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Agents: Keep Your Hands Off Our Two Percent
An agent who's currently at that firm and recognized the language in the memo, however, told us yesterday that's simply not true. "Only one of us has signed the memo," this agent says. "The rest of us refused, because the terms for sub-rights are appalling... [and] our terms are slightly different if we leave; we get 6 percent commission on books left behind, not 7 or 8." "It was a major blow-up at the office here," this source continued, "and still hasn't been resolved." Oh, one other detail: All this started because the literary agency claimed it needed those extra two percentage points from the royalties to meet its operating expenses— because it accused publishers of taking advantage of the industry's recent descent into chaos to delay the payment of royalties. But the agent on the inside told us that wasn't necessarily so: "We haven't really noticed a slow-down in payments from publishers. At least not any slower than usual." Email This Post |
The First Word On the Book Publishing Industry
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