Need Advice on Spec Deal

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  • Need Advice on Spec Deal

    This is turning into a good year.

    I have been contacted by a Producer about going forward with one of my specs. He wants to meet next week to discuss "terms".

    This is non-union feature where I will also do any rewrites needed. I don't have an agent or attorney to bounce ideas off of, so I fear that I will have to go into this meeting and negotiate on my own. Then with a contract in hand I can approach an attorney who would see that I have something serious to be looked over.

    So, this is what I was thinking about asking for.

    1. Sole writing credit.
    2. I do all rewrites.
    3. They have not told me what budget they are thinking about, but I know what I wrote and I would be surprised if it can be done for less than 1 million. So I want guild minium, but if I can't get that to take $10k and the rest deferred and with back end points (but that I would be on equal footing as the producers, so for ever dollar he makes I get paid at the same time.)
    4. No idea hw to talk about sequels and all the things an attorney would know about.

    Any advice would be appreciated.

  • #2
    Re: Need Advice on Spec Deal

    Seek attorney.

    Comment


    • #3
      Re: Need Advice on Spec Deal

      Originally posted by UnderDog View Post
      This is turning into a good year.

      I have been contacted by a Producer about going forward with one of my specs. He wants to meet next week to discuss "terms".

      This is non-union feature where I will also do any rewrites needed. I don't have an agent or attorney to bounce ideas off of, so I fear that I will have to go into this meeting and negotiate on my own. Then with a contract in hand I can approach an attorney who would see that I have something serious to be looked over.

      So, this is what I was thinking about asking for.

      1. Sole writing credit.
      2. I do all rewrites.
      3. They have not told me what budget they are thinking about, but I know what I wrote and I would be surprised if it can be done for less than 1 million. So I want guild minium, but if I can't get that to take $10k and the rest deferred and with back end points (but that I would be on equal footing as the producers, so for ever dollar he makes I get paid at the same time.)
      4. No idea hw to talk about sequels and all the things an attorney would know about.

      Any advice would be appreciated.
      I can't emphasize enough the importance of finding a lawyer to help you with your deal. Even if you understand all of the factors that go into the material terms of a deal, you need someone who understands contract law to make sure the specific language in the agreement says what you think it says. So many people end up getting into a bad situation because they sign something they don't truly understand... and I'm not just talking about foolish people who sign the first thing someone puts in front of them. I know otherwise intelligent, capable, savvy people who have gotten screwed by a contract because they didn't understand the legalese behind what they were signing.

      Please, please hire a lawyer. You can either hire on a percentage basis or pay someone by the hour; however you do it, please have someone look over your contract to make sure it's an accurate representation of what you think the deal is.

      That said, if you are for sure the only one they're going to approach for writing and you're absolutely sure they will never go guild, I would ask for specific "Written by" credit in your contract rather that just stipulating that you want sole credit. Ideally you want a guarantee of of how your credit appears more than the number of writers who appear. Controlling how many writers are on the project may prove difficult as well.

      Since you have no idea what the budget will be, I would ask for 3% of the budget. You can ask for guild minimum, but some non-signatory companies bristle at that because they're not actually a guild production. A percentage of the budget will be more likely to net you a purchase price that's fair for any budget range.

      As mentioned above, I don't know any company that would agree to guarantee that only you are allowed to do any writing on the project (what if you can't or won't execute their notes?)... but hey, if you can get them agree to that, good for you.

      And your last comment about "sequels and all the things an attorney would know about" is exactly why you should have an attorney. They're precisely the people that know how and when to ask about stuff like passive payments, remakes and sequels, separated rights, and all that good stuff.

      Very exciting to hear about this news... congrats! Now hire an attorney to protect your interests and make sure you're getting exactly the deal you think you're getting.

      Comment


      • #4
        Re: Need Advice on Spec Deal

        I can verify that SoCalScribe knows of what he speaks.

        PLEASE GET AN ATTORNEY.

        Comment


        • #5
          Re: Need Advice on Spec Deal

          As everyone else said, you're putting yourself in a horrible position if you don't get an attorney first. Get one.
          QUESTICLES -- It's about balls on a mission.

          Comment


          • #6
            Re: Need Advice on Spec Deal

            Alla Savranskaia at Greenberg Glusker is terrific

            Comment


            • #7
              Re: Need Advice on Spec Deal

              Greenberg Glusker is a great firm. They hire very smart associates and encourage them to find their own way/clients with supervision and mentoring from more experienced attorneys. Well, technically a lot of firms do that, but I've been very impressed with Greenberg Glusker in particular. The one time I saw a junior attorney get in over his head, several partners immediately jumped in to help guide him through.

              Comment


              • #8
                Re: Need Advice on Spec Deal

                Thanks for all the great advice. I've listened. A Lawyer it is. Exciting times.

