Ask HN: What a are good questions for a first meeting with a startup lawyer

https://news.ycombinator.com/item?id=5166673

by em00guy • 13 years ago

5 3 13 years ago

news.ycombinator.com

I managed to get some time with a few startup lawyers in NYC (Wigins, Reitler, Goodwin Procter). I'm at the very beginning of my project with few real customers, no revenue, no incorporation and no outside capital. What questions would solicit meaningful answers for a startup at this stage?

gamblor956• 13 years ago

1) What are your fees and fee arrangements? (Some firms accept equity or have special arrangements for accepting payment to accomodate startups.)

2) Who will be working on my issues? (I bring this up because larger firms usually have associates do the actual grunt work.)

3) Given my situation, and my goals [which you will describe to them], what is the best structure for my company for (a) legal purposes? and (b) tax purposes?

4) Same as 3a) and 3b), but for you.

5) Ask them about IP issues. (You haven't provided enough info to provide a sample question.)

6) Ask them about employees/labor law issues, especially as it relates to co-founders, hiring your first employee, and compensation. (You haven't provided enough info to provide a sample question.)

7) Ask them about compliance/paperwork/etc. associated with maintaining the structure you will use. (It can very from a little to a lot.)

em00guy• 13 years ago

That's great advice. It wouldn't have occurred to ask about personal finances.

will_brown• 13 years ago

DO NOT exchange equity for legal services. Obviously legal fees can be expensive, especially in NY and CA. Therefore, if your start-up does not have sufficient funds allocated for legal fees or the Firm offers to provide the legal services in exchange for equity consider alternative options.

For example, most law schools will have in-house small business clinics, where law students, who are generally given special permission by the State Supreme Court to practice before being admitted to the Bar, provide free legal services under the supervision of a professor licensed in the State.

Ask HN: What a are good questions for a first meeting with a startup lawyer

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