"It's not the will to win, but the will to prepare to win that makes the difference." — Paul "Bear" Bryant
I spent significant time in the belly of the beast that some call law school. I escaped with a degree by discovering early on that the grade distribution created a natural equilibrium, and that the entire grade rested on two or three exams. The best outlines were produced by Law Review students, who were selective in their social calendar. I ingratiated myself through hosting house parties. The conversation was cerebral and only grew more so when alcohol entered the picture, but my guests bent over backwards to help me navigate the experience.
Law is a degree. You do not need it for most of the legal matters you will encounter in business. But I do encourage everyone to understand the basics of contract law, because we live and operate in a world built on agreements.
Strong fences make good neighbors. Good contracts make great partners. Handshake deals end poorly the moment one party believes they are no longer benefiting from the arrangement.
Evergreen clauses are essential in SaaS. Automatic renewal provisions will not prevent anyone from purchasing your service, but they will protect your recurring revenue from clients who simply forget to renew.
Mutual NDAs matter. Never enter an NDA where both parties aren't treated symmetrically.
Most companies spend too much on legal fees. There are many excellent online services that handle corporate formation, employee contracting, SaaS service agreements, and NDAs at a fraction of what a law firm charges.
Guaranteed minimums should be avoided. I have never seen a guaranteed minimum work in favor of the party doing the guaranteeing. Not once.
Keep your terms and conditions separate from your sales agreement. The sales agreement should reference terms and conditions as posted on your website.
When engaging a law firm, remember you're paying for everyone in the room. You usually don't need more than one person present.