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By Doris RufOn Feb 22, 2018 Form Template

Startups in Silicon Valley raising their first round of funding can spend upwards of $80,000 on legal fees, according to VentureBeat. Neither the entrepreneur nor the investor wants to see that kind of dough diverted from product development and marketing to lawyers. Enter iDisclose, co-founded by Georgia Quinn. It takes a TurboTax-like approach, enabling entrepreneurs to do 80% of the work using an online tool that walks you through every step of writing legal agreements with investors, Quinn says. You still, however, need a lawyer to review the document. Forms are printed documents with spaces where you can insert information. Forms have been created (by courts, self-help centers, legal aid organizations, and the like) to help people in their court cases. Forms typically will not explain the governing law to you, and they may not provide or cover all of the information necessary for the court to reach a decision. You should use legal forms as a tool in conjunction with the other written documents you prepare, information you gather, and research you do about the law governing your case.

The legal industry has been slow to make itself more efficient by using technology, but this is changing. New tools help lawyers automate processes, conduct research and even do contract reviews. Lawyers also use technology to make it easier for you to find a quality lawyer within your budget, or to do some of the legwork yourself. Some websites help you find vetted lawyers who will undertake specific legal projects for a flat fee, which can include drawing up a contract or acting as general counsel for a certain number of hours per month. Other websites allow entrepreneurs to draft contracts that attorneys then review or to prepare and manage intellectual property. Still other websites provide diagnostic tools that identify gaps in legal coverage that open businesses to risk. Companies like Legal Hero provide businesses with a vetted network of quality lawyers who agree to work on projects for a flat fee. Sound impossible? Not really. Experienced lawyers know how long it takes to do various types of contracts and projects, said Annie Weber, co-founder and CEO of Legal Hero. Entrepreneurs and small business owners receive bids within hours for specialized projects. Or they can choose from typical legal projects for a flat fee. The company does intellectual property (IP) and immigration work on a national basis. For legal work governed by state law, Legal Hero currently operates in only four states Florida, Illinois, Massachusetts and New York.

Recently, there has been an explosion of websites and services geared toward helping people sort out their legal issues themselves. Many of these sites offer these legal forms, documents and templates for a flat or monthly fee (as opposed to expensive hourly rates for a lawyer), while others offer their forms free of charge. The gist is simple. You answer a few basic questions, such as the parties names, the specifics of the contract and a few others, and the site creates a document for you based on the answers you have provided. Some sites provide a wider range of legal services, from filing a trademark, creating a living trust, to forming an LLC, among others. However, these services are rather straightforward, and if you have a specific requirement that is somewhat specialized, these services may not be for you. So which is the right choice for you? If you are like most entrepreneurs starting out, you do not have capital to burn, so the choice might already be made for you. However, if you are on the fence, here are some pros and cons to implementing customizable legal documents and templates that should help you make a decision. During the tumultuous course of running a business, you will face multiple difficult choices that may spell the difference between success and bankruptcy. Consider conducting a cost-benefit analysis to balance the complexity of your legal needs against the costs of hiring professional help.

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