Everything you need to know about getting an Advisor Agreement over Goodlawyer.
- What is an Advisor Agreement?
- Pricing and Scope
- What is the Process?
- Why does my business need these documents?
- Frequently Asked Questions
- Book your Advisor Agreement
What is an Advisor Agreement?
Advisor Agreements are used by new or scaling businesses to secure advising services in exchange for some combination of cash and/or equity. These agreements define what the advisor will be doing to help the business and how they will be compensated. Importantly, they also define what will happen if the advisor fails to fulfill their side of the bargain for the business. Good Lawyers can create custom Advisor Agreements that work for your business, allowing you to attract the senior talent you need to take things to the next level.
Pricing and scope
Starting at $680 + Tax
- Project kick-off call to gather information, advise you, and answer questions
- One customized Advisor Agreement
- One round of minor revisions if necessary
- Completing legal research or providing a formal written legal opinion
- Negotiation on behalf of either party
- Additional work or questions following the delivery of the Advisor Agreement
- Major revisions to the Advisor Agreement throughout, or after the project
Your lawyer may recommend different or additional services, including a custom quote. Your approval for any additional work is always required and you will never be billed for services you didn't agree to.
What is the process?
- Book a call. Pick a time to discuss your Advisor Agreement with a Good Lawyer.
- Design your Agreement. Talk to a lawyer about your business goals and the Advising relationship at hand. Your lawyer will be able to advise you and draft an Agreement with the right terms for your situation.
- Receive your Agreement. You will receive a digital copy of your customized Advisor Agreement ready to distribute and sign.
Why use an Advisor Agreement?
Motivate your advisors.
Advisor Agreements enable you to compensate your advisors fairly and provide them with a clear incentive to spend their time and energy helping your business grow.
Reduce your risk.
Advisor Agreements provide a clear deal so everyone knows what the advisor is expected to contribute to the company. If they fail to meet their obligations, the Agreement will clearly outline the consequences.
Conserve your runway.
Compensating advisors with equity or stock options can secure top talent for an early-stage or struggling business while conserving cash flow. This is made possible by the Advisor Agreement.
Frequently Asked Questions
How should I compensate my advisor?
Compensation depends on many things, including the qualifications of the advisor, their level of involvement in the company, and your business goals. Your lawyer will be able to provide some industry-standard options that can help you decide what to offer and ask for in return.
How long does an Advisor Agreement take to draft?
You can expect to receive your finalized Advisor Agreement within 1 week. If your needs are more complex than usual, it could take longer, but your lawyer will always let you know.
Can I just use a template I found on the internet?
There are very few Advisor Agreements available online and even fewer that will work in a specific industry and legal jurisdiction. Like any contract, the specifics of the deal are important and using a general agreement will make it difficult, if not impossible to adequately capture all the nuances of your relationship with an advisor. If you’re unsure about a template you found online, you can book a Contract Review and a lawyer will help you understand the template.
Do I need a lawyer in my province?
Generally, no, you don’t need a local lawyer to draft an Advisor Agreement. Advisor Agreements should cover you across the whole country, but if your business has some nuance that requires local expertise, your lawyer will let you know and Goodlawyer can set you up with another lawyer who can help.
Will I be able to communicate with my lawyer after the kickoff call?
Yes, absolutely. You can use the Goodlawyer platform to send messages and files. If substantially more communication is needed, your lawyer may request another call.
"Wasn't sure what to expect but was blown away by the value and quality of help I got through Goodlawyer for my small business! Will 100% be back."
Jiliane, March 2021 — 5-Star Google Review
Secure an experienced advisor for your business.
Book an Advisor Agreement
Your lawyer will assess your situation and make sure this is the correct service for your needs.
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