Managing risk is an integral part of conducting day-to-day business operations. When business leaders seek legal support, the in-house team should resist the temptation to reflexively say “no” when a course of action appears, at first glance, to pose significant risk. On the flip side, they also should avoid being a “yes-man/woman” to the C-suite. Instead, internal counsel can add significant value by looking beyond legal risk alone to identify, evaluate and manage the company’s total risk profile in a way that helps management achieve legitimate business objectives.

Open source software (“OSS”) is now ubiquitous, providing community-vetted solutions to common requirements in the software industry. The widespread use of OSS is especially common with start-ups who are driven by the need to develop a minimum viable product as fast as possible in order to quickly enter the market and acquire market feedback.

It’s no surprise that start-ups and small businesses are mindful of their budgets. Occasionally, however, cost-consciousness can lead a company to question the need for a contract or contract review, particularly when a transaction involves a small dollar amount or simple service offering. By assuming a lower risk of liability in these situations, the cost of hiring a lawyer to write, or review, a contract can seem unnecessary. This is a misconception.