Talkin’ Agent Blues

June 16th, 2005 · 3 Comments
by Booksquare

The Author’s Guild is asking members who were clients of Nancy Ellis (Bell), formerly of Litwest Group to contact them regarding the agent’s possible withholding of monies due. Ellis recently settled a suit with one her clients; since then, others have filed suit against her or alleged withholding.

While we’re add it, now seems to be a dandy time to remind authors that it’s okay to ask for split checks. As a rule of thumb, agents are as honest as the day is long (that is to say, there’s always going to be a shortest day of the year), but life happens. Illness, vacations, assistants up and quitting and taking all the passwords with them. Then there’s this little thing called the Time Value of Money. By way of example:

You sell a book and eagerly await your royalties (we’ll skip over the advance dance, but assume it’s a given). The accounting period closes and your publisher prepares your statement. This could take 60 days, 90 days, or even 120 days (which is ridiculous). Then you publisher mails your statement and check to your agent. The check is processed, deposited, and a smaller check (your earnings less your agent’s commission) is sent to you via a trusted delivery source (UPS, US Mail, maybe even electronically). You then receive your check, process it (you are using Quicken, right?), deposit, wait for funds to clear if necessary and so on.

As it is safe to assume you’re not working for the sheer joy of seeing words on paper, you need to consider the business aspect of things. The longer it takes for your money to arrive in your bank account, the less time it spends working for you. Split checks make good businesss sense, and a reputatable agent won’t have a problem with them.

Also, it’s been a while since we mentioned it, but please learn to read and understand your royalty statements. Thank you.

File Under: Agents

3 responses so far ↓

  • Barbara B. Nolin // Aug 15, 2007 at 2:56 pm

    Ot is good to have updates about agencies (Ellis).
    So are you an agent – just doing this for the fun of it?
    I need an agent. Any more clues?

    (Thanks for the reminder: must get a web site.)

  • Barbara B. Nolin // Aug 15, 2007 at 2:56 pm

    Ot is good to have updates about agencies (Ellis).
    So are you an agent – just doing this for the fun of it?
    I need an agent. Any more clues?

    (Thanks for the reminder: must get a web site.)

  • Barbara B. Nolin // Aug 15, 2007 at 2:56 pm

    Ot is good to have updates about agencies (Ellis).
    So are you an agent – just doing this for the fun of it?
    I need an agent. Any more clues?

    (Thanks for the reminder: must get a web site.)