In 1999, Ray Allen signed a $70M contract instead of using an agent, he paid Johnnie Cochran $500 an hour to review the contract.
- Thread starter Duece
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I remember this as well as a couple of other cases people went through lawyers, I always wondered why more didnt do it once Ray and a few showed the way
This can go both ways though.
It also requires that the individual be capable of understanding contracts including signing bonuses/years/trade clauses, etc. and also the market, their individual worth and an ability to negotiate with the team on their own. I suspect most wouldn't be able to do this especially being in your early twenties and having millions thrown at you.
If the player isn't capable of doing this it could result in them signing a contract for far less than they're worth or they could have an unrealistic view of their skills and worth resulting in them having difficulty signing with a team.
It also requires that the individual be capable of understanding contracts including signing bonuses/years/trade clauses, etc. and also the market, their individual worth and an ability to negotiate with the team on their own. I suspect most wouldn't be able to do this especially being in your early twenties and having millions thrown at you.
If the player isn't capable of doing this it could result in them signing a contract for far less than they're worth or they could have an unrealistic view of their skills and worth resulting in them having difficulty signing with a team.
True. Most young athletes are not focused on this. But some these days are 2nd and 3rd generation athletes. Their fathers and uncles were in the game and know what to look for. So their deals are slightly better. They need their whole "trusting" family to look at the paper work and watch the lawyers.
Johnnie Cochran set up a law firm in Birmingham and won some big money for people in Anniston Alabama. Then he filed that lawsuit about reparations and I guess they targeted him after that. He had already upset them with the O.J. verdict. The lawyers O.J. had hired were out to get him. If he had not hired Johnnie Cochran he would have been in prison for a murder he did not do.
No doubt.
I could see Deion and Lebron doing this with their children.
Another part of having an agent though is the ability to secure and negotiate endorsement deals which is also something you'd have to be knowledgeable including how to reach and interact with these various companies.
It would be easy for a high profile player since they'll have deals thrown at them but everyone else may find it difficult.
Back then 500hr was a high rate. Alot of attorney's in my area are charging 300 to 400.
I'm suing my job(govt agency) whistleblower lawsuit, with one of the top attorney's in the nation. In over 35 years of trials has only lost 4 cases. His hourly billing is 750 an hour, but he took my case on a contingency agreement due to it being so strong. He sends monthly hourly summaries for documentation purposes.
Interesting….I’m sure you can’t say much, but this can be a topic.
Wishing you all the deserved success
Carry on……
My boy went to Harvard Law and became a sports agent. He didn't do it long, said at the time all the top talent was brainwashed to go with them other folks who had been on them since middle school.
…interesting….I’ll let Jim Tanner know the next time I see him….
Well.....
....a lot here. Better to not be "penny wise and pound foolish" I Have always been told.
This sounds GREAT as long as everything is OK, but if you run into a problem, you could be Ass-Out as a player. Because Johnnie didn't know anything about the industry. Experienced Agents know the industry, know the decision makers, are owed favors, represent Coaches and Front Office folks and can make a transaction happen that could make, or cost, many millions of dollars. Johnnie could not. Kinda like paying for insurance,,,,,,,
....a lot here. Better to not be "penny wise and pound foolish" I Have always been told.This sounds GREAT as long as everything is OK, but if you run into a problem, you could be Ass-Out as a player. Because Johnnie didn't know anything about the industry. Experienced Agents know the industry, know the decision makers, are owed favors, represent Coaches and Front Office folks and can make a transaction happen that could make, or cost, many millions of dollars. Johnnie could not. Kinda like paying for insurance,,,,,,,
It is still like that for the most part but it is getting better.
Unlike KG that can't even read at a basic level, nevermind scrutinizing a convoluted contract .
That fool got took for millions by his agent
And both from the same state. Parenting matters.
inflation matters
$500 in 1999 is not equivalent to $500 in 2024
i bet its around $1200 per hour in today's value
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