The Role of In-House Counsel in the Startup Context

Startup LAWnchpad is the podcast that educates entrepreneurs about forming, growing, and protecting a startup. Startup LAWnchpad is produced by the Entrepreneurial Law Clinic at Fordham University School of Law in New York City.

Episode Description: 

Kimberly Fishman (Fordham Law ‘23) and Sydney Glazer (Fordham Law ‘23) welcome Theresa Mohan, Adjunct Professor at Fordham Law School for a discussion about the role of in-house counsel in the startup context. Together they examine the recommended timeline for securing in-house counsel, the benefits of utilizing external versus in-house counsel, and what entrepreneurs need to know when employing legal services at various stages of their start-up. 

Episode Roadmap:
[:30] Third-year Fordham law students Sydney Glazer and Kimberly Fishman introduce Professor Theresa Mohan.
[2:28] When should an entrepreneur hire in-house counsel?
[4:41] Employing external counsel as needed in early company stages.
[6:23] The recommended path for growing in-house counsel.
[8:13] Determining appropriate compensation for in-house counsel.
[11:50] Being king versus being rich- how successful founders make their decisions.
[14:55] Potential legal issues that lawyers of start-ups will face.
[17:15] The expansive and changing role of early-stage legal counsel.
[20:00] The standard inflection point of requiring greater legal counsel- going public.
[24:21] Raising capital advice can be provided by an outside law firm.
[26:45] Lessons learned from 20+ years of advising growing internal legal departments.
[29:02] Critical skills to look for when hiring in-house counsel.
[31:15] When to utilize outside versus in-house counsel.
[32:47] Advice for the entrepreneurial leader.

Tweetables:
“Hiring a lawyer too soon could inhibit a new company’s perspective or growth.” - Theresa Mohan
“The legal department takes its shape and its growth trajectory based on the business itself and the needs of that business.” - Theresa Mohan
“The most successful entrepreneurs understand that they are going to get more growth by sharing the potential upside.” - Theresa Mohan
“The needs of a company as it grows and expands are going to be keyed off of what that company is doing.” - Theresa Mohan
“Raising capital is something that an outside law firm can provide very good service on.” - Theresa Mohan
“There has to be alignment between the lawyer and the founder and leader of the company.” - Theresa Mohan

Mentioned in This Episode:

Additional Resources: 
Fordham’s Entrepreneurial Law Clinic
Follow us on Twitter @FordhamELC

Sponsors: 
Nasdaq Educational Foundation
Fordham’s Entrepreneurial Law Advisory Council

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