An ICO is a form of cryptocurrency crowdfunding. Jurisdiction and place of residence of the legal person – the company initiating an ICO – will affect the general rules of taxation. Then it all depends on the type of tokens.
Let me be honest: I don’t think that a startup needs a full-time lawyer at early stages, whatever they say. In fact, people hardly ever need a specialist of that sort. All you need is a bit of legal advice, which you can get at no charge if you wish.
When you have to form a business or start a business, you might not know what the basic formalities are! This is because; if you can figure out the same then too there will be limited time to do all these things.