Legal Fees

searcher profile

August 28, 2023

by a searcher in Chicago, IL, USA

I'd be interested to hear what people are paying for their legal fees on deals. I'm negotiating the purchase of a franchise ($310,000) and am using the SBA. Is $5,000 - $10,000 reasonable to assume for Legal fees?

Any recommendations to Attorneys who don't charge an arm and a leg would also be welcomed. Thank you

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commentor profile
Reply by a professional
from University of Miami in New York, NY, USA
I have to disagree with Ben. SBA deals are somewhat complex and regulation heavy. You do need an attorney for these deals, and for your deal size, closer to $5k is normal.

Happy to assist you: redacted or###-###-#### .
commentor profile
Reply by a professional
from West Chester University of Pennsylvania in Cochranville, PA 19330, USA
That is absolutely nuts. Let the seller propose the initial agreement in plain language. Pay a lawyer hourly for a quick review. $1-2k for a deal this size.
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