PUT IT ON PAPER
When it comes to reviewing and revising your policy, your lawyer should understand your business intimately. That’s why Luke Pulverenti turned to one of his own users when he needed legal advice for Emby, his Cornelius, North Carolina– based media-management app. “Having used the software, knowing how it works, is paramount,” says Jeffrey Neu, Pulverenti’s attorney. “I actually know what’s happening instead of just hearing what an engineer or developer tells me.”
Since your policy can have such a broad impact on your company’s fortunes, ask the right questions. “Go way beyond their substantive knowledge,” says James Beckett, co-founder and CEO of Louisville-based legal, tech, and services consultancy Qualmet Legal. “Ask, ‘What’s your understanding of business risk? How are you held accountable by other clients?’ Have those conversations.” When working with counsel, set a maximum budget up front. “No offense to the legal profession, but it’s in their best interest to keep the process going as long as possible,” Nagpal says. “Getting an upfront quote can save thousands, if not tens of thousands, of dollars.”