Lawyers seem to have all the answers. But sometimes, the answers they give are only reflections of what you want to hear. The rare quality that makes Daily Law Group so different, is the integrity of Jim Daily.
Jim has the innate quality of being genuine, of being honest and telling you the truth, not always what you want to hear. Practicing law for 24 years, sifting facts, reading people and knowing the truth, how to present that truth and how to encourage others to find in themselves the qualities of courage, faith and perseverance bring a dimension of representation to clients that few can match. Jim is a Rolodex of contacts, a fierce competitor and yet remains true to his Midwestern values.
We hired Jim to represent AlignMed in a dispute over a joint venture. Jim took care of business and then saw that we needed a management team, that we needed to increase our investor base. He wrote a private placement memorandum. We were honored when he accepted our offer to serve on our Board of Directors and then as our Executive Vice President, General Counsel, and Corporate Secretary.
Jim brings a history of diverse knowledge of tax, finance, securities, medicine, law, and business strategy. Backed with effective communication skills, Jim became one of the leading innovators at the core of AlignMed and its business and marketing strategy.
Jim holds a Juris Doctor from Pepperdine University School of Law and Bachelor of Science in Public Policy and Business Administration from the University of Wisconsin at Whitewater. Read more
Love Affairs. For a business about to enter into a sales and distribution agreement with a company that could eventually buy you and that has 200 sales employees on the streets right now – each one going to carry with them a whole assortment of your latest product – love is grand. I mean, who needs a lawyer? This is business. Why the formality of an NDA? The company is doing great, we have something entirely unique and the ideas that we have right now are better than anything that anyone has…including the would-be take out partner about to get an exclusive sales and marketing agreement.
What’s that saying? When it sounds too good to be true…. There is a reason you hire a lawyer.
The time to hire a lawyer is now – when its not too late, and not after you have signed the deal. You hire a lawyer when you start your company to form it properly, to document your board meetings and oversee and bullet proof you, your shareholders, and your intellectual property. Failure is always at your door step. As an entrepreneur you already are taking the big risk of your time, talent and treasury. Ego is part of the make up of why you are and will succeed. The shear force of your own effort brings people together and they want to be part of what You are and by You they believe in your company and your product. But this is when you must step back and check your ego at door.
As an entrepreneur you already are taking the big risk of your time, talent and treasury.
It is in this time of your own joy and admiration at your own genius that you must be humble. You need to decide who you really trust before you get to this point. Its like going out on a Thursday night and giving your car keys to someone that you trust, someone who is really on your side and in your corner who is willing to tell you to your face the words “NO.” When you hear it, you must be prepared in advance to hear it and have the plan and if you do hear it – you turn your keys over until you have perspective. You must examine everything, acknowledging that you are at that moment totally and completely incompetent and overcome by the lure, attention, validation and intoxication by the love being showered upon you by your would-be partner.
After this sober self-analysis, you can always can tell your attorney “no” and do the deal anyway. However, this double take, this spot check can save you. Literally it can save you. Then, if you decide to go a head, believe me that your attorney will never say the words “I told you so.” He knows you are the business man. The ultimate decision is yours. Besides, at the point the words could be said, there is no point. You have already questioned your own brilliant decision a billion times. Thus these words will remain unsaid between you and your lawyer unless you bring them up. Whether you do or do not, going through a post-mortem- hopefully having survived the ordeal – is a best practice.
The point is, have your attorney with you, at your side, before you make your pitch. Know your own ego and check it at the door. Your lawyer is a counselor, and must be your most trusted adviser. He is not just someone to ‘PAPER THE DEAL’ and if, that is what he is, then you need a new lawyer.
My personal story is that have been so infatuated and awestruck by an AR financing deal and by the upside of these unlimited funds and the advances that they would make that I never saw the obvious. The fact is, I never even had my trusted attorney look at the paperwork. I signed it. As I did so I signed away all my own control, power, authority and profits. I let my immediate need to “do the deal” cloud my judgment. Daily saved me over a million dollars by manhandling the prior equity group who had promised so much but otherwise failed. Why I entered into another deal with a smaller facility without consulting him has been a very painful lesson.
The above is a real story of a client whose name and company are not disclosed. This is not a story in a vacuum. Rather it is what the Daily Law Group sees all too frequently.
In another clients case all of his marketing advisers said that the company “needed to make this deal.” These same “advisers” are also folks who typically bash lawyers so often that they drive a wedge between the decision maker and their attorney – who should be their most trusted adviser. As an attorney, I recognize that some times my entrepreneur clients simply want to smack me, because I am the person holding up the mirror or saying “on the other hand.” But that ‘other hand’ is the one that the failure to consider could bring the end of the company. As an attorney I want my clients to succeed. My personal philosophy is that having an attorney is an investment and that investments should return profits to you. So that our work is not a cost on your bottom line but results in real assets and added value. In this particular matter, I ended up having to unwind a joint venture. I had to sue to dissolve the company – taking the global thermonuclear war option. But the client did not consult us until they had already made their bed. Having to try and unwind something after its gone on too long sometimes takes an aggressive approach. I liken it to combat. You first take them down to the mat with an arm-bar take down and put your knee on their throat so they cannot breathe. You drive them into submission and then pull your hand out from behind your back with the velvet glove and offer them a gentle hand up, but only through the path that you have decided to go. In this case there were actually chirping crickets in the building from the waste that could have been avoided by getting to us before the venture. This is why the time to hire a lawyer is when your getting into the relationship because only then – through their laser vision do they see the faults and holes that the love affair at the moment has hidden from you.
I liken it to combat. You first take them down to the mat with an arm-bar take down and put your knee on their throat so they cannot breathe. You drive them into submission and then pull your hand out from behind your back with the velvet glove and offer them a gentle hand up, but only through the path that you have decided to go.