Anyone have experience with lawyers? Should I hire one?

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5

Reply by an investor
from Columbia University in Dallas, TX, USA

Building on Paul's comment above, lawyers are often very specialized. Find one -- or more -- specialized in the type of transaction or matter you are facing. Forming an LLC or other legal entity may not require a lawyer. Don't hire a litigator to form a fund, or an M&A lawyer for your bank loan, or a tax lawyer for your employment agreements. It can be difficult to find the right person for the job. Often lawyers that service small companies, or specific industries may have general experience about a variety of issues that impact that area, and that can be helpful. A good lawyer should let you know where her or his strike zone is and when refer you to someone else (in their firm or elsewhere for). Be willing to ask "are you an expert in X area?" and "do I need an expert in Y area?" When you say "hire" if you mean hiring someone as a full time employee of your fund, that seems very unlikely for a search fund, unless that person is going to do a lot more than "legal" -- your company or companies you buy may need an in-house lawyer depending on size, exit plans, regulatory environment, and lots of other factors. But small companies typically can't afford good lawyers, and even when they can, they may need external litigators or other specialist advice from time to time. Happy to talk offline -- I have 12+ years of being a lawyer, mostly in-house with companies where I have spent a lot of time hiring and supervising external counsel. However, if you are not sure what the risks are, or what the document you are about to sign means, or how to turn your handshake or LOI into a deal that protects your interests, you can save a lot of regret by talking to a lawyer before you're in a bad situation.

Reply by an admin
from Stanford University in Honolulu, HI, USA

Welcome,^redacted‌: There's lots of great info on when/if to hire an attorney etc. in the comments to this post: https://www.searchfunder.com/post/does-anyone-have-a-good-search-fund-lawyer-they-would-recommend. Warmly, Karen

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