If you’ve started a business recently you’ve probably heard about Pre-Paid Legal. Basically, you are provided “access” to an attorney for a monthly fee. Think of it as legal insurance.

This may be beneficial to some small-business owners, but I offer a suggestion:

Rather than pay Pre-Paid Legal $35 or so monthly, pay yourself $35 each month. That is, start your own legal services fund. You will have accrued $420 plus interest after one year.If your company requires legal counsel, use your accrued funds and select your law firm (something you can’t do with Pre-Paid legal). If your company has no need for legal representation, continue growing the fund or re-invest the funds in a different area of your business.

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