How Much Does A Music Lawyer Really Cost?
How Much Does A Music Lawyer Really Cost? Transcript
00:00:01 – 00:16:03
What’s up Smart Rapper? You’re going to love this video. In this video, I’m going to talk about how much does a music lawyer cost? Because in the other videos I got, I talked about how important it is they can get you connected to labor deals. They can give you the radio superstar, basically do all this stuff. So watch that video. This is important video to watch, too, because I want to know how much it actually cost you out your pocket to actually have a music attorney, An entertainment lawyer.
00:16:03 – 00:33:06
Okay, let’s get into it. All right. Let’s think about it, I mean, most attorneys in the music industry do not charge on an hourly basis like you would think. Like for those who do hourly, don’t get scared, prices could be anywhere for $150 for a new attorney to $600 an hour, an hour for the bigwigs.
00:33:06 – 00:53:09
I am sure people charge a percentage. Now, this is where that’s that’s bigger money, right? Some ask for 5%, some ask for 10% because those people, they value much money. The time is worth and they know that they got the connections. Like I told you. In addition to that, there’s also frequently an hourly rate retainer attached. And the retainer is a fixed monthly cost similar to a manager’s minimum fee.
00:53:13 – 01:13:18
Okay. In which this retainer is either credited toward the final fee or cost of what they will be charging you at the end of the services or a flat fee that is for all services. Okay. Now the billing entails a lawyer requesting a fee based on the magnitude of the transaction in the theme that they’re doing, how important it is, how big and how much time is going to take and his or her or they contribution to it.
01:13:18 – 01:32:21
Okay. Now the cost should be to an hourly rate. If the attorney had little to do with negotiating the deal because they helped negotiate deals. Label deals this way to get like 5% of label deal, you know that? But it’s worth it. 5%, or get screwed for 40% because you missed a clause in the contract. Yeah they get 5%.
01:32:22 – 01:54:06
But they were part of getting you that deal that’s man. In contrast, the attorneys fee will be significantly higher if he or she devised a brilliant plan that generated huge profits for you. And then they should write if he or she, they made the introduction or if he or she created the contract from scratch.
01:54:19 – 02:10:29
And this is so that there’s no unpleasant surprises. You should ask your attorney in advance how much they will charge. Obviously, you can ask that. But I’m just reminding you, some people don’t think it. Your a Smart Rapper, you know better. But occasionally the charge can be pre-negotiated based on results for you. You will pay me X, right?
02:11:01 – 02:29:12
If I earn Z, A, B C, D, E, F, G you know what I’m saying right, at least acquire a ballpark range. But now you know, and more and more probably the most important takeaway from this is that the bigger they are, the more valuable they are, the more money they make you, the higher they can protect you. The more network that they have, the better the deal I can get you because they can call in favors.
02:29:12 – 02:43:09
If it’s a big labor, like hey man do me a favor. Drop that, drop that 5% for this man, for this woman, for this artist? Okay, great. Important. Look at their track record, too. You already know the deal. I’m Rob level. This is Smart Rapper you just got a little bit smarter actually a little more than a little more. Make sure you subscribe for me.
02:43:09 – 02:58:08
I really appreciate it because it helps me and the algorithm so I can reach and help more artists like you and me. All right. Oh, God. Did you know that I have over 100 masterclasses to help music artists just like you and me get from wherever you are to where you want to be. And this stuff covers every single possible area you can think of.
02:58:08 – 03:13:16
And it’s free to check out. If you click this video, it’s going to show you all of the different masterclasses that I have. And I know at least one of them is going to be right for you. Click this video. I’m Rob level from Smart Rapper for 450,000 subscribers almost 50 million views can’t be wrong. Click this video, check it out. Keep hustling and I’ll see you at the top.
Keep hustling, and I’ll see you at the top!
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