Perhaps the most valuable asset an attorney has is his or her knowledge. Running a close second is time. “Time is money,” as the old saying goes, and to make a living, most attorneys charge for the time in which they put their knowledge to use.
But not everyone who needs legal help can afford to pay for it. Seeing this, many attorneys offer their time and knowledge for free through Legal Aid or their own pro bono efforts. Attorney Rachel Fisher, who has a general law practice in Chattanooga, has found a unique need in the city, and is meeting it through a forum called “An Hour with My Attorney.”
Done in partnership with Chattanooga State’s Tennessee Small Business Development Center, “An Hour with My Attorney” arms budding entrepreneurs with information they need as they launch their companies. Twice a month, Fisher meets with eight to 10 small business owners at the TSBDC and goes over the basic legalities with which small business owners must deal, such as getting a business license, obtaining an EIN and the importance of incorporating. There is no cost to attend.
“What happens is someone gets an idea, and they’re ready to go for it, even though they have to cut through a bunch of red tape first,” Fisher says. “Business owners are creative people, which is why they’re entrepreneurs, so they’re off to the races, and you’re chasing them down and saying, ‘But you need your jersey and your saddle!’
“For example, people need to understand that if they use their personal funds to start a business, then they need to set up a way for the company to repay them. If they comingle those assets, it could create problems for them when they do their taxes.”
Fisher says the hour is closer to an informal conversation than a pre-canned presentation. There’s no PowerPoint slideshow to watch, and the participants are free to ask questions. “I encourage questions because your time with me will only be meaningful to you if you leave with something you need to know,” she says.
The TSBDC has many of the forms start-ups need in stock, and Fisher can provide the contact information for members of the Chattanooga Bar Association who will provide their services at either a reduced rate or for free. The idea is to help an entrepreneur begin to develop a relationship with a lawyer.
“The relationship a client has with his or her attorney is one of the most important relationships he or she will have. Finding the right attorney is as important as finding the right accountant or physician. You need to find someone you can talk with because there will be times when you’ll need professional advice.”
Fisher also tries to connect small business owners with affordable resources in the city, such as independent bookkeepers who are looking to work a few hours each week, and who won’t charge as much as a large firm.
“That’s not to say one of our start-ups couldn’t go on to be the next Coca-Cola and need Decosimo’s services,” Fisher says.
Fisher says the entrepreneurial environment in Chattanooga is invigorating, and praises the city’s willingness to support both large business such as Volkswagen and small start-ups like Taco Sherpa.
“I love hearing the concepts people are coming up with. And it’s exciting to be involved with something positive. When you’re around a bunch of entrepreneurs, the energy is infectious,” she says.
Ivette Rios, small business specialist at the TSBDC, came up with the idea for “An Hour with My Attorney.” Fisher learned about the business incubator, which is part of the TSBDC, while going through Leadership Chattanooga, where she had watched a couple of small business presentations. The idea of helping someone who didn’t have the capital to incorporate, such as a handyman who wants to protect his assets, appealed to her. The pieces snapped into place, and in January, the TSBDC added “An Hour with My Attorney” to its slate of regular workshops.
Fisher says she hopes to project a positive image of attorneys to the small business owners she helps. “A person’s view of lawyers can sometimes be negative because they encounter them in an adversarial context. But Chattanooga has a great model of servant leadership. You can look at any field in the city and find professionals who are donating their time, services and funds, which is why I believe Chattanooga is a jewel among the cities of Tennessee,” she says.
To register for “An Hour with My Attorney,” call the TSBDC at (423) 756-8668. A workshop schedule is available at www.chattanoogastate.edu/tsbdc. (Click on “Workshop Schedule” on the menu on the left.)