Ok, you got us. This title was a bit exaggerated to get you to open the post, but only because it’s important, we promise.
You see, it’s not that we hate ALL lawyers. In truth, it’s more a love -hate relationship
The problem is simple:
Every time we need to ask for advice to resolve a situation that a project or ourselves are going through, lawyers will always make a story of hours and rarely provide a good solution.
But is it their fault? No!
One way we can solve this is to view lawyers more like medicine.
Western medicine will treat your sickness, Chinese traditional medicine will prevent you to be sick.
We should change our way we work with lawyers, to spend more time with them when everything is going well in order to prevent problems. We need to do our annual or bi-monthly check-up, and we need to listen to their advice BEFORE problems arise.
Why is this relevant to us?
Working with startups from around the globe, we’ve noticed it’s quite rare to find a startup that has much, or any, experience with lawyers, legal issues, or any of the like.
Is this the fault of the startups? No!
As more law firms start to provide early-stage and relevant (affordable) resources to startups, it will become much easier to manage this relationship early on. It’s an investment on the future for both parties. Startups add an extra expense to their already overextended budget, while lawyers provide affordable and company-saving services to companies that need it most.
We have seen that most startups that approach their IPO struggle to clean up a lot of the bad moves they did in their corporate structure, HR Relation, etc. Another easy-to-solve problem that, if not resolved, can cost multiple parties millions (or billions) of dollars.
From the setup of a company, to working contracts, contracts with customers, etc. everything needs to be checked and reviewed by lawyers.
Many may be used to asking for templates from friends or finding some online, but:
Have they have been reviewed professionally?
Do they conform to the law?
Are they really protecting both parties?
Of course, the only way to know for certain, is to work with lawyers directly.
Lawyers are expensive but is it not a good investment to protect the future of your company, to protect your employee and your company, to protect your customers and your business?
We are writing this content not to bash on lawyers or startups for not utilizing expensive services, but rather just for a call for the startup community and law firms. A call to collaborate more, to discuss more, and work together towards a brighter future for us all.
We all need to be aware of the law but how many people are really aware of the law? Lawyers. At nihub Innovation Center, we already work with several different law firms who have begun to offer relevant and affordable services to the startup community.
If you’re looking to take your project / startup to the next level, or if you’re a law firm looking to establish a long-term relationship with young companies, please don’t hesitate to reach out to us at email@example.com.
The future is in your hands.
What will you do with it?