How to Find Lawyers?
June 01, 2024
by a searcher in Chicago, IL, USA
My partner and I are in the initial stages of embarking on a partnered, self-funded search (launch within the next###-###-#### months). We are looking for cost effective legal counsel help draft an operating agreement and help create a legal entity for our search - we want to start this process over the next few months. I am seeking any tips for the best methods to find law firms with experience in this space?
At this stage (~1 year from launching our search), is it advisable to find counsel that we can use also use partner with for diligence / deal counsel? Or is any firm offering entity drafting and formation services at a low cost sufficient? Is it necessary to have legal counsel be local to our search geographies?
from Harvard University in Lynbrook, NY 11563, USA
2) You don't need to use the same counsel to set up your entity as for your deal, though obviously, to the extent you like whoever you use for formation, you have some personal data for your decision on acquisition counsel. In other words, I wouldn't sweat whether whoever you choose is going to be deal counsel too at this stage, since you'll probably learn a lot in the interim before you're ready to actually do a deal with someone.
3) Many people use a formation service to form the entity, though I wouldn't do that for the operating agreement.
4) Deal lawyers (and business lawyers in general) operate across state lines. On occasion, (most often where there is real estate involved), you might need local counsel for something specific, but I'd say more often that's not the case.
You have some good options here already, but happy to chat if you'd like: redacted
from New York University in New York, NY, USA
1. Talk to other people doing what you're doing or who own businesses and then interview advisors (accountants, lawyers, bankers, etc.).
2. Talk to friends and family and get more introductions. A lot of lawyers can do this kind of work (as much as I like to pretend I'm special), so the key is to meet people and get a sense of personalities, how people work, etc.
3. Stay on their radar and don't be afraid to pay for advice even if it feels too early. The best clients are proactive, and the early stages of discussions (especially the pre-LOI due diligence stage) can be much easier if you are supported by good advisors and have a better sense of how the process works from people who do it before.
4. If you have questions about anything, find someone who does it a lot and can explain. Details and experience matter.
If you have more questions - redacted