How Secondary Markets Can Be Gold Mines for Entertainment Attorneys
As a novice entertainment lawyer, you must establish a set of proper guidelines that dictate your conduct. There are many that believe that there is something special and unique about having an artist-lawyer friendship within the industry. However, those that have practices law for a significant amount of time can attest that a friendship that goes beyond an attorney-client relationship will cause trouble. By opting to go this route, it can lead to fiduciary responsibilities that the attorney to the client.
Finances
Every attorney that’s starting in entertainment law is going to be faced with the issue of how to bill their clients that cannot afford your ongoing rate. Now, you’re going to be hit with this quite a bit to be honest. Unlike most traditional lawyers, entertainment attorneys can create varying fee arrangements with their clients – think flexibility.
If you’re having doubts, don’t. It can actually work to your advantage. However, in some instances, nontraditional arrangements can lead to a breach in both ethics and professionalism if you don’t handle the contract carefully. Be sure that you and your client both agree to the terms of the contract before you sign.
Using a Percentage Fee as Opposed to a Flat Rate
One of the most current types of billing is to utilize a percentage fee arrangement. Now, these structuring fee arrangements require you to be attentive throughout the process. Attorneys that are starting out in the entertainment industry must develop acceptable billing practices to ensure that everything remains ethical. Don’t forget, your career is on the line when you breach anything involving ethics so be sure that you choose a billing structure that’s both reasonable and legal. The last thing you’d want is a claim to arise.
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