Denise Crew sent me this link to an article from the LA Times about how an author got royally screwed in her deal with Dinsey. The devil is in the details, as they say, and clearly she did not have the best entertainment attorney or agent on her side as someone with more experience would clearly have known that you want “points” not a percentage of the profits when it comes to movies. In fact, if I were her I’d consider suing my original attorney for malpractice in this situation because everyone out here knows about “points” and how no movie ever makes a profit in the studio’s books.
Anyway, what can we learn from this? When you are not familiar with something, hire the best pro in that area that you can possibly get; and that is especially true in legal things. It may cost you something (more) now, but it can save you or make you loads more later. Remember, it’s important to keep your focus on the long-term, not just the here and now.
Remember also that contracts you sign are written by lawyers with the best interests of THEIR client in mind–not yours…unless they are your contracts drawn up by your lawyer, of course. 🙂
Think about that the next time you sign a contract from some magazine client without reading it or signing a PO without reading the back or when you click “accept” for the T&Cs for some website (like Facebook, where you will have just agreed to let them use any image you post however they want forever without paying you). These aren’t just words, they are legally binding agreements and they can significantly impact your business. Read everything and if you don’t clearly understand anything, call your attorney.