Start up question - legal services ?

[Inspectorclueso]

I'm in start up mode and we're at a point where over the next 3 months, we'll need to review some pretty detailed contracts with clients. Previously, I've been in a large business, so of course there was someone to deal with the i.e. internal legal, now of course there isn't.

I'm assuming most businesses in this position have to engage external legal support i.e. firm of solicitors. Where you've done this, do you find there are deals to be done i.e. better rates if you discuss a pipeline of business that will come there way, assuming the venture works, or do you find them pretty much here's the cost take it or leave it ?

Any thoughts appreciated.

[Cyberprog]

As with most stuff, you could negotiate to buy a "block" of hours and get a small discount I would imagine. Depends on how big the firm you use are, and what the staffing seniority you want to look them over.

Bear in mind even if you ask for a partner to look them over, an intern is going to be doing initial reading and the partner will then skim it over!

[DSLiverpool]

Join the FSB

[The Moose]

What level of lawyer are you looking to hire?

A buddy of mine used people per hour to hire a UK lawyer for about £40 an hour. Guy was apparently very open about moonlighting for extra cash. Did a good job, but not instant turn around. Any reason something similar wouldn’t work for you given your start-up nature?

[Europa1]

The Moose said:

What level of lawyer are you looking to hire?

A buddy of mine used people per hour to hire a UK lawyer for about £40 an hour. Guy was apparently very open about moonlighting for extra cash. Did a good job, but not instant turn around. Any reason something similar wouldn’t work for you given your start-up nature?

If he was moonlighting, was he insured?

[Muncher]

Europa1 said:

If he was moonlighting, was he insured?

Up st creek without a paddle if he gets it wrong and I would be more concerned that no decent solicitor would work on that basis so you are probably getting someone who is crap as well.

[The Moose]

Muncher said:

Europa1 said:

If he was moonlighting, was he insured?

Up st creek without a paddle if he gets it wrong and I would be more concerned that no decent solicitor would work on that basis so you are probably getting someone who is crap as well.

I asked the question about the insurance, and assuming you mean prof indemnity insurance, the guy was insured - yes.

There's many reasons why a solicitor may want to work on that basis - not all lawyers want to work in the big city jobs, 18 hour days etc and they also have bills to pay, things to buy etc.

All I know is that it worked really well for my buddy who didn't want to spend a load of money on legal fees - could work well for a startup with limited capital depending on the work. The OP was light on what it was he needed hence the suggestion.

[Marcellus]

Inspectorclueso said:

I'm in start up mode and we're at a point where over the next 3 months, we'll need to review some pretty detailed contracts with clients. Previously, I've been in a large business, so of course there was someone to deal with the i.e. internal legal, now of course there isn't.

I'm assuming most businesses in this position have to engage external legal support i.e. firm of solicitors. Where you've done this, do you find there are deals to be done i.e. better rates if you discuss a pipeline of business that will come there way, assuming the venture works, or do you find them pretty much here's the cost take it or leave it ?

Any thoughts appreciated.

Speak to friends who have similar companies (most company owners will have a lawyer somewhere in their address book), find someone who is recommended, talk to them (free for first meeting usually) if you get on with them then discuss terms.

As said usually you meet a partner who will retain broad ownership of the relationship and sign anything off but reality is that their intern will do the leg work which they oversee, it's cost effective for you too. Over the years you may work with several interns but it's good that the partner is there in the background knowing everything that's gone on.