Guy Kawasaki writes The Top Ten (Sixteen) Lies of Lawyers, a good fun read (especially if you have to deal with attorneys)… On this topic I will add the following though:
–> Keep lawyers and your business separate…
One of Guy’s points to watch out for is when you are told by an attorney firm the following:
“Our firm is really excited about what you’re doing, so we’d like to invest in your company too.”
But the above, while tempting (since it seems as a way to save $ — legal is one area your startup will spend lots of cash so to protect the founding team, the investors, and other), is a no-no; same as “deferring” legal expenses in lieu of “stocks/ownership”. Above will create a biased (conflict of interest) legal team, one that you need unbiased, with 100% clear vision, when it matters the most.
ceo
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