"But usually once you've outlined (legally) how you're going to approach something there isn't a monthly cost associated to that legal work."
Oh how I wish that were true for everything :(
Ph0rque is right, though. Unfortunately, if you're dealing with money (payment processing, financial services/PFMs, large-scale real estate, investment management, etc.) then you basically must have a law firm on retainer to deal with all of the changing legislation, certification guidelines, compliance programs, patents, general disputes, etc. etc. Stuff is constantly in flux and the lawyer work is almost never-ending. Especially right now while the US market is in the economic scramble, blame-game mode. This stuff isn't like writing a basic TOS and being done. I'd actually be very surprised that Mint's legal fees were that low, except for the fact that Yodlee handled all the backend work for them. I would absolutely love to get off that cheap...we pay a multiple of what is quoted here. For each of several financial service companies.
I've heard several entrepreneurs say they intend to fill the vacuum created by Mint (by building another anti-Quicken PFM.) My firm has gotten pitches from half a dozen teams already, and we're not even actively seeking investments right now. The relatively small Mint exit seems to have chummed the waters and everyone is probably going to blow out a bunch of money and drown each other like usually happens in these little entrepreneurial frenzy pockets. I'm normally all for the little guy, but if people think this is an easy market to enter now without buckets of cash and industry experience, then they're idiots. For some (most?) industries, being an outsider gives you a new perspective because you don't know what can't be done. Financial industries, however, you need both the cash and the experience or else you may end up in jail.
Oh how I wish that were true for everything :(
Ph0rque is right, though. Unfortunately, if you're dealing with money (payment processing, financial services/PFMs, large-scale real estate, investment management, etc.) then you basically must have a law firm on retainer to deal with all of the changing legislation, certification guidelines, compliance programs, patents, general disputes, etc. etc. Stuff is constantly in flux and the lawyer work is almost never-ending. Especially right now while the US market is in the economic scramble, blame-game mode. This stuff isn't like writing a basic TOS and being done. I'd actually be very surprised that Mint's legal fees were that low, except for the fact that Yodlee handled all the backend work for them. I would absolutely love to get off that cheap...we pay a multiple of what is quoted here. For each of several financial service companies.
I've heard several entrepreneurs say they intend to fill the vacuum created by Mint (by building another anti-Quicken PFM.) My firm has gotten pitches from half a dozen teams already, and we're not even actively seeking investments right now. The relatively small Mint exit seems to have chummed the waters and everyone is probably going to blow out a bunch of money and drown each other like usually happens in these little entrepreneurial frenzy pockets. I'm normally all for the little guy, but if people think this is an easy market to enter now without buckets of cash and industry experience, then they're idiots. For some (most?) industries, being an outsider gives you a new perspective because you don't know what can't be done. Financial industries, however, you need both the cash and the experience or else you may end up in jail.