Thursday, March 31, 2011
Signing the checks means clients get to determine value.
Fred Wilson's "A Challenge to Startup Lawyers" at his blog AVC. Here we go again with the client perspective.... Regardless of what lawyers tell themselves, fees are generally a pretty big deal for most clients. Whether you charge $5,000 or $17,000 for a specific transaction (in this post, it's an incorporation and seed round), your clients are probably looking at the work done and the fees paid to determine value received. Does that mean you should lowball fees on every representation? Of course not. It means that you should know your clients and their expectations, their challenges, their pressure points. It means that you should take a long-term perspective in evaluating the relationship and its value to you. It means that you should be open to change. Read the post. And read the comments. Are you ready to accept Wilson's challenge?