ContractsCounsel has assisted 290 clients with operating agreements and maintains a network of 230 business lawyers available daily. These lawyers collectively have 46 reviews to help you choose the best lawyer for your needs.
The average cost (i.e., legal fees) for a lawyer to draft an operating agreement is $750 [1] on a flat fee basis. The average cost for a lawyer to review an operating agreement is $450 [2] on a flat fee basis. These cost points come from recent projects on the ContractsCounsel platform and are averages from across all US states.
Based on 72 recent projects completed by lawyers on ContractsCounsel.
Last updated: 3 September, 2024
Create Operating Agreement Review Operating AgreementOperating agreements are legally binding documents used when formatting a limited liability company ( LLC ). They outline how an LLC is managed, who has ownership, and how it is structured.
Getting help from an LLC lawyer with an operating agreement is highly encouraged since these are fundamental documents needed for starting and running a business. The last thing a business owner wants is for there to be future disputes with business partners, so it is best to work with an experienced lawyer to make sure all terms of the business are clearly laid out in a legal document.
Operating agreement cost depends on many variables, which includes the service requested, number of LLC members, and other factors.
Below are the key sections that are typically included in an operating agreement.
Operating agreements can vary greatly in their terms based on how the business needs to be set up. Some businesses can be run by one individual and others may have multiple members. The two main types of operating agreements are below:
Many businesses will hire a knowledgeable business lawyer to draft an operating agreement when they set up their LLC. There are many online services or templates that allow you to create an operating agreement, but these run a risk of not having the specific terms you want included which can lead to future disputes between members.
Operating agreement drafting typically involves a consultation with the business to learn about the terms they want included in the legal document, then implementing those terms into a contract template to make sure it includes everything the business requires. Operating agreement costs can vary based on how many custom terms need to be included in the document, which typically comes into play when there are multiple members.
Reasons you may need to find a lawyer to draft an operating include:
In some circumstances, businesses may have an existing operating agreement that was put together at its inception. Given the fact that businesses evolve, they may require a lawyer to review the current document in order to answer questions or update it if the operating agreement doesn’t serve its intended purpose.
Reasons you may need to find a lawyer to review an operating agreement include:
In certain circumstances, relationships between business partners can become poor and a member thinks there was a breach of contract by one of the parties. This will require a review of the operating agreement and an analysis as to whether any of the terms were breached, which may lead to a business dispute.
Reasons you may need to review an operating agreement for a potential breach include:
Drafting an operating agreement comes with a cost, since it requires the time of a competent lawyer to complete the project.
ContractsCounsel’s marketplace data shows the average operating agreement drafting costs to be $750 across all states and industries.
Hiring a lawyer to review an operating agreement will come with associated fees. The lawyer will need to spend time reading over the agreement to analyze the terms and consulting with the business.
ContractsCounsel’s marketplace data shows the average operating agreement review costs to be $450 across all states and industries.
Business lawyers have many ways of charging their clients for their services. Depending on the complexity of the project, the lawyer can suggest the best way to bill for services and may choose from the below options.
Many business lawyers prefer to bill their time with an hourly rate. This means the lawyer will offer an hourly rate to complete the operating agreement and log time in a timesheet to be invoiced at the end of the project. This is the safest way for the lawyer to charge clients because they are covered if the assignment takes longer than initially expected.
ContractsCounsel’s marketplace data shows the average hourly rate for a business lawyer ranges from $250 - $350 per hour.
Flat fee billing structures are becoming more popular for contract drafting projects. Lawyers will simply provide a flat-fee price to the client for services to be approved and paid for when the project is completed. The benefit of flat fee billing is it provides certainty to the client on the total cost of the project. It is important to make sure the client knows what’s included with the fee before starting the project, as it may not include rounds of revisions.
ContractsCounsel’s marketplace data shows the average flat fee rate for operating agreement costs to be $680.
Do you need help with an operating agreement project? If so, post a project in ContractsCounsel’s marketplace to receive flat fee bids from business lawyers to handle your project. All lawyers on the ContractsCounsel’s platform are vetted by our team to make sure you are provided with top tier service.
ContractsCounsel is not a law firm, and this post should not be considered and does not contain legal advice. To ensure the information and advice in this post are correct, sufficient, and appropriate for your situation, please consult a licensed attorney. Also, using or accessing ContractsCounsel's site does not create an attorney-client relationship between you and ContractsCounsel.
Experienced and broad based corporate/business attorney and Outside General Counsel (OGC), for start-ups, small businesses and growing companies of all sizes, advising and assisting clients with corporate and LLC formation, contracts and agreements, internet and terms of use/service agreements, trademarks and intellectual property protection, the purchase and sale of businesses (M&A), labor and employment matters, compliance and risk management, corporate governance, and commercial leasing matters. See other reviews on my website at www.ogcservices.net/reviews
Over 30 years of experience practicing commercial real estate and complex business litigation law.
G'day, my name is Michele! I work with startups, entrepreneurs and small/medium-sized businesses across the country in a wide array of industries. I help them with all of their ongoing, daily legal needs. This includes entity formation, M&A, contract drafting and review, employment, asset sale & acquisition, and business sales or shareholder exits. I'm half-Australian, half-Italian, and I've lived the last 20+ years of my life in America. I've lived all over the USA, completing high school in the deep south, graduating cum laude from Washington University in St. Louis, and then cum laude from Georgetown University Law Center. After law school I worked for the Los Angeles office of Latham & Watkins, LLP. After four intense and rewarding years there, I left to become General Counsel and VP of an incredible, industry-changing start-up called Urban Mining Company (UMC) that manufactures rare earth permanent magnets. I now work for Phocus Law where I help run our practice focused on entrepreneurs, startups, and SMEs. I love what I do, and I'd love to be of help! My focus is on providing stress-free, enjoyable, and high-quality legal service to all of my clients. Being a good lawyer isn't enough: the client experience should also be great. But work isn't everything, and I love my free time. I've been an avid traveler since my parents put me on a plane to Italy at 9-months old. I'm also a music nut, and am still looking for that perfect client that will engage me to explain why Dark Side Of The Moon is the greatest album of all time. Having grown up in a remote, and gorgeous corner of Australia, I feel a strong connection to nature, and love being in the elements.
