Archive for the ‘Legal Costs’ Category

Thoughts on Howard Tullman’s recent Inc. magazine piece

I loved the piece in Inc. entitled “5 Ways to Stop Legal-Fee Madness” by Howard Tullman, a legendary Chicago entrepreneur who recently became the CEO of 1871, one of the premiere startup incubators in the area. I agree with just about everything Howard says. Stop for a moment, go read it, and come back and […]

Lawyers as deadweight loss, Part II

I know it’s not front-page news that big law firms charge big fees. I should know; I worked at a couple of them. Still, I’ve been out of that world for a long time now, and one forgets. So, without naming any names, here’s a story: A startup client of mine recently secured a significant […]

Lawyers as deadweight loss, Part I

Lawyers, like everyone else working for a business, need to add value. I see so much legal work, however, that adds no value whatsoever. The economics term for it is “deadweight loss.” The client might as well just take out a few  hundred-dollar bills and burn them. This blog post is the first of what […]