Since day one, we’ve set out to build the most innovative law firm for founders. So, we’re excited (and incredibly honored) to announce that Fast Company has selected us as one of the 2022 Most Innovative Companies.
We’re quite humbled to be ranked alongside some truly impressive companies like SpaceX, Stripe, Ramp, Roblox and many others. It’s notable that, as far as we can tell, we’re the first law firm to be recognized in the history of the awards. We couldn’t help but ask ourselves…
How did a law firm make this list?
Well, before Kyle was a lawyer, he was a founder. He felt firsthand the pain of working with traditional firms. Most law firms operate on an antiquated business model that wastes startups time and money.
Their business model hasn’t changed in centuries, which means most law firms are:
We knew there had to be a better way
We built an innovative law firm from the ground up to meet the needs of startups, and save them time and money in the process.
Innovation No. 1 — Transparent Pricing
We believe that early-stage founders ought to have access to quality legal counsel. And, all too often, the billable hour is preventing this from happening.
The dreaded billable hour misaligns the founder’s and lawyer’s incentives. To avoid high legal fees, founders often skip, delay or try to handle their own legal needs. But without proper legal counsel, the do-it-yourself (DIY) choice risks making costly mistakes, such as:
- Uninformed or “gut” decisions
- Using Google as their lawyer
- DIY contracts
- Focusing on unimportant points that slow down deals
- Entering into due diligence unprepared
- Missing opportunities
And if they do engage with a lawyer, they’re often stuck with a hefty surprise legal bill. Founders dread opening that legal bill because they don’t know if it’s going to be $2,000 or $20,000.
Instead of the billable hour, Westaway has transparent flat fees , which provides cost certainty for startups. Removing the mystery in billing creates a better working relationship for both of us. Pretty simple, right?
Innovation No. 2 — General Counsel
General Counsel is a new approach to law for startups. At Westaway, we serve as fractional general counsel to startups for a flat monthly fee. Our plans provide ongoing legal services for the day-to-day needs of high-growth startups. They can then scale with peace of mind that legal is taken care of.
Most entrepreneurs want a trusted legal partner, but they hate surprise legal bills. At Westaway, we take care of your startup’s legal needs for a fixed, monthly fee so you can control your costs and focus on scaling your business.
Founders love the peace of mind, time saved and cost certainty that comes with our General Counsel Offering.
Innovation No. 3 — Tech Enabled
Lastly, we’ve invested heavily in software that allows us to produce work efficiently while lowering the error rate. The upshot is that we get to focus our energy on the most important strategic advice to founders and help them close deals fast.
These three innovations are only the beginning. We’re looking forward to continuing to improve upon these innovations, as well as embrace new business model innovations that make founders’ lives easier.