Are You A startup? Here’s how legal advice can become more affordable for you! Starting a business in any industry certainly requires a great deal of monetary, as well as time-based investments; not to forget a great deal of research to understand how the market works. Indeed, this is done to ameliorate the startup for greater chances of survival. Among the myriad of problems that startups face, one of the most challenging ones are legal issues. When compared to massive enterprises that usually have a large legal team with the most prominent lawyers at their disposal, startups usually find themselves struggling with legal issues as a result of having a restrictive budget. Legal advice can be the most expensive aspect of starting a business Some of the Most Common Legal Issues Startups Face. There are a number of legal issues that could be riddling a startup during its first months of operation. Some of them include, but not limited to business restructuring, mergers, expansion, property affairs, legal action, tax handling, and employee contracts. While it’s vital that such issues are handled with utmost care and precision, startups usually lack the financial power to handle these issues as a result of the high cost of attorneys. With this in mind, here are 5 essential ways that startups can deal with legal issues cost effectively. Gain a Basic Understanding of Rules, Laws, and Regulations Whether you choose to hire an attorney, it’s vital that as an entrepreneur, you have a basic understanding of the existing laws in the country regarding the industry that you are planning investing in. Indeed, these are the laws that will dictate the insurance, marketing, finance, employment, expansion, and intellectual property of your company. That being said, if you have a basic understanding of these issues, you can be able to handle a minor legal issue that does not have adverse consequences. Nevertheless, it is advisable to first seek legal advice prior to handling the issues because some minor legal issues might become complex as a result of misinterpreting the information provided. Experienced attorneys can be too expensive for some small businesses to afford Searching for Legal Funding Usually, hiring the services of an attorney or a legal advisor is one of the most secure ways to ensure that your business gets the ideal legal representation. Unfortunately, lawyers are not cheap, and thus, many small startups are unable to afford enough legal advice. That being said, one other option is to seek legal funding, though it is not that common. Though recently the demand for legal funding has been steadily increasing. Legal funding is a special kind of finance system used by law firms that are involved in either consumer or commercial litigation. In such a case, payment is only accepted in the event that a successful litigation outcome takes place, hence making it a viable option for cash flow. Hiring a Lawyer That Doesn’t Have as Much Experience The lawyers and attorneys that are currently working with multinational organizations begun practicing law from an early period of time, and hence have amassed plenty of experience in legal matters over the years. Nevertheless, they had to start somewhere, right? So if your business is small and does not require a high level of expertise in legal matters, then you can hire a freshly baked lawyer. This way, they’ll be gaining all the experience they need, and they also do not require a demanding fee. That being said, small businesses can seek legal funding, as well as legal advice from personal connections Seek Legal Advice on a Regular Basis To prevent yourself from having a series of legal issues that could cost you an arm and leg, it is advisable that you allocate a sizeable part of your budget to seeking legal counsel. Perhaps it can be on a monthly basis, or after a couple of months, which can be used to analyze future plans from a legal perspective. Indeed, the counsel in question will provide you with the guidance to make the right decisions to avoid future legal problems. If possible, ensure to stick to one attorney because they are more likely to understand your business structure than hiring multiple lawyers and starting afresh with them. Use Personal Connections Last but not least, you can seek personal connections to get legal advice. For instance, do you have friends or family that are in the legal field? If that’s the case, then why not call in a couple of favors to help you steer your startup in the right direction in terms of legal matters? Besides, it will be free of charge or just buy them dinner!