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Years ago, I worked with this fellow named Bill. Bill and I worked on a lot of mergers together.
I learned from Bill the value of being really detail oriented when you reviewed a deal. And this thought process went all the way through to the contracts and legal documents we needed to review.
Bill called himself “A really good jailhouse lawyer.”
I never asked Bill what he meant by being a jailhouse lawyer, but I knew instinctively what he meant.
You too need to be a good jailhouse lawyer to be a good startup CEO.
Almost from the day you start your company, you’re going to need to know the law. Think about it:
You’re going to have legal documents you need to sign to start your company. Don’t you think you should know what they mean?
You’re not signing for a car loan. You are starting a company! You need to understand what you’re signing.
I’m not saying you shouldn’t get a good lawyer because you’re absolutely going to need a really good lawyer. However, you, the Jailhouse Lawyer/CEO, need to at least have a layperson’s understanding of the law.
