Before launching my web app, I spent several days reviewing other sites' privacy statements and terms of service. I noticed [1] while doing this that many sites use the same or similar documents, many of which are based on WordPress's TOS which they make available under a Creative Commons Sharealike license [2].
I took notes on what I liked and what was applicable and came up with a TOS and privacy statement for my site.
I'm working with a local lawyer to take care of some administrative stuff, and he offered to review and rework the TOS and privacy statements for somewhere in the neighborhood of $1.5K to $2K, depending on how long it takes.
That's a nontrivial amount of money for my relatively small web app so I'm wondering: How important are these documents? What are risks if I miss something by doing it on my own?
I'll also consult with the lawyer on this, but was hoping to your thoughts as well. Appreciate the help.
[1] http://news.ycombinator.com/item?id=990375
[2] http://en.wordpress.com/tos/