Hey all,
I have a shopping agreement in hand - it's only 2 pages long - and I'm wondering if I should run it by an entertainment lawyer before signing it. I watched the Stage 32 webinar about option agreements, and although it had some great information, it didn't give me any way to gauge my shopping agreement.
If I should run it by a lawyer / attorney, how would I go about finding one? And does anyone have any recommendations?
Thanks!
Kane
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If in doubt, unfortunately, you should have an entertainment lawyer look it over. There may be any number of things which are implied or which are missing which you need to protect your situation. Don't be unhappy if he/she says it's fine - the money is worth the peace of mind. As far as recommends, I don't have one, but check the posts and the webinar sections, there are one or two who are active here who may be able to help. And of course you know - a regular (non-entertainment) contracts attorney is not likely to have the peculiar background required.
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Yep, I'm with Shadow Dragu-Mihai, Esq., Ipg on this one. It's always worth it to have a lawyer look at a contract before you sign it. When you approach one, do so as one would a doctor - do your own reading, come in prepared with questions, and give them room to add to your inquiry. Also, congrats on the shopping agreement! That's exciting!
Lawyer up. Every time. Every. Single. Time. The money invested up front for the coverage will pay off in the long run.
yes, unfortunately lawyer fees are sometimes more than option fees. every contract is specific to you. dont be cheap. spend $ to make $.
by the way, I was cheap with my lawyer. he offered lunch than pay him cash. Dude ordered a $200 bottle of wine! lol Shouldve just paid him.
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Thank you all for the feedback. I've found an entertainment lawyer. I shared the 2 page shopping agreement with him and he said he would review it and provide feedback at a cost of $500. Said that was his hourly rate. It struck me as a bit high so I wanted to get a gut check from you all. Should I keep looking for another lawyer? Or is this what you would expect. Again, it's a shopping agreement, not an option agreement. Thanks.
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Hagop Kane Boughazian It is on the high side of middle as an hourly rate, but not out of the ballpark for a contract review. In fact, for contract review and consult, $500 is quite good. I say what as a former entertainment attorney - I was charging more than that for thorough contract review in 1995.
I had a lawyer from copyright office that'd represent my works review my option agreement & consulted her for nothing...I guess I'd had to pay if they made the contract....maybe just go on for a favor first, some people over here can actually make a short film for far less than $500...
I'm with @Colette - the only way to know for sure if it's a comparable rate is to compare it. Plus, talking with others will give you a sense of the person as well. Trust is a big component of any relationship, especially with a lawyer. Call around to check numbers and people.
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Yes, always.
Hagop Kane Boughazian The problem with shopping based on price is that, by it's nature, law and entertainment law in particular in this case, is a legal specialty and you, as someone who is not a lawyer, have little or no ability to gauge the skill of the lawyer. As in all things, you often get what you pay for in lawyers. An inexpensive lawyer may charge little because they are just starting out. A very experienced one with a good rep will charge more because, frankly, they are worth it. However, you do have to match the importance of the task to what you should be willing to pay. If the project could lead to a very lucrative future, then it's worth it to spend more. If the contract review relates to a short film which is unlikely to put a lot of money in your pocket no matter what, then obviously you don't want to spend much on the review. (on the other hand, if the short DOES become big against all odds and you haven't got the best advice on your contract, you'll be kicking yourself later on, right?)
Thanks all. I appreciate the advice. Does anyone here have a lawyer they've worked with in the past and wouldn't mind providing their info? Thanks.
David Steinberg posted an actual real TV contract and he went paragraph by paragraph explaining do's and dont's, and why. It is not surprising contracts can take months/years to negotiate between lawyers before the project can be worked on.
https://twitter.com/DavidHSteinberg/status/1458131000907550721?s=20
Thank you Colette! Appreciate the help.