Nasty... I play in a band and we recently had a very 'informative' experience with a management/record/whatever deal and our lawyer.Although I can't really be bothered going into it in detail, you know how tedious these things are, but here's the overview anyways...
We are a band from Glasgow Scotland called LEXXI and after taking part in 'Emergenza' competition and coming 2nd in the international finals in Germany, we received a certain amount of interest from European companies. One such company offered us a management contract, which we were interested in so we got our lawyer to look over it. He pointed out a few issues that he felt we should look at, one being the management wanted to take 20% of gross from everything, including live. Everything we had read or been told was to never let management do that. So we stuck to our guns and the company went away to think again. Then they came back with this 'new way of thinking' agreement, which we were also interested in. This was basically a partnership agreement in which after costs we would split the profits 50/50. Hmmm... they were offering to be manager, booker, record company (possibly) and we just couldn't work out if it was a good deal.(yes, this is the overview!) Our laywer said we shouldn't touch it, everyone else was pretty dubious about it, but it was soo tempting. Our first contract offer, the guy got what we were doing, it was what we wanted... but it wasn't right for the band. Frustratingly we turned it down, much to the mngments dismay and are concentrating our efforts on uk and things are going well!
So, what did we learn? That lawyers (even though they cost a fortune!) really only want what's best for their client. Also, stick to your principles and if you're good enough then don't settle for the first thing that comes along and it'll all be ok. I hope!
Also hope I haven't bored y'all too much!
http://WWW.LEXXI.CO.UK Craig