I won't say that this post is devoid of useful information, although there are some questionable claims (such as the notion that an attorney is double billing for travel-related work). More importantly, however, I think it misses a more fundamental mistake that startups make: they don't know how to choose a lawyer.
If you're working with a firm that has summer associates (referred to as "law students" in the post), and they are being billed out at $200/hour, you are almost certainly working with a large, full-service law firm. And large, full-service law firms are expensive.
Working with a large, full-service law firm is overkill for the vast majority of early-stage startups. Even when it comes to securities-related work, you can find reasonably-priced experienced, competent practitioners with BigLaw backgrounds who work solo or at smaller firms.
If you're working with a firm that has summer associates (referred to as "law students" in the post), and they are being billed out at $200/hour, you are almost certainly working with a large, full-service law firm. And large, full-service law firms are expensive.
Working with a large, full-service law firm is overkill for the vast majority of early-stage startups. Even when it comes to securities-related work, you can find reasonably-priced experienced, competent practitioners with BigLaw backgrounds who work solo or at smaller firms.