Question
Consultants and advisors often tell us that we should meet with a law firm as early as possible but especially in the early times of a startup when the team is small and there is little or no money, we are wondering if it is really that essential and what the possible benefits are.
Answers: 1 public & 1 private
Of course. If you don't have money, then you cannot meet with a law firm, but then, you will not be able to do any work either :)
A lot can go wrong through the startup's journey and most of the things that don't go wrong, will be totally different from what is expected. The most important benefit from meeting a law firm is to define the responsibilities, rights and obligations of each of the team's members. In case of disagreement between the founders, a legal agreement will come in handy. The law firm will also draw your attention to some legal matters regarding your products/innovations and supply you with the legal framework with which you can go forward.
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