A franchise lawyer is an attorney who specializes in franchise law. Typically, there are two types of franchise lawyers. The first are attorneys who represent people who want to buy a franchise. The spectrum of legal services by these franchise lawyers include reviewing the FDD Franchise Disclosure Document, evaluating the provisions of the franchise agreement and helping negotiate the contact. Fees to do these tasks are usually an hourly rate that ranges from $300 to $600 per hour.
The second type of franchise lawyer are attorneys who help successful firms become even more successful by entering the franchise industry. These franchise lawyers typically draft a FDD Franchise Disclosure Document, prepare and file franchise registration applications in the various registration states, as well as respond to comment letters issued by state examiners. The same $300 to $600 hourly rates apply for these franchising a business services.
FINDING A GOOD FRANCHISE LAWYER Using a franchise attorney early on is the proper starting point, whether you are franchising a business or thinking about buying franchise. But don’t use any franchise lawyer – find one who also has an MBA and you’ve narrowed the field considerably. You can Google the search term MBA franchise attorney. Now you’re dealing with someone who understands both the legal and business issues in buying a franchise. Good job, but don’t stop here. You can narrow the field even more by finding a franchise attorney, with an MBA, who has also owned a franchise before. Buying a franchise or franchising a business advice is incredibly more meaningful when it comes from a former, successful franchise owner – as opposed to someone who never operated a franchise before. Finding a franchise attorney, with an MBA, who has owned a successful franchise will give you the cream of the crop.