Everyone has dreams as a kid and those dreams begin to develop as we grow. In some cases those dreams change base on life experiences, or even for the simple thought that we grow out of those dreams. My dream as a kid was to become a lawyer, it was always in the back of my head I just never knew what kind of lawyer I wanted to become. At the beginning of my second year of my Bachelors program I begin looking at my options as realized I wanted to be an Entertainment lawyer. In particular to work with contracts, and negotiations.
The purpose of a contract is a written agreement where both parties are in one understanding. According to Mark Litwak he states that “Since one cannot protect an idea under copyright law, a writer who pitches a story idea to another is vulnerable to theft. Fortunately, there is another way to protect ideas. An idea can be the subject of a contract. A writer can protect himself by getting the recipient of an idea to agree to pay for it.”
The biggest mistake many young artist make is signing bad contracts without having a lawyer present to help them understand what they are signing. The reasoning of this is because:
- Rushed - rushing to sign a contract is the worst you can do, this being because there are small prints that you will pass by that can make a difference on how long you are stuck in a contract.
- No Lawyer - Lawyers are trained to know what each and every line and head line in a contract is suppose to mean. Their job is to read and break down the contract paragraph by paragraph, so that way you are comfortable and know what you're getting yourself into.
No contract is ever permanent but it is very important that you educate yourself. Having someone there who is in your best interest is the another important factor. With lawyer fees there are many ways you can pay them:
- Hourly - every hour of service you require, you are charged and billed
- Flat Fee - A flat fee is a dollar amount that the attorney and the client agree on before the attorney begins work.
- Contingent Fees - A contingent fee represents a certain percentage of the recovery in the client's case.
- Retainers - A retainer is either a continuing flat fee or an advance on the fee owed for the attorney's services.
Yes lawyers cost a lot of money but at the end of the day would you rather be stuck in a contract for 5 years with a company who is only taking from you and you are not receiving your worth or would you rather know what you are signing and get all that you’ve worked hard for?
Woodmichelle,
ReplyDeleteThank you for your post. It was very helpful to me. As I am swimming through the ocean of Entertainment Business, I'm finding there are so many aspects that are important to know about, or at least know someone who knows about them. You have a valuable understanding in this area and you've communicated it in a relevant way.
~ Reggie