How an Insurance Business Hired a Lawyer to Draft a Share Purchase Agreement in Illinois

In 2022, a business in Illinois sought assistance with drafting a share purchase agreement (PSA) as part of its acquisition of a small financial services firm. The client needed to update the existing PSA to incorporate terms from an executed letter of intent and had a series of additional agreements to prepare, including employment and contractor agreements. With an urgent timeline of less than a week for the PSA draft, the client expressed a desire for a collaborative relationship with legal counsel to facilitate ongoing document preparation. As a result, the client received three proposals from licensed attorneys, with flat fee bids ranging from $2,500 to $5,000, all submitted in a timely manner to meet the client's deadline.