By On Jan 22, 2019 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.
The online legal document business is booming as consumers have figured out that they can get everything from a will to a lease to a divorce for a fraction of the cost of visiting a lawyer. But should they? On one hand, the services offer compelling value. Some experts, however, say using them could cost you money down the road, be ineffective in accomplishing your legal tasks, and even, in some cases, cause problems in court.
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.
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