“Australia is lucky to be the first jurisdiction to receive this innovative service which makes expert legal advice in the reach of those just starting out. I have no doubt that in time, we will see this service extended to other parts of the globe,” James Halliday tells Australasian Lawyer
“Australia is making great strides in HealthTech so it was an obvious place to start as we often lead the world in this emerging space,” added the Baker & McKenzie Corporate partner in Sydney.
The service, simply called HealthTech Startup Service, is tailored to help early stage start-ups and HealthTech firms become investor-friendly, protect intellectual property, avoid legal traps and manage personal risk.
Offering the service at a no-cost and no-commitment introduction, the service then moves to the next stage should a client decide to and the firm is transparent on how much the bespoke service will cost.
Corporate advice which includes establishing an effective and investment-friendly structure and managing personal risk starts at $2,500 per month. Employment advice which includes discussing and managing legal obligation as an employer starts at $5,000. Meanwhile, privacy, technology and intellectual property advice – which includes understanding and protecting valuable intellectual property and technology, as well as understanding privacy law obligations – starts at $2,500.
Halliday says that legal advice is essential for start-ups as it can lead to interest from investors early on.
“Challenges such as complex regulation mean businesses need access to legal advice in corporate, employment, intellectual property and many other areas if they are to be successful,” he explains of the need for legal advice while noting the potential for start-ups in the industry to grow in Australia and the Asia Pacific.
Furthermore, he reveals that the law firm has also successfully connected early-stage businesses with investors from their broader client base on some occasions.
“One of our objectives to is grow with our clients. If we do a great job and help them succeed and grow, we hope the relationships we develop during the early days will also grow as these businesses grow into larger more established ones,” he explains.
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A Baker & McKenzie partner sees the service the firm just launched in Australia to help HealthTech startups spreading through its global network.