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When starting a business, your first priorities are (usually) product development and customer acquisition. Hiring an attorney would be at the bottom of the list, which is somewhat understandable—after all, working with an attorney can be daunting, especially if you’ve never done it before.
Affordability is another issue – some entrepreneurs think lawyers are too expensive, which is certainly true for most large law firms, which target multinational companies and whose services are designed for them. Unfortunately, entrepreneurs do need to go through some business mistakes (and some losses) before they realize the value a good business lawyer can add to their business.
However, the good news is that over the last year we have had several new entrants enter the UAE legal services market, specifically targeting SMEs and start-ups as clients, which is certainly a welcome development. More market participants means higher service quality, which means lower prices for consumers.
As the founder of AdRemLegal.com, a legal resource portal dedicated to supporting the UAE’s start-up and SME community, here are my top three legal tips for entrepreneurs starting a business here:
1. Record everything Put all of your agreements in writing, whether with co-founders, investors, contractors or customers. Discuss expectations from the outset and negotiate and agree on roles, responsibilities and deliverables. 90% of disputes are about “who promised to do what” in the contract, so keep this in mind.
2. Comply with regulations Depending on the nature of your startup, you will be subject to a number of regulations. Do your homework, understand the regulatory environment, meet regulators at events and follow their newsletters. Failure to comply can be costly.
3. Hire the right lawyer Hire a good business attorney who understands the startup environment before problems arise. Look for a “personal fit” by finding an attorney you can trust and who you enjoy working with. Build a relationship with your attorney. We can provide considerable assistance in making presentations to investors or potential clients.
RELATED: New webinar series aims to help UAE entrepreneurs better handle business disputes
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