how much does it cost for a lawyer to review a franchise agreement

Full Answer

How much does it cost to hire a lawyer to review contracts?

The hourly prices can vary depending on your lawyer‘s expertise and the level of service you’ve selected, but the typical range for contract reviews can go from $100 per hour up to $750 per hour. It is not required by law to consult an attorney when you are drafting a business contract.

How do lawyers determine the flat fee of a contract?

Most respectable lawyers will determine the flat fee only after they take a good look at the contract and assess the amount of time it will take to do the work.

Are the costs of legal services from lawyers with experience worth it?

When it comes to contracts, the cost of legal services from lawyers with experience is more often than not, worth the peace of mind as well as help change the playing field by increasing leverage on your account.

How does a prospect contract review lawyer determine the flat fee?

Your prospect contract review lawyer will determine the flat fee after they take a quick look at the scope of the legal document provided and see how much work it will take. If you do find a lawyer that offers a set rate without looking at your contract or charges a set rate by the page, this could be a red flag.

A Fixed Fee for The Entire Franchise Purchase and Negotiation Process

When it comes to the purchase of a franchise – over the many years of assisting clients with their FDD reviews – we have developed specific franchise review programs with a fixed legal fee.

A Timely Review and a Comprehensive Program

We are extremely strict with our timelines and deadlines – so this means that when working with our franchisee clients (throughout the United States) we are in constant communication with you and that your initial FDD review (where Mr.

Schedule of Attorney Fees

FDD and Franchise Agreement Review and Report for Prospective Franchisees: 9825 Flat Fee ($1375 to include developer or multi-unit agreement) Optional Phone Conference time: $162.50 per hour.

Payment Method for Attorney Fees

Like most attorneys, I receive advance deposits (sometimes called "retainers") for my attorney fees. By law, these advance deposits go directly into my client trust account and are not payable to me until completion of the applicable services. In order to facilitate this direct payment, I use a secure credit card payment service called Law Pay.

Kevin Brendan Murphy

You should focus more on the quality of the advice you will be receiving than the cost you will be paying. The problem with gratuitous advice is you get what you pay for...

Mario L Herman

If the term is 1-3 year and you only have that upfront investment no other required fees, then don't worry about it.

Janet Spiro Martin

Your alternative is to spend $100 or $200 per hour but going cheaper can mean less experience quality and efficiency. It could cost you much more cheaping out at the set up

Alan James Brinkmeier

Good question to ask, but don't take a short sighted view of the significance of the franchise agreement. For many, it is the most important contract they will ever sign--long-term commitment requirement significant investment of money, time, and effort. You financial obligation likely encompass far more than the initial fee and startup package.

Eric Carlton Perkins

I understand your concern in spending more than the franchise fee, but in the long run, it could save you way more. You should try to find an experienced franchise attorney who will represent you for a flat fee, as we do. Feel free to contact me if you have further questions...

Nancy L. Lanard

I agree with my colleagues. What you need to weigh is not your initial investment vs. the attorney's quoted fee. What you need to consider is your possible long-term commitment to the franchise, and the possible expenses you could incur for the life of the agreement.

How much does it cost to hire a lawyer to review a contract?

Here are some factors it can depend upon: Depending on these, and many more factors, hiring a lawyer to review a contract can be quite steep, ranging from $300 and $1,000. In case you want them to actually draft and negotiate the contract for you, it could get even more expensive, falling somewhere between $500 and $3,000.

Why do you need a contract review lawyer?

Understanding exactly what you need a contract review lawyer to do when they review your contract will help you make the decision whether or not you want to make the investment in hiring an attorney.

What is issue specific contract review?

An issue-specific contract review is the most economical option if spending money is the most important factor for you. If you are mostly happy with the contract, but not quite clear on some of the specific terms or issues, or need a specific clause of the contract explained, the lawyer will just look over those specific areas of concern. A lawyer can help decipher the legalese and explain those terms in common English so you can figure out if they work for you. You don’t want to sign things you don’t understand, so if you're on a tight budget, but still need the peace of mind, this is a good way to feel more confident before signing the agreement.

