lAYWERS PERCENTAGES whats fair?

Ok I have a question about what id fair pay for a lwyer doing this work for you.  I do not want to pay hourly, I would rather pay a percentage.  I have been told by a lawyer that is he got 20% royalities for us, he gets 2%, leaving uus at 18%...and that basically he gets 10%. 20%* 0.10=.02%... I hope thats correct..anyway is that a normal fee or a high fee?  I know most people think lawyers are evil sharkes but I dont not want the headache of trying to figure out how to do all that is required on my own.  Plus I believe it is smarter to hire a professional to handle what you cant.  So what are you gys doing when it comes to what your lawyers get that get you a contract? and what does that require them to do? like repersent you for the term of your contract or jsut collect a check and if anything comes up they charge you additional money...let me knwo what you think :) Thank you so MUCH!!!

Views: 2459

Replies to This Discussion

Permalink Reply by Mary j. Green on November 25, 2010 at 8:42am
Hi Shelli! RUN FAR AND RUN FAST from the lawyer who offered you that deal!!!!!!!! You can INDEED do this without a lawyer but if you do need one, make sure what his HOURLY charge to you would be. The one with whom we dealt (only to find out that we really didn't need him) charged $200/hr. You will have to do research yourself and there are several excellent sites online...Penn State's site is excellent.
We signed on September 3 of this year and have been paid. My advice to you is this...get ahold of a lease, read it, study it and keep in mind that most of the clauses are not just the gas companies being good guys, but are the law. Secondly, write down any concerns that you might have, ei. lease renewal, drinking water, well sitting fees, payment in lieu of free gas and present them to your land man in the form of an addendum with conditions that you want met BEFORE you sign anything. In our case, the land man actually presented us with an addendum drawn up by East, based on our demands BEFORE we got the one that the lawyer was supposedly working on and ironically the two were identical! ( makes one wonder just how closely the gas companies and lawyers are working!)
I have several other posts on this site based on our research (week worth) and our experience. When all was said and done, we were very comfortable when we signed our lease. It took time and effort but, hey, you don't get something for nothing.
Good luck...I hope things work out for you.
Permalink Reply by Little Cougar on January 29, 2011 at 2:06pm
never pay a percentage...why wouldn't you want to pay by the hour?  Think about it...if you pay him a percentage of the royalties...that is for the life time of the lease...and that is a lot of money.  If you pay by the hour, you are done with the attorney once all the i's are dotted and the t's are crossed.  Don't be foolish..
Permalink Reply by Oil and Gas nightmare on August 21, 2011 at 1:36am
man I learned that lesson myslef a while ago hahaha, I ended up going with a super guy for an hourly rate
Permalink Reply by Tom on August 21, 2011 at 1:22pm

And if you pay by performance you win, your attorney wins, and the gas company wins. No hourly rate and zero sharing of royalties.

Foresight based on Hindsight is where success from Vision is achieved...Listening is always the first best step of learning. Winning is way more fun too!

Permalink Reply by Martha Ann Murray on June 8, 2015 at 1:18pm

I suggest you hire a worthy (if there's such a thing) attorney that you can trust (if there's such a thing), and visit with him or her....1st visit is free in many places.....Martha   (Oh, and pay by the hour).

RSS

© 2024   Created by Keith Mauck (Site Publisher).   Powered by

Badges  |  Report an Issue  |  Terms of Service