Understanding the Need for Lawyers in Negotiating NIL Deals
With the passage of the NCAA's Name, Image, and Likeness (NIL) legislation, the college sports world has been upended. Suddenly, collegiate athletes and their families have to navigate a complex legal landscape when it comes to negotiating NIL deals with businesses and other institutions. So, what do athletes, businesses and collegiate institutions need a lawyer for when it comes to NIL deals?
What Is an NIL Deal?
Before we discuss why attorneys are so important in NIL negotiations, let’s take a step back and explain what an NIL deal is. Name, image, and likeness deals are agreements between collegiate athletes and outside entities like businesses or sponsors that allow those athletes to capitalize on their name recognition by endorsing products or services. In exchange for using their image or likeness in promotional materials or advertisements, athletes get paid by the business.
Why Your Attorney Matters
Having an experienced attorney at the negotiating table is essential to making sure both parties come away satisfied with the terms of any agreement they reach. Attorneys understand the legal implications of these kinds of arrangements better than anyone else, so they can help make sure that all relevant laws and regulations are being followed throughout negotiations. Additionally, attorneys will be able to look out for your best interests as you enter into an agreement with another party—for example, if you are a business looking to sign an athlete to an endorsement deal then having a lawyer present can help ensure that you don't pay too much money for too little return on investment.
Lastly, lawyers can provide valuable advice about potential pitfalls associated with any given contract. They can point out areas where you may be exposed legally or financially in order to give you time to renegotiate certain points before signing anything final. This is especially important in high-stakes deals like those related to NIL rights because if something goes wrong after signing then it could cost both parties dearly in terms of reputation and money.
Though NIL deals can be incredibly lucrative opportunities for collegiate athletes and businesses alike, they also require careful negotiation between all involved parties in order to guarantee fairness and legality on both sides of the arrangement. That is why having a lawyer present during these negotiations is absolutely essential; they understand how best to navigate this new legal territory so everyone involved can come away from any agreement feeling confident about its contents. If you are looking into entering into such an arrangement then make sure you consult with your attorney before committing yourself.
Contact Curington Law, LLC for information regarding NIL law at (312) 803-1755 or online.