New statistics from Silicon Valley’s top law firms show that new startups spend around $80,000 on legal costs.
AttorneyFee, a website that compares lawyer’s fees, pulled recent numbers from Silicon Valley’s most prominent law firms. The digits reveal the average amount of money startups spend on legal fees, the annual increase in new businesses, and an boom in law firms’ digital presence.
Startups usually face several legal hurdles in the early phases of creating their businesses. Several law firms in Silicon Valley make their money by helping these startups get up and running, often for a hefty price. In 2011, Silicon Valley attorneys made an estimated $37 million in revenue from startups alone. Most of the money that startups raise in their first rounds of funding goes directly to legal fees; the average bill for series A financing is over $50,000.
To read the full, original article click on this link: Stats show startups spend a chunk of their seed funding on legal fees (infographic) | VentureBeat
