Filed under: Small business
This week, I looked over the financials of a struggling business (essentially, the slowing economy is taking a toll). I was seeing if I could find some ways to cut costs.
Looking through the line items, I noticed some big legal bills. And, digging some more, I learned that the company was using a big-time law firm.
“You really don’t need this kind of level of legal services,” I said. “Besides, you can shop around for an attorney.”
I also had some other suggestions:
DIY (Do-It-Yourself) Legal: You can gather your own legal advice for free. Just doing a routine Google (NASDAQ: GOOG) search, you’ll notice many legal websites. However, you need to be wary. Do you know the quality of the content?
I think a better approach is to focus on well-established sources like:
- AllBusiness.com: The site is chock full of helpful content and is backed by Dun & Bradstreet (NYSE: DNB).
- U.S. Legal Forms: You’ll find thousands of vetted legal forms (at affordable prices).
- Nolo: Founded in the early 1970s, this company is now the premier publisher of self-help legal guides (and I’ve purchased quite a few books from them).
Inexpensive Service Providers: If a DIY approach seems scary, there is a middle ground. There are on the internet services that help with such things as incorporations, trademarks, copyrights, and even patents.
The top player in the sector is LegalZoom. Actually, I recently had a opportunity to visit the headquarters, which has an impressive setup. In a way, it’s an efficient supply chain - with a call center, experts, proofreaders and so on that process legal documents.
More importantly, you’ll only be spending a fraction of what a big-time attorney will charge you.
Tom Taulli is the author of various books, including The Complete M&A Handbook (www.mergerbook.com) and is also a principal in Averiware, which provides an ERP system to small and midsize businesses.
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