I’m setting out to find an attorney to review a film investor agreement and I’m unsure of where to start. Do I need an entertainment specific attorney or would a commercial finance attorney be able to help the same? Does it matter if they are working out of a different state? Any advice on choosing one? Thanks in advance!
Financing / Crowdfunding : Finding the Right Entertainment Attorney by Danny Villanueva Jr.
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Hi Danny, this is a great question. I would definitely make sure you choose a firm that works in multiple different states so you can understand different perspectives. A commercial finance attorney would not be the best option for a film investor agreement, as there are many nuances to film investing. For complex transactions we work a lot with Ramo Law, based in LA, who also is very well versed in all states and global. We also recommend Thomas Allen Crowell from our community, who is a tremendous attorney. Feel free to ask any additional questions. I'm sure there are other members that can assist. And, we even have some great legal education that can help you on your way: https://www.stage32.com/education/tag/legal
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It’s unclear from your question whether you’re planning to finance a film through investors or to invest your money in someone else’s movie. If you’re financing a film, then working with a lawyer who handles film offerings specifically should be high on your to-do list. A commercial finance lawyer (or an entertainment attorney who only occasionally works with motion pictures) may not be familiar with the film industry’s unique practices and risks.
Since sales of investments in films are regulated by federal securities laws, a lawyer in any state who can handle them can assist you. But there are also many business and legal affairs aspects of film production that are covered only by state laws. You’ll probably need a lawyer licensed in your state for those. If he or she is unable to handle the investment matters, then that lawyer can simply work together with one from outside your state. Lawyers often collaborate in this way and usually agree to divide the attorney fees, so this should not increase your cost.
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just fyi, when we did our investment agreement, we first went with our entertainment attorney to review some wordings then we sent it to a SEC knowledgeable attorney to help with the more details sec/investment portfolio part of it. If you happens to have an entertainment attorney that also verse with sec regulations or investment rules and guidelines, then you should be good. I would still consider a 2nd attorney to make sure there isn't any 'loophole'...
Great question Danny Villanueva Jr. you could check out the webinars in this link https://www.stage32.com/webinars you might find some useful information there.