Miles & Stockbridge, a leading business law firm with more than 220 lawyers in the mid-Atlantic region, announced the launch of an initiative to support Black businesses by providing introductory legal counsel at no cost or a reduced cost.
The Miles & Stockbridge Black Business & Start-Up Initiative focuses on helping to eliminate or temper some of the barriers uniquely experienced by Black entrepreneurs and businesses, such as a lack of funding (particularly as it relates to legal expenses) and a lack of access to a network experienced in the challenges confronting all businesses.
As a starting point, Miles & Stockbridge will work with emerging or start-up companies, owned at least 50 percent by Black owners, meeting one of the following criteria:
- Less than five years of operating history,
- Less than $500,000 of annual revenues (as verified by tax filings), or
- Fewer than 10 employees
Inclusion in the initiative will be determined on a case-by-case basis, and subject to other parameters determined by the firm.
The Miles & Stockbridge team will meet with qualifying applicants by phone to assess their needs and determine next steps. Miles & Stockbridge is prepared to provide legal counsel to Black businesses accepted into the initiative to help develop and grow their businesses—from general corporate and business legal services necessary to keep operations running smoothly to more complex tax, acquisition, employment, general commercial contracting, intellectual property and immigration advice and insight. The firm will also counsel clients interested in attracting growth capital or angel funding and securing funding for ongoing operations.
In support of this initiative, the firm will count 50 non-billable hours spent on providing legal advice to Black entrepreneurs and businesses toward a lawyer’s annual hours.
To learn more, visit the Miles & Stockbridge website.
Source: Miles & Stockbridge