As a business owner, you’ve got a lot on your plate. Creating documents tailored to all your various legal needs isn’t the most efficient use of your time. You may even be concerned about the cost of having your attorney do it. Plus, there are plenty of customizable legal documents you can find online, whether you’re buying a business, bringing on a new partner or hiring a new employee. But is it really wise to use them?
We asked four legal experts from Forbes Legal Council whether or not business owners should ever modify contracts and agreements readily available online and what precautions they have for those who do decide to use them.
From left to right: Brian Draves, Jeff Coppaken, Daniel Bellizio, Matthew Rossetti. All photos courtesy of the individual member.
Documents Are A Start, But Can’t Replace Legal Counsel
Brian Draves, general counsel of Techstars, believes legal templates are a great starting point, but they should never be used in lieu of a lawyer.
“Reading through a template will highlight most of the important issues that need to be addressed. However, when it comes to finalizing the agreement, it’s worth the extra time and money to have it prepared by a lawyer. Your lawyer may want to include company and/or deal-specific terms that aren’t in the form. Those are the key provisions you’d regret not having by relying solely on a template.”
Jeff Coppaken of The Coppaken Law Firm also finds that the human element is difficult to replace. The cost-conscious business owner may still be better off working with a lawyer.
“The internet is a great tool, but it can not replicate a client-attorney relationship. An attorney should understand a client’s opportunities and risks. A legal document should be a reflection of a client’s specific needs, not just the result of a poignant internet search.”
