While startups mostly focus on building their product and building teams, it’s difficult to focus on the legal nitty-gritty that can be both time-consuming and costly. To address this gap, legal firms like Axiom and fixed-price legal service companies like Law Scout have sprouted up to cater to the needs of startups on a budget.
Toronto-based DMZ has made a move that highlights the growing trend of accessible legal services for startups — the incubator has partnered with Goodmans LLP, one of Canada’s top transaction law firms. Goodmans LLP will act as the DMZ’s official “legal counsel-in-residence” for its 72 startups.
“We are happy to partner with Goodmans LLP as many entrepreneurs are grappling with the problem in accessing legal consultation and affordable, high-quality legal services,” said Abdullah Snobar, executive director of the DMZ. “This partnership will foster the improvement in legal support for startups and will contribute to improving access to legal services for all entrepreneurs.”
Besides offering legal services to prevent startups from failing due to lack of compliance with law and regulation, Goodmans is also assisting in identifying pitfalls in startups and offering ways to protect and maintain startups that may be struggling to stay on track. Goodmans LLP will host four Investor Nights at the DMZ. These intimate pitch sessions and networking events will connect investors to startups seeking capital.
“Goodmans is thrilled to partner with the DMZ at Ryerson by providing mentorship, connections, and the legal know-how that a startup needs to succeed,” said Allan Goodman, partner at Goodmans LLP and co-chair of the firm’s Technology practice. “We are very excited to be joining the dynamic environment at the DMZ to further Canadian innovation by helping these emerging companies get to the next level.”