If you’re exploring a Rule 506 Syndication, a blind pool fund, or a Series LLC offering, you’ve probably noticed that attorney pricing is all over the map. Some firms quote $10,000; others quote $60,000 or more. So what do these prices actually cover—and what will incur an extra cost?
Most boutique securities law firms (and even the large national firms) price their packages to include the core securities documents needed to launch an offering.
But here’s the catch: Many items that you might assume are included usually aren’t.
Understanding this can save you from surprises and “scope creep” down the road.
Here’s how the industry typically breaks it down:
Rule 506 Syndicate (Single-Asset Offering)
- Industry Pricing: $15,000 – $25,000
- Timing from Start to Finish: 3–6 weeks
- Included: Private Placement Memorandum (PPM), Operating Agreement, Subscription Agreement, Investor Questionnaire, SEC Form D, state notice filings (filing fees separate)
- What Might Not be Included (Extra $$): LLC formation, operating agreements for asset-management/GP or title-holding entities (needed for development or multi-property offerings), review or drafting investor marketing materials, structuring for foreign investors
Blind Pool Fund
- Industry Pricing: $25,000 – $50,000
- Timing from Start to Finish: 6–10 weeks
- Included: Fund PPM, Fund Operating Agreement, Subscription Agreement, Investor Questionnaire, Manager/GP Agreement, basic waterfall/distribution structure
- What Might Not be Included (Extra $$): LLC formation, operating agreements for asset-management/GP or title-holding entities (needed for development or multi-property offerings), review or drafting investor marketing materials, structuring for foreign investors, Investment Adviser Act compliance, Investment Summary creation, pitch deck/ad review, SEC Form D and state Blue Sky filings
Series LLC Offering (Master Setup)
- Industry Pricing: $30,000 – $60,000
- Timing from Start to Finish: 8–12 weeks
- Included: Master PPM, Master Operating Agreement, a single Series Agreement, Series PPM Supplement, and Subscription Agreement
- What Might Not be Included (Extra $$): Master/Series LLC filings, state-required Series compliance, title-holding LLC agreements, advanced tax/ERISA structuring, foreign investor compliance, pitch deck/marketing review, SEC Form D and state Blue Sky filings, Asset Manager Agreement
Subsequent Series (after Initial Setup)
- Industry Pricing: $7,500 – $15,000 each
- Timing from Start to Finish: 2–4 weeks
- Included: Series-specific Operating Agreement, PPM Supplement, Subscription Agreement
- What Might Not be Included (Extra $$): State-required Series filings, title-holding LLC agreements, pitch deck/ad review, SEC Form D and state Blue Sky filings
Timing
Many attorneys promise they can deliver your offering documents within a week—but what they don’t mention is that those are only first drafts. You’ll still need to review them, provide feedback, and wait for revisions. After a round or two of comments and corrections, you’ll likely find that the “one-week turnaround” has stretched into the same timeframe they originally claimed to beat.
Unique things about Syndication Attorneys
We believe in setting clear expectations from day one. We spell out exactly what’s included in our lump-sum packages, and what’s not, and we make sure you get everything you need to run a successful capital raise—and company. All of our offerings include:
- Experience dealing with more than 450 past syndication clients and combined offerings of more than $4 billion
- Advanced deal structuring call with a senior securities attorney (up to 2 hours)
- Asset/fund management operating agreement (if needed), initial title-holding entity operating agreement, foreign-investor compliance
- Access to our weekly Masterminds led by a securities attorney where you can get all your questions answered by us and other clients
- Template library including Non-Disclosure/Non-Circumvent Agreement for Co-GPs, Manager Resolutions, Meeting Minutes, Prohibited Ad Words and Disclaimer library
- Property package/website review included for all offerings; investment summaries, pitch decks and one-page announcements created by our professional marketing team for all blind pool funds
- Unlimited communications with legal staff during document production
- SEC Form D and state Blue Sky filings and LLC formation (state filing fees extra)
Our lump-sum fees typically fall within the mid- to lower range of the industry pricing above. But we believe that the extra services we provide more than make up for any difference.
The takeaway
When comparing attorneys, don’t just look at the quoted price. Ask what’s actually included and how long it typically takes, start to finish; and ask what else you might need. Many firms may appear “cheaper” and “faster” on the surface but could add significant costs once you factor in the left-out items.
Thinking about launching a syndicate, fund, or Series LLC?
Schedule a call at www.syndicationattorneys.com today to review your options and get a clear, upfront plan for your offering.
