Starting a business is an exciting venture, but it can also be filled with legal complexities that need expert attention. Whether you’re forming a company, drafting contracts, or protecting intellectual property, having legal guidance is crucial for getting your startup off the ground on the right foot. One of the most common questions new entrepreneurs have is: How much does a lawyer cost to start a business? The answer can vary based on several factors, such as the type of business, the services needed, and the lawyer’s experience. Here’s what you need to know.
When working with a startup lawyer, the cost structure typically depends on whether the lawyer charges flat fees or hourly rates.
For more straightforward services, such as forming an LLC or drafting a basic operating agreement, many lawyers will offer flat fees. These fees can range from $500 to $2,000 depending on the complexity of the task.
For more complex tasks like drafting customized contracts, filing trademarks, or negotiating deals, a lawyer may charge an hourly rate. Hourly rates for a startup attorney typically range from $150 to $500, though in larger markets or for highly specialized attorneys, the rate could be higher.
It’s important to understand the scope of services you need, as this will impact the cost. For example, forming a business entity may only require a flat fee, but ongoing legal advice on employment agreements or partnerships might require hourly work. At The Social Media Law Firm, we can file an LLC and obtain your federal identification employment number for as little as a $500 flat fee.
Here are some of the common legal services you’ll need when starting a business, along with their typical costs:
Whether you’re forming an LLC, S-corp, or C-corp, the cost for legal assistance in setting up your entity can range from $500 to $2,500 depending on the complexity of your business structure.
Protecting your brand with a trademark is crucial for any startup. Filing a trademark with the help of an attorney usually costs between $1,000 to $2,500, which includes the filing fees and legal work.
Drafting contracts for employees, suppliers, or partners is another critical aspect of starting a business. Depending on how detailed these agreements are, they could cost between $500 and $2500.
Depending on your industry, you may need legal assistance in preparing your website or app’s terms and conditions or other compliance matters such as sweepstakes compliance. These services can range from $1,000 to $5,000 based on complexity.
For a in-depth discussion on potential startup costs for your new business, check out our blog on How Much Does a Startup Spend on Legal Fees?
While the upfront costs of hiring a lawyer can seem daunting, investing in legal guidance early can save you from costly mistakes down the road. A startup lawyer on retainer ensures that your business is legally protected, helps avoid future disputes, and sets you up for long-term success. In the end, the cost of a lawyer is often a small price to pay compared to the potential legal issues that could arise from going it alone.
The cost of hiring a lawyer to start a business varies depending on your specific needs and the complexity of your company. Whether you’re forming an LLC, drafting contracts, or protecting your brand, working with a startup lawyer can provide valuable legal support at the early stages of your business. The investment you make in legal services can help safeguard your business and pave the way for future growth. Contact us today for a free consultation.
For more legal tips, give us a follow on Instagram, TikTok, Linkedin, or check out our YouTube Channel.
Subscribe to The Social Media Lawcast on Spotify Podcasts.
.svg/revision/latest?cb=20171117144331)