                Comment


                • #9
                  Re: Need Advice on Spec Deal

                  Originally posted by UnderDog View Post
                  Thanks for all the great advice. I've listened. A Lawyer it is. Exciting times.
                  Congratulations. I feel like you're the first person in Done Deal history to actually listen and get a lawyer before diving in. You'll be better off for it! (Way better)
                  QUESTICLES -- It's about balls on a mission.

                  Comment


                  • #10
                    Re: Need Advice on Spec Deal

                    Seriously, this is like some kind of record. You deserve a medal.

                    Comment


                    • #11
                      Re: Need Advice on Spec Deal

                      While I agree on the importance of an attorney, I'd still say take the meeting.

                      In my experience attorneys want something to respond to -- they're not agents. Something to respond to is a deal memo or contract, because just about everything is negotiable, I'm not sure how effectively one could advise you without one in hand. The devil is in the written details.

                      No harm in having some terms in mind and going in to discuss them as you say, (although I'd be somewhat vagues unless you know exactly what you want and won't take less). Jeez, you're not signing you're life away, just talking. If the deal is going to suck, or they indicate a total unwillingness to budge on certain points or whatever, then you'll know it's a waste of time before you pay a lawyer hundreds of dollars to review it. Or conversely, if they nod approvingly when you demand a limo ride to the set each day, you'll know you can aim high.

                      Good luck with this in any event!

                      Comment


                      • #12
                        Re: Need Advice on Spec Deal

                        Originally posted by muckraker View Post
                        While I agree on the importance of an attorney, I'd still say take the meeting.

                        In my experience attorneys want something to respond to -- they're not agents. Something to respond to is a deal memo or contract, because just about everything is negotiable, I'm not sure how effectively one could advise you without one in hand. The devil is in the written details.

                        No harm in having some terms in mind and going in to discuss them as you say, (although I'd be somewhat vagues unless you know exactly what you want and won't take less). Jeez, you're not signing you're life away, just talking. If the deal is going to suck, or they indicate a total unwillingness to budge on certain points or whatever, then you'll know it's a waste of time before you pay a lawyer hundreds of dollars to review it. Or conversely, if they nod approvingly when you demand a limo ride to the set each day, you'll know you can aim high.

                        Good luck with this in any event!
                        This is what I was thinking too since it's just a meeting to discuss terms and not necessarily sign anything on the spot, however depending on how green the writer is he may not even know what "terms" he is entitled too, then verbally agree on something with the producer only to later find out from a lawyer he missed the boat on a plethora of options that could've put him in a better situation.
                        One must be fearless and tenacious when pursuing their dreams. If you don't, regret will be your reward.

                        The Fiction Story Room

                        Comment


                        • #13
                          Re: Need Advice on Spec Deal

                          Thanks again for all of the advice. This group is great.

                          Comment


                          • #14
                            Re: Need Advice on Spec Deal

                            Originally posted by muckraker View Post
                            While I agree on the importance of an attorney, I'd still say take the meeting.
                            (Don't take this advice.)

                            In my experience attorneys want something to respond to -- they're not agents. Something to respond to is a deal memo or contract, because just about everything is negotiable, I'm not sure how effectively one could advise you without one in hand.
                            Entertainment attorneys are used to how things work. As long as they know that a deal is forthcoming, they'll start the negotiations with the buyer.


                            No harm in having some terms in mind and going in to discuss them as you say, (although I'd be somewhat vagues unless you know exactly what you want and won't take less). Jeez, you're not signing you're life away, just talking. If the deal is going to suck, or they indicate a total unwillingness to budge on certain points or whatever, then you'll know it's a waste of time before you pay a lawyer hundreds of dollars to review it.
                            Most entertainment lawyers are commissioned on a percentage basis of money you make. They get paid when you do.

                            The general rule of thumb is that writers discuss creative stuff with producers and studios and reps discuss business stuff, and almost never do you break that. It allows you to remain above it all and keep your relationship with the producer focused on doing great work, and it allows your reps to be your muscle.

                            Comment


                            • #15
                              Re: Need Advice on Spec Deal

                              Originally posted by jcgary View Post
                              (Don't take this advice.)



                              Entertainment attorneys are used to how things work. As long as they know that a deal is forthcoming, they'll start the negotiations with the buyer.




                              Most entertainment lawyers are commissioned on a percentage basis of money you make. They get paid when you do.

                              The general rule of thumb is that writers discuss creative stuff with producers and studios and reps discuss business stuff, and almost never do you break that. It allows you to remain above it all and keep your relationship with the producer focused on doing great work, and it allows your reps to be your muscle.
                              Well said. You should never, ever, negotiate your own deal--even in the most "general" terms, as those conversations will be used as a foundation for negotiation.

                              The ONLY thing you should say is, "my attorney's looking forward to reviewing your offer."

                              Comment

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