As an entrepreneur, you’ll probably need legal advice at some point. But any given legal project should make your business better, not just increase your business expenses. How do you get the advice and representation you need without breaking the bank?
Here are seven tips:
1. Prevention is the cheapest medicine. By getting legal advice up-front, you can avoid many more problems down the road. It’s much cheaper to have a lawyer draft an airtight contract than it is to have a lawyer negotiate your way out of a disputed “handshake” agreement.
2. Go with your gut. It’s not about finding the oldest, most experienced attorney with the fanciest offices. (After all, you’re paying for that overhead.) Instead, hire the attorney that you really “click” with. If you hate working with your attorney, or if you doubt their advice or their value, then you’re just wasting your money.
3. Ditch the billable hour. If you Google “how to save on legal fees,” you’ll find all kinds of tips related to negotiating cheaper hourly rates, not paying for paralegal time, demanding a budget up front, etc. Save yourself the headache and demand a flat fee. That way, you don’t have to worry about being nickeled and dimed every time you have a follow-up question.
4. You might be able to do it yourself and use a lawyer as a coach. Small businesses, especially start-up companies, are often on a shoestring budget. And there are quite a few consultants, service providers, and (frankly) sharks that want a piece of your business’s budget. So there’s nothing wrong with doing some of the work yourself and having your attorney guide you along. Then, as your business grows, make some room in the budget to get your policies and contracts updated.
5. Educate yourself. We live in the information age—some might even say the information overload age. Do your research, but don’t assume that Google is a substitute for actually consulting with an attorney. Take advantage of a free consultation. With so many gray areas in the law, and so many exceptions to the general rule, you’ll be surprised at what you can easily miss with a Google search.
6. Be honest with your attorney. Attorney-client privilege exists for a reason. Take advantage of it no matter how bad the facts may seem. Your attorney needs to know as much as possible about your business in order to provide good advice. All too often, the “little” thing you held back becomes a make or break issue.
7. If all else fails, negotiate payment terms. Let’s face it—sometimes, you get what you pay for. If you’re getting great value from your attorney, don’t be “that guy” trying to get a steak and lobster dinner for a fast food price. Instead, recognize that value, and work with your attorney to fit your budget. A long-term relationship can be infinitely more valuable to you and your attorney than a one-time legal matter.
Use these seven tips to get the advice and representation you need without breaking the bank.
