Even Hollywood Lawyers Being Hit By Downturn

Everyone keeps sayiing Hollywood is on sale but really we all are. (or) not? I have worked with some wonderful attorneys over the years that charge exactly what they should and others that send me a bill that is so outrageous that i just laugh and say really?

Jean-Luc

Attorneys representing members of the entertainment industry say they have been hard hit by the current economic downturn, amid production declines and less lucrative deals for their clients, according to the National Law Journal. The Nlj cited MPAA figures indicating that the number of movies released between Jan. 2 and July 21 of this year came to a total of 284, down 15.5 percent from 2008, when 336 were released. "Every entertainment lawyer will tell you the same thing about new deals: they have to do twice as many to stay afloat, which means working twice as hard because the deals have been cut in half," Doug Mark, a partner at Mark Music & Media Law in Los Angeles, told the Nlj. Some attorneys said that the independent film business has been particularly hard hit, since loan money has evaporated. One noted that while a few years ago, 10 banks were involved in independent production deals, only two remain so. But even big Hollywood stars have been caught up in the recession, it noted, with several seeing cuts in both upfront fees and backend deals. Lawyers representing them traditionally receive 5 percent of the deals they negotiate. Craig Emanuel, chairman of Loeb & Loeb's Los Angeles entertainment department, told the Nlj: "If they represent an actor who normally makes $10 million a picture, and that person is now making $2 million, this obviously impacts your bottom line.

Thanks Ap.