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Mon, 21 Feb 2011 14:28
Just like many filmmakers try to avoid thinking about insurance, many also shun making allowances for potential legal expenses in their budget. Legal expenses can be anything from getting help in case there is personal injury or property damage on the set to reviews of complex location rental agreements. All the way from the first idea through to sale or distribution of your film, there are intellectual property, copyright and other kinds of law(s) to consider. Granted, sometimes you will shoot a film on the cheap and maybe not need any kind of legal help. But sometimes you may find yourself caught up in situations where you cannot be without. Make sure you are always prepared for the worst, just in case.
As we mentioned at some earlier point, investors usually ask that you keep a 10% allowance in your budget for unforeseen expenses. If you want to really impress your investors you will also show them exactly how much you have set aside for unforeseen legal costs, insurance and bookkeeping or accounting (depending on the size of your production). Not only will it help them feel more at ease, it will actually also make things easier for you – playing it safe may seem boring or less confident, but it is the smartest thing you can do.
How to save money on your legal costs?
- Talk to your local arts or film council. Ask if there are pro-bono arts lawyers in your area who may talk to you about your upcoming project. In many cities and towns around the world there are lawyers (or groups of lawyers) who volunteer in assisting low-income artists and smaller arts organizations, and depending on you and your project they may make their services available to you.
- Look up and attend free workshops and seminars that can help make you smarter when it comes to everything from contracts to copyrights. Even if it is an investment in time right now, it could save you a lot of time and money going forward.
- Recognize your own limitations. If you feel a document is too difficult to understand, don’t just sign it and hope for the best – ask for help. Don’t be too proud.
Got more tips on the legal aspects of low budget film financing and how to keep your legal costs low? Shout it out in the comments please.
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Posted By frances