You may think it’s a cost-effective option to do your own legal work. Bootstrapping a business is tough and you only have so much money to work with; however not allocating a portion of your budget towards legal in the beginning will likely cost you more in the long run. You don’t know what you don’t know, so it’s important to get legal guidance to help ensure you’re on the right track.
All deals are different and relationships are different, so a contract that works for one situation may leave you unprotected in another. The effectiveness of a contract is often determined by the level of detail included and other rights and remedies should the relationship not work out. If certain provisions are missing, you could be taking on more legal exposure and risk than you realize. It only takes one bad contract to sink a business.
Tricia Meyer is founder + managing attorney of Meyer Law, a woman-owned, forward-thinking boutique law firm specializing in helping entrepreneurs and technology companies from startups to fortune 500’s with corporate, contracts, employment and intellectual property matters in Technology, Telecom, FinTech, EdTech, AdTech, HealthTech, Internet of Things, Financial Services, Telecom, Social Media, Real Estate, Marketing, Advertising and Healthcare sectors. As an entrepreneur and a lawyer, Meyer has a unique perspective and is a mentor at tech incubators and accelerators across the United States. Learn more at www.MeetMeyerLaw.com and follow us on Twitter @Tricia_Meyer or @Meyer_Law.