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Before we get into how to manage cost, let me start by saying that one of the most important things you can do when working with a law firm is invest in buildin
by grellas 17y ago
Before we get into how to manage cost, let me start by saying that one of the most important things you can do when working with a law firm is invest in building a real relationship with your lawyer. Don’t worry about the clock, just worry about getting to a point of real trust and mutual respect. It will pay for itself 10x.
Nice piece, and the best way to get value, and to avoid abuses, is to have a strong bond of trust. After nearly three decades in the field, I can strongly affirm that it really does work that way.
Ditto for the downside as well. A sloppy approach to managing legal costs can get real expensive in a hurry. The "minimum viable" approach is one very good way to keep things in line as long as it is always coupled with a good strategic overview of what needs to get done and when (which is why to have a good working relationship who gives you that perspective).
- jordancooper 17y agoyou're a lawyer? anything I missed or was wrong about?
- grellas 17y agoYes, I have done startups in Silicon Valley for nearly three decades. You have hit upon the core principle of using legal resources wisely, as needed, and with a practical focus. The flip side is that your lawyer needs to have a similar practical focus, which in practice typically translates into working with an experienced partner whose philosophy is consistent with your own (as you state in your piece). I don't think I would add anything to your main theme (related themes would include try to get estimates for specific projects, or negotiate fixed fees for discrete projects for which this makes sense; monitor how projects are staffed so as not to incur significant double-billing; don't let green lawyers get themselves educated at your company's expense, etc. - but these are all really just a part of what works itself out routinely and easily if you once have a solid working relationship with a trusted partner and are thus subsumed under your broad theme, which you nicely articulated).