Since this is our first week, I want to explain why I started LegalPreneurship.
I fundamentally believe that Law School teaches a particular way of analyzing problems. This way of approaching issues helps you make the best decisions possible. I don't think its a coincidence that: - Studies show lawyers outperform MBAs as CEO of Fortune 500 companies.
- Many of the most successful US Presidents are lawyers:
- Franklin Delano Roosevelt
- Abraham Lincoln
- Thomas Jefferson
- Harry Truman
- James Madison
- Barack Obama
I believe the world would be better if more people learnt this way of thinking and analyzing problems.
The issue is that it takes three years and $150,000 to learn how to think like a lawyer, and most people don't have the time or money.
So I'm dedicating my time, money and energy to teaching entrepreneurs, those building the companies that keep our economy running and developing the technology of tomorrow, how to think like a lawyer so that they can be more successful.
Once you learn to think like a lawyer, you can make the best strategic decisions for your business and take your career to the next level.
Onwards and upwards,
Liam Gill
| | | The Case A few weeks ago, I was contacted by a small business owner.
She had spent months developing a new digital product and, after weeks of anticipation, launched her e-commerce store.
After just five days, she received a cease and desist from someone claiming that her domain name infringed their registered trademark.
What would you do? Entrepreneur's Solution: Like many entrepreneurs, she felt out of her depth, so she contacted me and wanted a lawyer to deal with the issue. In her opinion, there were two options: - Fight the cease and desist so that she could keep her business alive.
- Give up and start over to avoid paying legal fees.
Lawyer's Advice: If she went to a lawyer, they would likely recommend the following:
- Send a response which would likely cost $1,000-$1,500
- Prepare for a negotiation between both party's lawyers which would likely cost $1,500-$2,500
- Prepare for a lawsuit which could cost $10,000+
- Stop using the domain name
LegalPreneur's Outcome: As someone who is focused on teaching how to think like a lawyer and lowering legal costs, instead of taking on this case and trying to make $1,000+ or recommending that she stop using the domain name, I had a conversation with her and used a lawyer's way of thinking but from a business, not legal perspective.
Step 1 - What is the best and worst-case scenario for the other side?
The best case for them is that she gives up.
The worst case is that she fights back; they spend $10,000+ on a lawsuit and lose. Step 2 - What is the best possible business outcome for her? Contrary to what you may think, winning this case isn't the best-case scenario for the entrepreneur. No lawyer should say that cause it costs them a client, but it's true.
Even if you win, you've spent $10,000+ at the early stages of your business and dedicated time and money towards a legal battle instead of spending it on growing your business. The best possible business outcome is that the other person walks away or that you can somehow restart using another domain without having to eat the losses of purchasing the domain, marketing, leading people to the site, etc.
Step 3 - What is the best course of action?
The LegalPreneur's course of action is to offer to sell the domain for $1,500. Less than $500 she had been invested in the business to date, and the same amount the other party would have to pay just to have their lawyer file a suit or start negotiating.
This solution makes sense for you because you now get to start on a new domain with an extra $1,000 in your pocket - WIN The solution makes sense for the other side since they are paying the minimum amount their legal fees would be to move the case forward, and they are guaranteed to have you stop using the domain AND to prevent anyone else from using it - WIN
This is the value of learning to think like a lawyer. You can make this strategic decision that 99% of entrepreneurs would not consider and that lawyers have no financial incentive to suggest. | | | Are you looking to build in-demand skills that can give you an edge in your career? Look no further than Brilliant. Their visual, interactive lessons make complex concepts feel intuitive and easy to understand. You can get hands-on with everything from AI and neural networks to data analysis. Plus, their bite-size lessons are perfect for busy people who want to skill up on their own time. Whether you're a professional looking to hone dormant skills or a lifelong learner interested in building new ones, Brilliant has something for everyone. Join over 10 million learners worldwide and get a 30-day free trial today. | | | Indemnity
An indemnity is a promise by one person or organization to protect another person or organization from certain kinds of financial losses or damages. Essentially, it's a legal clause that says if something bad happens and it costs money to fix it, one person or organization promises to pay for it instead of the other.
Here is a sample clause of a freelance contract with a ghostwriter to see how it works in practice... "The Ghostwriter agrees to indemnify and hold harmless the Client from and against any and all claims, damages, liabilities, and expenses, including reasonable attorneys' fees, arising out of or in connection with the Ghostwriter's work, including but not limited to any infringement of copyright or other intellectual property rights. The Ghostwriter agrees to take full responsibility for any copyright claims related to the work produced for the Client and to cover any associated legal costs." In this case, the indemnity clause is specifically related to copyright claims, and it protects the Client from any potential legal issues that might arise from the Ghostwriter's work. For example, if the Ghostwriter unintentionally uses material that is copyrighted by someone else, the Client could be sued for copyright infringement. However, by agreeing to the indemnity clause, the Ghostwriter is taking responsibility for any copyright claims related to the work they produce, and promising to cover any legal costs associated with such claims. This gives the Client peace of mind and ensures that they are not held liable for any unintentional copyright violations that may occur as a result of the Ghostwriter's work. | | | To understand concepts, you can't just read a newsletter; you need to engage with them. Here are some of my social media posts where you can learn about law and business and share your opinions in the comments.
1. Twitter Thread - If there is one thread you read on Silicon Valley Bank, it needs to be this one! 2. Single Tweet - Be smart about trying to save costs. There is being smart with money, and then there is being cheap to your detriment. 3. Youtube Video - Learn the legal tactics that Elizabeth Holmes used to control Theranos. 4. Youtube Short - One of the top legal mistakes that entrepreneurs make | | | LegalPreneurship will help you make better business decisions and understand legal issues. Unfortunately, it doesn't replace the time-consuming and expensive legal grunt work like contract drafting. To help you with that, I am developing software that will help you avoid unnecessary legal fees. Click Here to access a Google Drive file with 30+ legal templates I have written personally. No catch; they are 100% free to take, copy and adapt. | | | This newsletter is not legal, financial, or tax advice. Please consult an attorney before making any legal decisions, a financial advisor before making investment decisions and a tax specialist for any tax matters. I make no representations and take no responsibility for the actions you take based on this information. | | |
© 2023 Gill Commerce Ltd.
| | View Web Version
Unsubscribe | | | |
