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September 26, 2012
Advance Retreat
Between the economy and the changing technological landscape, the publishing biz has seen its share of contortions over the last few years. In my own personal experience, I've seen two of my editors sacked (one of them, bless his soul, right after I inked a deal to write a novella for him) -- but it looks like even the heavy-hitters are now starting to feel the pinch:
A New York publisher this week filed lawsuits against several prominent writers who failed to deliver books for which they received hefty contractual advances, records show.
The Penguin Group's New York State Supreme Court breach of contract/unjust enrichment complaints include copies of book contracts signed by the respective defendants.
Wow. I guess that means the days of the hefty advance are a thing of the past! Of course, it probably helps to actually deliver the book you've been contracted to write -- but that's another story.
Hatched by Korso on this day, September 26, 2012, at the time of 6:25 AM
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