Freelancers need to be aware of several legal and financial considerations: 1. Contracts: It is crucial to have clear contracts that outline the scope of work, payment terms, and deadlines to avoid disputes. 2. Taxes: Freelancers are responsible for their own taxes, including self-employment tax. They must keep accurate records and often make quarterly tax payments. 3. Insurance: Health insurance and liability insurance are vital for protecting against unforeseen circumstances. 4. Intellectual Property: Understanding intellectual property rights is important to ensure that work is appropriately protected and credited.