At The Law Office of Eric Norton, we want to help your business succeed. And sometimes that means we need to come up with alternative fee arrangements or deferred billing to help our clients get the services they need at a price they can afford. As a result, we now offer several packages for certain select entrepreneurs and creative professionals. While there are a variety of circumstances to consider as to whether we will accept a deferred billing arrangement, here are some general guidelines.
- You, as the founder or creative entrepreneur (and any co-founders if applicable), must be working on building your business full time. That means you cannot be working for anyone else at the time you are building your business.
- Deferred legal fees does not mean deferred out of pocket costs. All out of pockets costs will be due at the time they are incurred and will generally carry a small premium.
- Deferred fee agreements will only be entered into for jobs where the total legal fees are expected to be over $2000. Generally speaking, that will include services such as business formation, drafting of stock option plans, or trademarking a large number of trademarks or service marks.
- Unlike some attorneys, I don’t care if you’re planning on raising financing or not since I understand seeking outside capital is not generally the best route for all startup businesses. However, our deferred payment plan will require monthly payments based on the state your business is in, generally starting at about $300 per month.
- If you are engaged in fundraising activities, whether through investors, crowdfunding, or some other method, all deferred fees will be due at the time your funding agreement closes.
- If you dissolve your company before the entirety of the deferred legal fees are paid, you will still be personally liable for payment of a percentage of the remaining unpaid fees, as determined at the time we enter into the retainer agreement.