“Ideas are easy. Implementation is hard.” -Guy Kawasaki
While the recent technology boom has created an association of the term startup with the digital sphere, in the fact the term startup can refer to a wide range of business having nothing to do with technology. In whatever industry a startup finds itself, it will need legal assistance.
While startups are nothing new, digital startups are fairly new and require special legal services.
The early legal needs of a startup will likely require a business lawyer with various specialty areas. This can include: entity formation, fund-raising, and founder agreements which are all crucial at the inception of a startup.
Depending on the growth and nature of the startup, employment, partnership, and licensing legal needs can follow shortly after an inception of a startup.
A successful startup may eventually need a startup lawyer well versed in securities regulations and mergers and acquisitions.
How Should a Startup Lawyer Charge?
The startup lawyer needs to clearly define how he or she will get paid and the scope of representation. Low fixed rates are preferable for startups early on, wih variable rates or hiring general counsel becoming more viable as the business grows.
Knowing the exact needs of a startup requires due diligence from the founders of the startup as well as from the lawyer from the onset of the startup because the digital arena allows for any possibility.
Are you a business or an entrepreneur? We can help with your legal needs.
Mollaei Law is a business law firm serving businesses and entrepreneurs. We can help with all of your business needs including tailoring legal documents for your business, reviewing and drafting contracts, negotiating, business planning, setting up business entities, and helping with any of your business transactional forms.
For more information, visit www.mollaeilaw.com or give us a call at (818) 925-0002.