What is franchise attorney?
Franchising lawyers, also called franchise attorneys or franchise agreement lawyers, are lawyers that work with franchised companies or provide legal guidance to franchise buyers. Both buyers and licensors rely on effective legal counsel to make decisions confidently.
Do I need a lawyer when buying a franchise?
The Federal Trade Commission requires all franchisors to recommend that a franchise buyer first consult a professional. Buyers should have their attorney review the franchise agreement and Franchise Disclosure Document.
How much does a franchise lawyer cost?
Being such a niche area of law, it is common for a typical franchise lawyer to charge as high as $800 per hour for their services. This is far from ideal when you may have little understanding of what the end costs may be. All of our lawyers work on a fixed-fee basis to review and amend your franchise documents.
Why is it important to hire an experienced franchise lawyer to review the franchise agreement made?
Remember, every contract is different. That’s why it’s important to consult with an experienced franchise lawyer. Although some franchisors will say their terms are non-negotiable, a franchise lawyer can still help you get a full understanding of your rights, available protections and legal requirements.
Can a law firm be a franchise?
On January 1, 1971, the California Franchise Investment Law (the “CFIL”) became law in California, making it the first franchise-specific law in the country.
Why should a person hire a lawyer and an accountant to go over a franchise agreement?
A competent franchise attorney can offer useful suggestions on how your new franchise business should be set up. … It will determine your legal rights and liabilities as a business owner, and will also determine how your business is taxed.
Do franchise owners make a lot of money?
The average franchise owner in the United States makes around $75,000 to $125,000 a year. That’s definitely much more than the average salary of a college undergraduate with less than five years of experience, or around $50,000.