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On one hand, you can do nothing and potentially get sued and go broke. On the other, you can spend thousands on a lawyer and (maybe) reduce the impact of a laws
by todsul 15y ago
On one hand, you can do nothing and potentially get sued and go broke.
On the other, you can spend thousands on a lawyer and (maybe) reduce the impact of a lawsuit.
So it depends on your budget, risk appetite and appreciation of the legal system in your country.
A few points to keep in mind:
* You'll rarely get sued (in this context) if you don't have money
* Your friends can act as a proxy to their lawyers on retainer
* You don't need a lawyer to understand the legal landscape
* A lawyer's interests aren't always aligned with yours
* A lawyer can make your problems worse
* A lawyer can also save your arse
* A lawyer can help you sleep
Personally, from what you've said, spending money on a lawyer at this stage is a gross waste. Why not conduct your own research and talk with friends (at larger companies) who may be able to get your questions answered by their lawyers on retainer.
Even if you hire a lawyer, unless they have direct experience in this area, they'll just do their research on your dime. You can do it yourself. Maybe it will take longer and be less thorough, but you don't even have a business yet. Chances are (in general terms, not specific to you), you'll never actually launch.
I worked in private equity for numerous years and our businesses (min. profit ~$3m/year) rarely spent defensively on lawyers.