How a Consumer Hired a Lawyer to Draft an Investment Management Agreement in New York

In 2024, a personal client in New York sought assistance with drafting an investment management agreement. The client needed a comprehensive document to clearly outline the management of their capital, including specifics regarding the services to be rendered, the types of investments managed, the fee arrangements, and the level of discretion allowed for investment decisions. Addressing these concerns was crucial for ensuring compliance with regulatory requirements and maintaining clarity in the business relationship. As a result, the client received ten proposals from licensed attorneys, with flat fee bids ranging from $300 to $1,700, all submitted to meet the requested deadline of one week.