Quote:
Originally Posted by fsoyars
What management company did you work for?
How are agents paid? It was my understanding that the 10% doesn't go directly from the client to agent but to the company and the agent is paid commission monthly on some sort of sliding scale based on how much they brought in.
How many clients did your boss have and what % of them did he actually give a **** about?
What is the perception of the agents at WME of the other big agencies (CAA, UTA, ICM)? Is it hatred and all out war or is there some degree of friendliness, cooperation with some and not others?
Interesting that you say entertainment lawyers are the most overpaid. I've always felt like the whole agency business was a bit of a racket. It seems like, at least at the higher levels, agents aren't actually getting their clients work. Clients get work on their own based on name recognition, networking, etc. Then the agents step in and negotiate the deal and charge 10% for that. Which a lawyer could do just as easily. At least in the world of TV writers, I feel like once you get to a certain level, you could pretty much fire your agent and still work just as much as you would have with him. The packaging opportunities is the only thing you would miss out on, and admittedly that's probably a lot when it comes to the big agencies. What are your feelings on that? (LFS, this doesn't apply to you as you are probably actively getting people auditions and pitching them and getting them opportunities they wouldn't have without you.)
edit: One more, how much are agents actively trying to steal clients from other agencies? How aggressive are they about this and what's the furthest you've seen someone go to steal a client? My partner and I had two guys, I won't name names, from WME coming after us, trying to take us out to dinner, saying they would sell our pilot that our agent hadn't been able to sell, etc. Even when we were making it clear we weren't interested, they kept pushing. I found it all kind of gross and off-putting. Is this totally standard?
1. How agents are paid depends on who you are. Junior agents, whose main function is covering, are paid a salary and year-end bonus that is based upon their perceived performance. A great covering agent is really valuable but often overlooked as the benefit to the clients is indirect. Many, many times I saw good, aggressive coverage get someone a job. Of course the point agent takes all the credit when this happens, but he/she also appreciates the help. You'd be surprised how often really, really big names are effectively desperate for work.
Anyway, that's the covering agents. Higher-level agents will negotiate a 2 or 3 year contract with the owners of the agency. This goes for partners who are not owners as well. There is a generally accepted formula for how this compensation is calculated, but I don't know what that formula is (everyone is very hush hush and agents generally don't like people knowing how much money they make). The owners (at WME this is like 5 people) obviously divide what's left among themselves however they see fit.
2. My first boss had about 20 clients and cared about every one of them. He was a lower level agent trying to break people. He was very smart and hard working, but as a young agent you just take so much abuse. While trying to build your own list, you are constantly getting yelled at to get more senior agents' clients jobs in your coverage. Nobody wants to talk to you, because you don't rep anyone big, so your days kind of suck.
My second boss had about 25 clients and cared about 20 of them. He really, really cared about 2 or 3 of them. He was a mid-level guy who really focused on the few clients he had who were legit earners (at WME this means you can make $500k+ per job) while doing enough to keep the rest while hoping they break. This worked as when I worked for him he had someone go from basically unknown to a huge movie star. Also in talent agents like to keep people on their list just in case they land on a hit TV show, where there is huge money to be made and it's a total crapshoot.
My third boss, a very senior agent, had about 10-12 clients and cared a lot about all of them. This person's daily life was much, much better than the other two because it's all incoming calls. All the clients get as much work as they want, the money is huge, everyone talks to you, etc. Whereas the first two guys have to wait a day to talk to some mid-level exec at Warner Bros, this person could get the head of the studio on the phone within an hour or two.
3. WME agents see CAA as the competition and everyone else as being inferior. I basically share this opinion. There is simply nobody working at UTA or ICM with the ability to get **** done that the top people at WME and CAA have, period. They just don't have the leverage. WME controls about half the top-tier talent in TV, so they can muscle people and get away with it. And they just have better relationships. Rick Rosen is best pals with Les Moonves, the most powerful guy in TV. That helps.
4. Agents are incredibly aggressive in trying to steal clients. They all say they don't do it, and they all do it. It's one of the things I really dislike about the business.
5. I have thoughts about the value of agents and whether or not they are overpaid, but I have to run for a bit.