Running a start-up is almost like flying an airplane. Every decision needs to be taken with utmost caution to ensure a safe landing. Amongst the many decisions a start-up founder needs to take, one is choosing the right Start-up lawyer. With the overpopulation of lawyers in India, it can be an enormous exercise to decide the right lawyer.
Here are some things to look at in your start-up lawyer:
- Hire a lawyer who understands how the start-up eco system works:
Just like doctors, every lawyer has an area of expertise. Be sure, that, the lawyer you decide to hire, has sufficient experience to advise you. If not, your work may either get outsourced to some one else, making it expensive for you or you may end up getting a wrong advise.
- Hire a lawyer who understand your business :
Every start-up have their own set of challenges. These need to be evaluated, before giving the right advise. If the lawyer does not bother to invest time in understanding your business model, just know he is not the right partner.
- Hire a lawyer, who looks at your business beyond the legal parameters:
A start-up needs to be hand-held at different stages of their journey. Legal is just a small aspect of it. They may need advise in respect of non-legal aspects like financial management, valuation for start-ups, fund-raising techniques, investor approaches, taxation, funding and scaling strategies etc. If the lawyer, has sufficient experience, she should be in a position to advise you on these aspects as well.
- Hire a lawyer who is willing to find a less expensive alternative to your problem:
Many times there are cheaper alternatives to an issue a start-up is facing. However, you are not always told about them as they may not be the most profitable option for the lawyer. However, a lawyer who is passionate about start-ups will focus on finding the next best , inexpensive alternative for you.
- Lastly, hire a lawyer who would support you in rough phases:
This could be challenging, but, I am sure there are many lawyers who are passionate about start-up law. If your lawyer is charging you for every telephonic conversation or every e-mail they send for you, they, may not be inclined to support you when you are still growing and you do not have the funds to monetarily gratify them and meet their expectations.