How can we get good legal advice without exceeding a startup's budget?

Hi, excellent question faced by a lot of startups. I suggest this to be a matter of trade-off; building relationship with, or hiring a single firm/attorney makes sense but is expensive; stop gap arrangements by your own efforts and plugging in experts wherever needed is economical but requires extra efforts which seems to be time wasted which could have been better utilized towards your startup. I suggest doing a simple analysis covering following points: funding that you have vs priorities that require those funds; time based priorities vs the risks of overlooking them; and so on. During initial stages, do as much research as possible to become aware of the basics, or spend time with someone wiling to explain intricacies of the same. Startup events, incubation centres, online forums and others are good sources. Google is your friend :) As an example with regard to IP, I suggest initially to engage a professional for your prior art search, drafting and filing of your patent application from your idea/invention. For legal/financial/regulatory compliances of your new business, it may be essential to hire an expert. I hope this can be of some help without being too vague.

I agree with Prateek Jindal, and would add the following. It is key to understand what your top priorities are in building your business. Some form of incorporation is likely needed. It would be best to consult with a corporate attorney to understand which structure is appropriate for your business plan. If you have a novel technology, then patents may need to be high on your list of importance because you face the potential loss of rights if you do not file patent applications before publicly disclosing or selling your invention, or the like. Other areas of IP like trademarks and copyrights can often be dealt with later. It is best to seek out a law firm that 1) has a reputation of working with startups, and 2) has attorneys under one roof that can advise you in the legal areas that you have identified as being the top priority (e.g., a corporate and intellectual property firm). That makes coordination between the attorneys from different practice areas much easier because they are just down the hall from each other. It also makes your time more efficient in your interactions with the firm. And you need to spend as little time as possible on legal matters, with most of your focus on building the business.