Everything you need to know about Startup Lawyers
What Does a Startup Lawyer Do?
A startup lawyer can help a startup to start and scale a business. Among other things, a startup lawyer can help you:
- Register and create your business;
- Develop business or employment contracts;
- Review your leasing agreement;
- Work with investors and capital funds;
- Review partnership agreements;
- Determine the best business structure (i.e. sole trader, company) for you;
- Deal with disputes; and
- Register and protect intellectual property.
When Should a Startup Hire a Lawyer?
All startups should hire two professionals early only to succeed—a lawyer and an accountant. These two professionals are vital in the starting stages of a business. We recommend hiring both of these professionals as early as possible.
Why is Having a Startup Lawyer Important?
As mentioned above, a startup lawyer can help you and your business in many different ways. A common mistake we see new business owners make is perceiving lawyers as an optional expense. As a result, business owners often hire a lawyer only when they are being sued.
Think of your startup lawyer as a preventative measure. Your startup lawyer will help you avoid a lengthy and expensive court process.
What Tasks Can I Do Without Using a Startup Lawyer?
This isn’t to say that you need a lawyer with you for every step of the way. To help keep costs low, we recommend you consider completing the following without the help of a lawyer;
- Choosing a business name;
- Creating a business domain name;
- Interviewing employees or potential business partners; and
- Writing a business plan.
Do you need a lawyer to start a business?
When starting a business, it is recommended that you employ the services of a legal professional. A startup lawyer can help draft the necessary documents needed to start a company. These can include:
- A company constitution;
- Director and member resolutions;
- Minutes of meetings;
- Application for shares;
- Share certificates;
- Register of members;
- Consent to act as director/secretary; and
- Register of office holders.
A startup lawyer can also register your business for you.
How Can I Choose a Good Startup Lawyer?
When choosing a lawyer, remember that not all lawyers are created equally. The lawyer you choose should understand you and your business. First and foremost, you should trust him or her. He or she should complement your business and be experienced in the type of legal issues you will need help in. Your lawyer should also be easily accessible. It may be a good idea to seek referrals from friends or family. See if you can find a lawyer who offers free consultations. That way you can use the consultation to determine if that particular startup lawyer suits you and your business.
How Is a Startup Lawyer Different from Other Lawyers?
No lawyer is a jack of all trades. The law is diverse and complex. Lawyers are increasingly becoming specialized in one or two fields. The main areas of law that your startup will engage with are:
- Business structuring;
- Real estate; and
- Intellectual property.
Seek out a “startup lawyer”, who will have experience in all of the above fields. Startup lawyers may also offer flexible pricing options not offered by other lawyers.
How much do Startup Lawyers cost?
There are two main fee structures that startup lawyer use: fixed and hourly. When starting a business, money is tight. For that reason, we recommend seeking out startup lawyers that charge fixed rates.
Fixed rates help you manage your budget and ensure there are no surprise fees.
The specific costs of a startup lawyer can vary greatly. Discuss fees when in consultation with your lawyer. By discussing fees early, it provides clarity to both parties.
What Should I Look for in a Startup Lawyer?
To help you find a lawyer that is right for you, ask yourself the following:
- Does this lawyer provide flexible billing options that suit my business?;
- Is this person easily accessible?;
- Do I like working with this person?; and
- Does this person communicate well?
Why Choose Bolter Startup Lawyers?
Bolter offers a flexible range of packages, tailored solutions and pricing for startups and small businesses. We also offer a free 30 minute consultation to see if we are the right fit for you and your business. Shoot us an email at firstname.lastname@example.org or give us a ring on +61 419 132 907 to see how Bolter can help your business.