Changing to Entertainment Law? Don’t Forget To Cover Your Assets
Attorneys that are looking to represent clients within the entertainment industry need to consider a wide array of legalities and measures prior to jumping right into field.
Insurance Coverage Against Client Claims
For one, lawyers should not assume that their present liability insurance would cover claims made against them for legal work within the entertainment field. To handle this, it’s important to consult with an insurance broker to understand what guidelines you need to provide coverage in this market. Failure to do this could result in a series of legal matters that you could get dragged into if something were to occur during your case.
Avoid “Nonlegal Activities”
Newer attorneys that handling entertainment clients for the first time might find themselves drawn in by their clients to shift their priorities and perform other services. Remember, these nonlegal activities such as becoming a manager or being an investment advisor could prove hazardous for you and your career. These problems can be avoided by staying true to your duties and politely declining the aforementioned activities.
You must be clear what can and cannot be done for the client – on paper and verbally. Most of the time, attorneys will create an engagement letter that states what he or she will do for the client. Essentially it’ll discuss in detail what services will be performed – nothing more and nothing less. By verbally outlining and covering every aspect of the engagement letter, the client will then have a better understanding of what to expect out of you during the tenure of the service. This is something that must be emphasized prior to reaching an agreement with the client to avoid any future misnomers.
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