If you're an entrepreneur needing legal representation, how do you choose a firm? Start by looking for attorneys who have on-the-ground experience with entrepreneurs and startups. Let's discuss a few reasons why this can be such an advantage.
BEATING THE ODDS
According to Investopedia, 20% of new businesses fail in the first year. An additional 45% fail within five years, and 60% within 10. Only 25% of new businesses survive fifteen years or longer. A skilled business attorney can help you navigate the myriad pitfalls entrepreneurs face and greatly increase your odds of success.
GIVING YOU A STRUCTURE
Part of the challenge of being an entrepreneur is that everything demands your attention; everything needs to happen now, and it's hard to prioritize. Business attorneys can tell you what legally must take priority. But business attorneys with on-the-ground experience with startups can help you develop a structure and plan of attack. They understand how to balance contracts and other legal requirements with cash flow and business realities.
ANTICIPATING PROBLEMS BEFORE THEY BEGIN
Relatedly, entrepreneurs often spend a lot of time putting out fires—dealing with the daily emergency—and they think of their lawyers as the phone call of last resort.
But experienced startup attorneys aren't just problem-solvers; they're problem-preventers. They can identify potential causes for concern and come up with possible fixes before these issues even become problems in the first place.
SPEAKING YOUR LANGUAGE
A lot of the practice of law comes down to opaque technical jargon. You want someone who speaks your language. You want someone who knows to translate contracts and other legal documents into accessible language, so you always understand exactly how particular provisions will impact you and your business.