In Hollywood, a lot of stuff is agreed upon without a contract. How does that work?
If your instinct is to say "it's a disaster," this will fail.
One guess is that it might be a relatively small community where the same people and companies do business with each other over and over. In a community like that, some of the jobs that contracts do in other industries might be done through norms and relationships.
I enjoyed "Why Trust Matters" by Ben Ho (https://www.amazon.com/Why-Trust-Matters-Economists-Guide/dp...) and it talked about a sweet spot where contracts shouldn't try to over or under-specify the deal in order to optimize for trust. I'm sure that some industries, like Hollywood, have less laid down in contracts than others.
If you're open to it, I'd love to hear more about how you've seen this work in Hollywood.
> If you're open to it, I'd love to hear more about how you've seen this work in Hollywood.
There's so much to say. But maybe the most important thing to you is that entertainment lawyers are customarily paid 5% of the transaction's value to their client. So you get quality and often creative legal advice, with aligned incentives, whether you're Leonardo DiCaprio or some nobody.
Every startup is a nobody.
That's the set of contingencies that contracts are supposed to address.