April 19, 2016
There are a lot of risks that come with launching a startup. From financial woes to market concerns, there is no telling what could derail your dream of owning your own company. One risk that is often overlooked by owners and employees alike is legal trouble. Whether it’s raising capital or formulating employee agreements, legal services are a necessary aspect of the startup journey. Fortunately, two companies are joining forces to provide these legal services to startups at a reasonable price. And it couldn’t come at a better time.
The Australian branch of global law firm Norton Rose Fulbright has decided it is time to diversify their services by teaming with LawPath, an online platform that provides legal services for businesses. Through LawPath, startups and SMEs will now have access to fixed-price packages, coordinated through Norton Rose Fulbright, that provide everything from standardized legal agreements to pre-paid hours from the renowned law firm.
“Startup owners traditionally struggle to obtain cost effective premium legal advice, and so it is good to be able to find creative ways to help these innovative companies grow,” said Wayne Spanner, managing partner at Norton Rose Fulbright, in a press release. “Combining Norton Rose Fulbright’s legal skills with LawPath’s market-leading technology gives innovators easy access to top quality legal advice at an affordable price.”
The partnership will yield low prices on a wide range of services for startups, the most prudent of which is the investment package. This package will cover capital raising, shareholder agreements and convertible notes in affordable and comprehensive online forms, rather than through costly and confusing legal representatives. All documentation is provided for owners as well as tailored advice for early-stage Angel and Seed investment rounds.
While this move is an important step for startups to finally acquire reasonably priced legal services to make it through the Startup Valley of Death, it is also a big move for the legal industry as a whole. With technology changing everything from the way we eat to the way we bank, legal services were the next outdated model to adapt the shift. And because of the necessary and immediate applications of an alternative to hiring a pricey lawyer on retainer, this partnership could spell the beginning of an online legal revolution. And companies better get on board.
“There is no longer any doubt that technology will change the way legal services are provided,” said Damien Andreasen, cofounder and CEO of LawPath, in the same press release. “The big question is how new and established players in the industry will respond, including who can best collaborate to provide customer-centric legal solutions”
Photo: Flickr / Joe Gratz
Did you like this article?
Get more delivered to your inbox just like it!