Legal Fees When Selling a Patent

[mpac1365]

New Jersey

Hello, I am considering selling a patent.

How do the Legal Fees in these situations work? I will need an Attorney/Law Firm to write the Terms of Sale and Negotiate Final Numbers.

I already have a Law Firm in mind - and, they're pretty well respected - How do Large Law Firms get paid in these situations (generally, if possible) -- Do they take a percentage of the sale price? If so, how much? Or, it is usually a standard fee?

I know I will get killed in taxes (unless I use tax shelters, IRA's, etc.) and I just would like to know what the Attorneys' Fees will be. Like I said, I have a good law firm in mind so I won't mind paying their fees, but, still, I would like to have an educated guess, if possible. My patent is looking to sell for between $25M-$30M, plus/minus Terms and Conditions, if that is any help.

Thank you!

[Mr. Knowitall]

You have a buyer lined up?

You want the lawyer to do what? Negotiate everything with the buyer? Write up all the contracts? Create some sort of tax shelter? The more you want, the more it costs, and from the array of services you seem to want it would be difficult to guess how many hours of work it would take.

Call some lawyers and try to negotiate a percentage or flate fee deal, or if you prefer try to negotiate an acceptable hourly rate. Patent lawyers are pricey.

[mpac1365]

Yes, Patent Attorney's are pricey. Fortunately, I have a good law firm; expensive, but worth it.

I have parties seriously interested in buying my patent. I didn't know I could negotiate with lawyers fees. I should have figured that - I negotiate with everything else, nearly.

And, I guess I want them to write up a Bill of Sale -- as, I am doing the negotiating with the potential buyer(s).

And, a yes on the tax shelter - I don't think Uncle Sam needs 35% of my earnings from this sale.....

All of that having been said, I've heard good law firms will act as agents and take 10% of the sale.

Even at 3% I might go fishing for another attorney.

Just trying to gauge what I might be left with after a $25M sale of a patent...

Thanks for your information.

[mpac1365]

I really just want to know that I will NOT be paying my attorney's a few million dollars for all of their services; even if I get tax shelters...

[aaron]

You will want to enter into a written retainer agreement with your lawyers which specifies how their fees are to be calculated and paid.

[mpac1365]

I will remember that. Thank you very much. This site is VERY Helpful.