do some of the
work yourself. Draft a contract and then have your lawyer improve
on it, rather than have them do it all. These days, you can find
sample contracts and agreements on the Internet. IPO filings,
which are public record, are a great source of sample contracts,
for example.
- Hire a Smart Lawyer Who You Get Along With.
The bottomline? You need a smart lawyer who will work hard on
your behalf and execute all assignments in a prompt and efficient
manner. You also need a lawyer who you get along with and like.
Don't hire a mediocre lawyer, unless you want your business to
suffer.
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