As an active angel investor and co-founder of the MergeLane accelerator, I am asked to recommend startup lawyers almost once a week. Many of these requests come from companies that have been working with a friend or family friend, or a reduced cost attorney. Those lawyers may not have specific experience counseling startups. This doesn’t always go well.
There can be huge intellectual property, tax and financial implications for failing to set things up right from the startup start. Although most mistakes can be cleaned up later, it can be a huge hassle and a significant expense.
Before going any farther down the path, I would highly recommend finding a lawyer who:
Unfortunately, most of the lawyers that fit this bill are expensive on an hourly basis (i.e., $450 per hour or more). I think this is worth every penny. From my experience, choosing a good lawyer will cost much less in the long run and often in the short run as well. Good startup lawyers are far more efficient with their time. They have already done most everything you’ll need them to do (save perhaps the Hungarian immigration questions), ensuring you won’t pay for a learning curve.
Good luck finding a great legal fit.
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