Expert: Vincent M. Wales - 8/31/2009

Question
I will be meeting soon with a well published author to discuss a novel or bio based on an outline I provided of a famous (living) family member. The family member is iconic in his field and there is the potintial for a motion picture if the book is written.  The icon is on board with the project and will give permission for his life to appear in print. Can you please provide guidelins for monetery compensation for story and motion picture rights. My main concern is to understand the process so I can speak fairly and intelegently during our initial meeting with the author. I do understand if a deal is struck any contract will need to be reviewed by a lawyer but I need a starting point for a flat fee and/or royality interest to open the conversation. Thank you in advance for your guidance.
Sincerely,
CSW/BJH

Answer
Carolyn:

Most publishers have pretty standard royalty schedules for the books they publish, but of course, they can vary quite a bit from publisher to publisher.  You're essentially looking at three factors: royalties, advances against royalties, and publication rights.

For royalties on sales, the most you can probably expect would be around 15% for hardback sales, and maybe 10% for paperback.  As for an advance on your royalties, I wouldn't really get my hopes up.  In today's market, they're the exception more than the rule.  Sure, you might very well get an advance.  But it probably won't be for much money (maybe a few thousand), and you may not get it all at once (they may split it over a few installments).

Since you're looking at the possibility of a film adaptation, what you want to watch out for is the "all derivative rights" clause in the contract.  Since you want to keep potential film rights for yourself, you don't want that clause to be in there.  

You're absolutely correct - you DO need an attorney or agent to look it over.  A literary agent will be able to advise you better than the common lawyer, so if you choose to use an attorney, make sure you get one with experience in publishing law.

Hope this helps.