What is redlining a contract?

In the legal world, this is known as “redlining a contract”, which can really help the whole process move along more smoothly. In other words, you don’t have to discuss the changes in your agreement with the other party, as they will receive the contract already finished with the option to accept or deny.

Do lawyers charge flat fees?

Each lawyer sets his or her own prices depending on their own level of expertise and the fees they charge can vary greatly from one attorney to the next. Most of the time, however, lawyers use either flat-fee pricing or hourly pricing when they get hired to review a business contract.

Can attorney fees hurt your pocket?

In short, if you can limit the extent of the contract review, the attorney fees will not hurt your pocket as much. But you need to understand that there is always a quid-pro-quo, and you will have to accept the fact that your attorney will not review any other aspects of the contract except the ones you circled.

Is contract review more expensive than basic level?

This type of contract review will definitely be more costly than the basic level, but you will get much deeper involvement from your attorney. Instead of having your lawyer just review your document, point out what needs to be fixed in your contract, and answer your questions, they will provide you with a version of your contract ...

What documents do franchisors need?

When you are considering a new franchise opportunity, the franchisor will provide you with two main legal documents: a Franchise Disclosure Document (FDD) and a franchise agreement (at least initially, the franchise agreement will be included as an exhibit or attachment to the FDD). By federal regulation, the franchisor must provide you with ...

Should I hire an attorney to review my franchise agreement?

So, should you hire an attorney to review your franchise agreement and FDD? Absolutely. Despite the franchise relationship and disclosure laws that exist in some states, most franchise relationships are still extremely one-sided.

Do franchisors have exclusive territories?

As we have previously discussed, not all franchisors offer protected territories, and not all protected territories as exclusive. You will want to make sure you are comfortable with the territorial protections (if any) being offered.

What type of contracts do attorneys review?

Business, real estate, and estate contracts are a few of the most common types of contracts that attorneys review. Employment contracts are also often reviewed as clients often obtain more from their attorneys negotiating terms than the fee charged for the services.

Why do you need an attorney to review a contract?

This is because an attorney brings along years of experience and training to guide you. The contract attorney's knowledge can contribute to you getting the best deal possible in the contract you're creating.

What is flat free contract review?

It's great for the customer, as you'll just pay a single set fee for contract review, regardless of how long your lawyer works on the project. This pricing system provides a much better idea on how much contract attorneys will charge for their legal advice upfront.

What is issue specific contract review?

Issue-specific contract review. An issue-specific contract review is the cheapest form of contract review, as the lawyer will just look over a specific issue you have questions on. If you're on a tight budget, this is a good way to feel more confident before signing the agreement. Some of the specific questions or provisions you might want ...

What is contract review plus negotiation?

Contract review plus negotiation. If you're not confident handling your contract at all, this is the level of contract review you'll need to choose. Basically, your lawyer will handle everything for you, including reviewing, editing, redlining, and negotiating the contract.

Why is it important to analyze a contract?

Deeply analyzing the contract is significant because you want to make sure you are being protected as well. The use of legal documents will be necessary for a business contract, or any setting that requires being legally binding.

Is flat fee a set rate?

However, that doesn't mean flat-fee pricing is always a set rate. Your prospect contract review lawyer will determine the flat fee after they take a quick look at the scope of the legal document provided and see how much work it will take. If you do find a lawyer that offers a set rate without looking at your contract or charges a set rate by ...

How Long Does The Process take?

How Much Does It Cost?

• For a single unit franchise purchase, our fixed fee is $2,500, no matter how much time we spend on the project. If you are developing multiple units of the franchise simultaneously, our fixed fee is $2,750. This will include everything related to the FDD and Franchise Agreement, including the review of documents, preparation of the review letter, u...

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Can We Make Changes to The Franchise Agreement?

Is Having An FDD Reviewed by An Attorney Required?

Are Communications with The Franchisor’S Attorney Included in The Fixed fee?

What Is Notincluded in The FDD Review Program?