Script Option Agreement Cost

the_bully

the_bully

Carbonite Member
I'm currently in the process of securing the rights to a script. Last week I talked to a lawyer that agreed to write up my script option agreement for $550. What do you think is that to high?

Does anyone have a lawyer they recommend? I just picked this lawyer out of the Illinois Production guide.

- the bully
 
Impossible to say given the information at hand. If it's Braveheart, you've got a steal. If it's Going Overboard, ask for your money back.

EDIT: Don't forget to negotiate the sales price so there are no nasty surprises later.
 
I assume the $550 is for legal fees and not the actual price of the option? If so that is a petty good deal. Probably about 2-4 hours depending on hourly rate. Is this lawyer an experienced entertainment lawyer? I just completed an option through Sloss Law in NY (I'm in Boston) and it was more than $550 but it took time to negotiate all the issues with optioning a story with the writer's agent. Things like first year option price. second and third prices if needed, rewrite, how much pay for story based on % of production budget; a ceiling and a floor (no less than and not to exceed...), final credit, potential for sequel, etc, etc. etc.

An original screenplay is probably more straightforward - if the lawyer has done this before then you are probably all set. But movie contracts are different than than contract law which is why an entertainment lawyer is preferable.

Michael
Miledia Films, LLC
 
For what its worth, i paid $1,000 for paperwork from my attorney for an option 5 years ago. Since then i have optioned many scripts. I simply change the names, terms etc. This has worked fine with no problems for the last 5 years. I negotiate all aspects directly with the writer or their agent. Its really not that difficult. Alot of the text is boilerplate legalese.
 
I have done the same since, it's getting that first one done - also different language for story versus originl sreenplay when it comes to title and credit, etc.

Michael
 
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