I’m curious, what are typical legal fee arrangements for a bootstrapped California startup like mine.
by Naomi Kokubo, Cofounder of Founders Space
I’ll talk about Silicon Valley, since that’s what I know best.
The hourly fees are high in Silicon Valley. They usually range from between $200 per hour on the low end to $1,000+ per hour on the high end.
Many Silicon Valley law firms realize that few bootstrapped startups can afford $600 or so per hour in legal fees, so they will offer discounts or other creative ways of helping you get started.
For example, law firms like Orrick (a sponsor of this site) offer seminars, workshops and group sessions where they give free legal advice, startup toolkits and templates.
Silicon Valley law firms may also defer all payments until you’re funded, if they believe that your startup has a very high likelihood of obtaining venture funding. They usually cap this at around $25k or so in legal services — sometimes less, sometimes more.
I hope this helps give you some idea.
You may also want to check out:
Orrick’s Startup Toolkit: