By Brian McKay
I will always say that I'd rather spend $450 an hour on a really good lawyer than $200 an hour on a mediocre one. Trust me on this one. There is a difference and you will get your money’s worth and probably more.
When your business contacts say this guy is great but expensive, you probably want to hire him. Surely, just about any decent lawyer can get you through a DUI or draft a will, but complex business transactions require talent.
An expensive, but worthwhile, attorney will cost you less in mistakes. Potentially way less. Not only will you avoid costly legal errors, a great attorney will accomplish more in less time. Why pay a guy to research the answer when you can hire the guy that already knows the answer?
Contracts are a big deal. A very big deal. From something that seems as mundane as a lease to a sale of stock or partnership agreement, you need the documents to be properly understood and not in the favor of the other party. Having seen plenty of contracts, you may be assured that the other party’s counsel will try to slip in clause that gives the them the upper hand. That's how it works. Business isn't always friendly no matter how responsible and principled you want it to be. Guess what? Your amazing legal counsel will make sure you can still be principled and not get screwed in the process.
Business formation, state reporting requirements for corporations and tax issues; your amazing, but expensive, counsel can handle it all and get it done right the first time. Getting it right the second time isn't an option in business.
A true disruptive business is taking risks and making bold moves. As a disruptor, you can’t afford to have routine contracts and business functions taking away from your initial purpose. Hire the expensive and really good guy.
If this piece is short, it is because that is all there is to it. Hire the best damn legal counsel that you can find.
Brian McKay is co-founder of zenruption and has his MBA from Boise State University. As a former business owner, he believes that a good lawyer is invaluable. The zenruption team knows that a lawsuit is potentially coming every day and we believe as well.
Feature photo courtesy of Flickr, under Creative Commons Attribution-Noncommercial license