Being an entrepreneur comes with its challenges but one of the most frustrating ones is definitely the legal structure.
Another excellent thing to do in order to save legal fees would be to outsource general counsel. Small companies really cannot afford an in-house attorney because it can be too expensive. However, you can check with a part-time or freelance attorney and get the job done. There are many law firms that are flexible about this. The legal services may be limited but they are enough for SMEs. The counsel will work like a part-time employee, only for a few hours every week and then be on his way. This way, you will be able to save time as well as money and the legal counsel won’t have to sit around when there is nothing to do. It will get over quickly and you will know exactly how much you have to pay up.
An additional tip from our side would be to look for attorneys who are willing to be paid per project rather than per hour. Per hour payment was the norm until recently but now, people are opening up to project basis pay, which is helping SMEs a lot. Fixed fee arrangements make a lot more sense than per hour arrangements. Do your research and find the best.
Legal fees can cost you a lot if you are not careful. We advise you to do your homework and find alternate ways to start off with and if you have to hire an attorney, you may outsource the job so that you save time as well as money.