In addition to the risk reducing benefits of employing experienced legal counsel, a startup can also increase its value to potential investors particularly if the business will seek venture capital funding at some point in the future.
An attorney who can negotiate funding arrangements and structure the business in a manner that will reduce future SEC regulatory concerns not only reduces risk but signals to investors that the business is starting on stable ground. However, overspending on legal services can also signal bad fiscal practices and raise red flags for potential investors. Therefore, it’s important to
1. Keep legal expenditures within acceptable limits (i.e. in scale to the size and complexity of the operation); and
2. Make certain that the venture’s legal strategy satisfies both short-term and long-term strategic goals.
Frankly, whoever delivers on these goals should be the startup’s choice.
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