I just came across an article (see link below) that discusses legal fees paid by startups in the Silicon Valley in 2011. On average, the startups paid $23,000 for a formation package and $52,000 for representation in the Series A seed capital round of financing. The legal market in California is dominated by several large firms that charge these hefty fees. Wouldn't it be more suitable for the small law firms to represent the small businesses? Fees may be a lot less, and legal advice may be just as sound (especially if the small law firms are founded by the same attorneys who used to work in those big law firms that charge high fees). I encourage startup founders to look around and locate small firms/solo practitioners who can represent them cost effectively during the initial stages of their growth.
This article is not a legal advice, and was written for general informational purposes only. If you have questions or comments about the article or are interested in learning more about this topic, feel free to contact its author, Arina Shulga. Ms. Shulga is the founder of Shulga Law Firm, P.C., a New York-based boutique law firm specializing in advising individual and corporate clients on aspects of business, corporate, securities, and intellectual property law.