Compensation For Legal Services in the Competitive 21St Century: Legal Fees, Costs and Fee Agreements
Hypothetical: Lawyer served as legal counsel to XYZ Corporation, a successful closely held software company. Lawyer learned about an opportunity for his client to acquire a competing software company; he arranged a meeting of the two parties, negotiated the transaction on behalf of XYZ, and drafted the acquisition documents. Prior to closing, Lawyer met with the Board of Directors of XYZ and suggested that rather than receiving cash for his legal services, XYZ could convey to him at closing shares of capital stock in the acquired company. Lawyer drafted an agreement between himself and XYZ whereby he will receive for legal services shares equal to 2% of the capital stock of the acquired company. The Board of Directors of XYZ approved the fee arrangement, executed the agreement and issued such stock to Lawyer at closing.
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