Is your startup legally ready?
How to scale your legal team?
Starting out in the world of entrepreneurship is one thing. But maintaining a sustained and continuous growth is quite another. Scaling of a startup could be an uphill task. It is often the make or break point for many startups. Successful startups are those which understand the significance of scaling.
Just as the startup business scales, scaling should be undertaken for various departments. This is to ensure the startup is ready to face new challenges that come with scaling and business enhancement. Scaling of your startups legal team for example gains paramount significance.
Opt for in-house legal team
Startups usually launch without personalized teams and a handful of employees double up for various roles. Once the startup has reached a level where it is confident of ensuring scalability, the first thing is to ensure there are role specific teams. Legal team is by far the most significant and must be a part of your startup set up just as other teams of HR or finance. The legal department will ensure that every other department gets their own state centric policies to make the startup legally complaint something which is a must have when scaling functionality.
There are many examples in the startup world where companies that opted for an in-house legal team was able to sustain legal battles from rivals especially when breaking new grounds. Uber for example had to tackle taxi licensing requirements while Pinterest which was building a business around posting images faced many copyright battles. An in-house legal team ensured these startups were able to sustain the legal challenges something which may not have been possible using generic lawyers.
Help with negotiations and drafting contracts
Scaling a startup means more mergers and acquisitions along the way. An in-house legal team will ensure that lawyers with specific roles deal with such operations ensuring faster and smoother scalability operations. From negotiations and drafting of contracts between the startup and each merger, an in-house legal team is likely to ensure faster turnaround time which is an essential aspect when it comes to startup scaling.
The one question every startup encounters when it is looking to scale up operations is how we could do this legally? Without a scalable legal team which has all bases covered getting an appropriate legal advice may be hard to come by. General lawyers helping multiple companies may not always be the correct option especially when scaling operations as any wrong decision could hurt the company hard.
From maintaining user privacy to ensuring government regulation compatibility and from advertising as per compliances to protecting intellectual property, the role of an in-house legal team is multifold. Hence scaling the legal team before scaling startup business operations is a significant step that could ensure startup scalability turns out to be a success in the long run.
Would you like to invest into a startup legal team for the scalability of the business? Do share your business.