Question
We recently founded our startup and are looking for a reliable lawyer to help us with incorporation and fundraising topics. What is the best way to pick the most suitable lawyer/firm? How to assess skills/abilities? What questions should we ask before hiring a lawyer?
Answers: 1 public & 1 private
That's a good question. It's best to approach a lawyer in the same way as you'd approach an interview to hire a key management executive.
Broadly speaking, there are 3 main goals that you need to shoot for when structuring a startup. The first is to protect the stakeholders from one another. The second is to protect the core business and IP assets from third party claims (this includes prospective claims from investors and funders), and the third is to ensure a tax-effective distribution to the stakeholders (which is likely to require both accountancy and legal advice). I'd begin by asking your prospective lawyer to tell you what he or she will do to help you achieve these goals. This should focus the discussion and assist you to assess their grasp of the issues. Make sure you see two or more lawyers before make your selection.
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