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Maximizing Your Legal Dollars When Times Are Tight
by Matt Dickstein, Business Attorney on Oct 31, 2010
But times are tight. What should you do if you don’t have the budget for a comprehensive legal review? Listen to Abraham Lincoln. When asked how long his legs were, Abe Lincoln replied, “Just long enough to reach the ground.” Sometimes you don’t need perfection. Sometimes you want “just good enough.”
All competent legal work should try to hit the ideal “just good enough” point. That is, the legal work should strive to hit the ideal cost / benefit point. This point is a moving target that depends on a lot of factors. For legal transactions, the two most important factors are tolerance for risk and ability to pay. Assuming your lawyers are honest and competent, the more you spend on them, the more they protect you. Conversely, the less you spend, the less protection you get.
Of course you want to reduce risk the same as any other business. But when times are tough, you don’t have the cash flow to get maximum protection. You...Read More >>
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