At the beginning of any business, it is important to prioritise costs with the aim of avoiding a crash before you've even managed to get off the ground, but the importance of getting a lawyer on-board should never be underestimated.
Selecting a lawyer is about more than just making sure your new growth business jumps through all the regulatory hoops the government throws your way. While they maybe your only lawyer, you are not their only client, and that's a good thing. By selecting the right lawyer, and the law firm behind them, you are obtaining a huge wealth of knowledge, experience and contacts that goes beyond just the law.
A good corporate lawyer will be able to think of things that will have passed you by and ask important questions that you just won't have had time to think about. They will know people that could be of invaluable assistance to the growth of your business and as your lawyer they will want to see your business grow and succeed, because what is good for you, is good for them.
Don't be afraid to get in touch. You will only be charged for work that is actually done and you could walk away from a meeting with a whole host of new contacts as well as answers to questions that you hadn't even thought of.
Lawyers can add value in the obvious ways, helping to avoid early mistakes like issuing stock too late in the game, when the company has grown in value and the employees can no longer take advantage of favorable tax treatment. But more importantly, a lawyer on the early team can contribute to a thriving company culture by asking the right questions at the right times, providing perspective on crucial transactions, and getting smart fast on issues where the rest of the team lacks expertise.