Let’s face it–starting a business can be overwhelming at times. You’ve got a great new idea to bring to market, and perhaps you’ve even developed a strong business plan. On the other hand, there many legal considerations and potential pitfalls to consider, and without the help of legal counsel, you could find yourself buried in legal disputes before your business even gets a chance to take off.
The dilemma here, of course, is that most startups don’t have the capital to afford a full-time general counsel to guide them through this minefield. But there is an alternative that can be quite helpful. By investing in a pre-paid legal service package, you can access specific legal services tailored for startups at a more affordable rate. If you’re launching a new startup, here are five ways that legal service packages could help you.
Advice on Start-up Fundamentals
A good legal service package can give you access to advice and assistance on the fundamental matters pertaining to starting up a business, such as choosing the right business structure and setting up the necessary contracts and agreements. This advice is invaluable if you’re unfamiliar with the basics of setting up a business, or if your knowledge is out of date.
Targeted Support for Your Business
The advantage of a service package is that the services are tailored to businesses at various stages of growth, so you’re only paying for the services you need. These packages typically include assistance with everything from contract negotiations to dispute resolution, making them ideal for businesses that require legal support during their early stages. This means you won’t need to worry about finding separate lawyers for each task or paying separately for each service you need. Instead, you have one reliable source of legal support–a GC who understands your business and can provide targeted support without being contracted full-time.
Cost-Effective Solutions
Investing in a legal service package is obviously much more affordable than hiring full-time legal counsel–but it is also more affordable than paying for an attorney who bills on an hourly basis. Not only does this make it easier to budget for your legal costs, but it also reduces the amount of time spent researching different lawyers and negotiating fees. You’re also getting a fixed payment for your services, making budgeting even easier.
Business Advice Tailored to You
Because legal service packages are designed to fit the anticipated legal needs of most startups, you will receive advice and assistance tailored to meet your specific needs and objectives as a business–the same as if you hired a GC, but without the added financial responsibility. This means that for one fixed fee, you can receive advice on matters such as contract drafting, intellectual property protection, and workplace disputes without having to pay for a full-time lawyer.
Easy Access to a Lawyer When You Need One
Perhaps the most valuable benefit of a legal services package is that while the package is in effect, you have a dedicated attorney on call whenever you need them–someone who has become familiar with your business and your objectives and can step in as needed. This is highly beneficial because the alternative is scrambling to find someone who has time to help you every time a legal need arises–and if they’re not already familiar with your business, you may not get the focused attention you need.
At Hood Venture Counsel, we concentrate our practice on meeting the needs of startup businesses like yours, and we know the issues you’re likely to encounter. That’s why we’ve created a set of legal services packages that are designed to assist businesses at various stages of growth. With the right package in place, you can have greater peace of mind knowing you have an attorney at your disposal who knows your business and can provide targeted advice and solutions–the same as a full-time GC, but without the high price tag. To learn more about these plans and decide which one is best for your business, contact us here.
