Being an entrepreneur comes with its challenges but one of the most frustrating ones is definitely the legal structure.

Right from the beginning you will be involved with a CA and an attorney for various purposes. It is a hassle but you have no other choice. The problem here is actually not the hassle but the fees that you have to pay. Legal fees can seriously weigh down on you and it is important to take measures to save some money in this process. To start off with you should try solving problems through easily available knowledge. When you do this you will be able to save hundreds of bucks. In fact, even attorneys suggest that you first research and find information and reach out to them only when it is a big case or when you are not able to find an answer yourself. There are standard forms and document assemblers that you could rely on more often than not. Simply look them up online and you will save lots of money. For example, you really do not need to check with an attorney to fashion your privacy policy. A privacy policy assembler will do the job for you.

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.

Entrepreneurial Learning

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.

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