7 tips for saving money with your attorney
DESCRIPTION
Traklight hosts its first of a series of monthly webinars to help startups and businesses.TRANSCRIPT
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Top 7 Tips to Save $$ with your Attorney
Juliet PetersFounding Partner
Becker Peters, PLLC
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Tip #1:“Do it Yourself” Isn’t Always Low Cost
Context is Cost Saving.
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Equity Issues
LLC CORPVS.
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Tip #2: Know the Compensation Options
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Compensate Founders› How much to pay them?› Do they have equity? How much?
Employees vs. Contractors Interns (paid vs. unpaid)
Compensation Options
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Sweat Equity Vesting Transfer
Buy-BuyFor Cause Forfeiture
s
Compensation Issues
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Tip #3: Short Term Thinking = Dollars Out the Door Later
Document Your Company Formation
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Buy-Sell Language Provisions for Death or Divorce Different Classes of Units “Profits Interest” Language Valuation Formula Deadlock Provision
Your (LLC) Operating Agreement Must Have:
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Tip #4:Identify & Protect your Intellectual Property
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Technical Co-Founder
Outsourcing Your Development
In-House Development
Identify & Protect Your IP
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Actively protect it
Trademarks
Patents
Trade Secret Protection
IP Identification and Storage Product Traklight at www.traklight.com
Safeguard Your IP
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Business Lawyer ($$$) IP Lawyer ($$$$$) Traklight.com ($)
IP Identification & Protection Options
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Do it Yourself IP Identification & Protection ID your IP
› Know prior knowledge of IP required- like TurboTax!
› Get a custom report outlining potential IP and providing strategic advice for protection
IP Vault› Encrypted storage for sensitive documents,
ideas, files› Time-stamped verification
Traklight.com
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Tip #5:Make Sure You Own It
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Technology Assignment Agreement or Exclusive License
• Broad as possible• Terms should be worldwide, right,
title or interest to company and forever (perpetual)
• Confidentiality • Ability to get injunctive relief• Strong Reps and Warranties
Ensure Your Ownership When Working with a Technical Co-Founder
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Tip #6:Have the Right Contracts in Place
…from the Beginning!
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Whether Outsourcing or Developing In-House
Development, Consulting or Work Made for Hire Agreements
Work Made for Hire but Cover Your Bases
Master Agreement with SOW Attached
Reps and Warranties, Indemnity, Insurance
Non-Disclosure Agreements
Non-Competes?
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Bonus Tip: Have an Advisory Board
…and/or Technology Advisors
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Tip #7:Hire the “Right Fit” Lawyer for You
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INTERVIEW AT LEAST THREE EXPERIENCE—TECHNICAL,
BUSINESS PHILOSOPHY ASK FOR REFERRALS FLEXIBILITY VALUE
Finding the Right Lawyer
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30% OFFID your IP Traklight.comUse the coupon code NEWMEM30offer ends 5-3
Get started on Tip #4 Today
Stay informed about IP!
@traklight
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May Free Webinar: AVOID Litigation with attorney Maria Speth When: May 22nd from 11:30-12:30 PSTCost: FREEEmail with registration link to follow presentation.