Rocket Fuel Ep #4: Legal Essentials for Startups with Brett Colvin from Goodlawyer

Pitch Please

Legal Essentials for Startups: When to Go In-House vs. Fractional General Counsel?

Dive into the essentials of managing legal needs for your startup with our latest episode of Rocket Fuel on the Pitch Please podcast! Mike Thibodeau and Brett Colvin, CEO of Goodlawyer, explore the critical decisions startups face when choosing between external legal counsel, bringing legal expertise in-house, or opting for a fractional general counsel.

In this episode, we delve into:

• The pivotal moments when startups should consider in-house legal support to drive growth.

• How fractional general counsel can offer a cost-effective solution for startups that aren’t ready for a full-time legal team.

• Why early legal frameworks like founder agreements are crucial to avoiding costly mistakes down the road.

• Real-world examples of startups that have accelerated their growth by strategically managing their legal resources.

Episode Takeaways

• Startups should consider engaging external counsel for a la carte project-based legal support in the early stages.
• Founder vesting agreements and proper paperwork are crucial in the early days of a business.
• The tipping point for bringing in in-house counsel is typically around 20-30 employees when legal needs start to impact revenue.

• Solid contracts with end customers are essential for B2B businesses, and having a fractional GC who understands the business can be beneficial.
• Fractional GC offers flexibility and scalability without the overhead of a full-time hire.
• Fractional GCs are specialists in being generalists, with expertise in corporate and commercial law.

• Fractional GCs focus on getting legal work done efficiently and removing legal bottlenecks.
• Engaging a fractional GC can save time, improve efficiency, and unlock revenue-generating opportunities.

Chapters

00:00 - Introduction and Overview

01:02 - Engaging a Lawyer: Spectrum and Options

09:38 - When to Consider In-House Counsel

14:04 - The Importance of Founder Agreements

20:39 - Understanding Fractional General Counsel

23:21 - Cost-Effectiveness of Fractional GC

23:54 - When to Consider Hiring a Fractional General Counsel

25:49 - The Expertise of Fractional General Counsel

27:36 - Managing Legal Bottlenecks with Fractional GCs

28:31 - The Benefits of Good Lawyer's Network

29:48 - Unlocking Efficiency and Revenue with Fractional GCs

32:15 - Transitioning to Fractional GCs: Managing Resources

35:18 - Consistency and Familiarity: Turnover in Big Firms vs. Good Lawyer's Network

More about Brett

Brett Colvin is the Co-founder and CEO of Goodlawyer, a technology company that is transforming how lawyers and businesses work together. Practicing for 4+ years as a corporate lawyer at Canada’s biggest law firm, Brett saw the inefficiencies and frustrations in traditional law firms from the inside. Realizing the need for change, he left his firm and joined forces with his co-founders. Together, they began reimagining legal services from his kitchen table in 2019.

Now, Goodlawyer is a testament to this vision that has grown from humble beginnings to a team of 20 employees and 150+ lawyers who have served over 5,000 clients across Canada.

More about Goodlawyer

Goodlawyer revolutionizes legal services for scaling businesses. Our unique Fractional GC™ and Fractional InHouse™ services deliver embedded legal expertise in a flexible, part-time format. This approach offers cost-effective, integrated support tailored to your company’s unique requirements. Our rigorous vetting means we only offer top-tier legal talent with an average of 10+ years of experience at prestigious firms and in-house roles.

Want to Connect?

Brett: https://www.linkedin.com/in/brettrcolvin/

Goodlawyer: https://www.linkedin.com/company/goodlawyer/

Website: goodlawyer.ca

Want to get Involved?

Reach out to Brett and the Goodlawyer team via LinkedIn or website today!