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As a friend in a tech industry, I tell all my friends to budget 50% of their revenue for tech investment and R&D. Oh and conveniently, I also have a company tha
by forgingahead 4y ago
As a friend in a tech industry, I tell all my friends to budget 50% of their revenue for tech investment and R&D. Oh and conveniently, I also have a company that can help them with these investments.
Seriously, don't swallow cock-and-bull statements like "legal should be 10% of your revenue". I remember years ago the landlord of my co-working space glibly told me that "as long as office rent is not more than 10% of your revenue you're good" in response to me pushing back to rent hike increases. Ridiculous conmen.
- anigbrowl 4y agoExcept the friend isn't encouraging me to spend more in hopes of raising business. That's their comment on what existing companies typically spend on legal. Commercial and regulatory disputes are a fact of business life past a certain size. Did you have a bad legal experience and think all lawyers are now out to get you or something? Conversely, do you think that not budgeting anything for legal expenses means your business will never be sued or need to sue anyone?