YOU DON'T NEED A $1,000/HR. LAWYER FOR THE BASICS.
Lawyers can play an important role in helping you manage certain aspects of your business. But do you need a $1,250.00/hr. big firm attorney to handle the basics? Absolutely not!
OlyverApp's management guidance can save you thousands in legal fees. And when it's time to get an attorney involved, we streamline your interactions so you can easily share information and documents and skip the unnecessary cosultations.
Signs Your Paying Too Much for Legal
1. You're paying $500.00, $800.00, or over $1,000.00 per hour.
Bill Gates and Jeff Bezos can afford to pay lawyers who charge $1,500.00 an hour. You . . . not so much. It’s also highly unlikely that your business has the kind of highly complex issues requiring big firm attorneys. Unless FBI agents show up at your office wondering if they brought enough handcuffs for everyone, don’t pay a premium for services you can get elsewhere.
2. They keep giving you reams of unintelligible documents.
If basic documents like bylaws and nondisclosure agreements are 50 pages long and read like the collective works of Dante, you’re being done a disservice. The idea is to make your life easier, not give you a bunch of unintelligible paperwork so you have to call (and pay) repeatedly for an explanation of how it all applies. You shouldn’t need Cliffs Notes to understand a shareholder’s agreement.
3. They nickel and dime you.
Did you bump into your lawyer waiting for a table at a restaurant, ask her a quick question, and get a bill for $125.00? Find someone who will answer the same question for a beer, or, better yet, because she’s genuinely interested in how your business is doing.
4. You never meet with just one lawyer.
If there are three lawyers in the room every time you meet - no matter how simple the issue - you’re almost certainly (over)paying for it. If you own a small technology company, are discussing employment practices, and Bob from the Oil and Gas Division has been asked to sit in, something is amiss.
5. Your new startup is paying a lot more for legal than accounting.
Most startups need a basic suite of legal services that are easy and inexpensive. Setting up the books properly is also crucial and can be more work at the beginning. So it should be a red flag if you’re paying your lawyer a lot more than your accountant at startup.