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Many startups are navigating their first official recession. Here's how one Silicon Valley lawyer is counseling young companies to make it through a long downturn unscathed.

Many startups are now navigating their first official recession in the United States after a historically strong market globally. But now that the recession is here, many startups are navigating the turbulent economic times for the first time. Frugality is of particular interest for venture-backed startups whose investors are evaluating how long the companies can last without outside injections of cash. Runway, or the amount of time a startup has before running out of money, is key to surviving long periods of economic uncertainty, Patterson said. Pursuing a merger or acquisition could be the best way to shore up the company's finances without relying on outside venture investors, according to Patterson.

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