What To Watch For In Client-Supplied Contracts

SCOPE CREEP. This is one of the most common problems I see when reviewing contracts. I have been guilty of it many times myself. What is it? It is when project tasks expand beyond the agreed scope of the agreement without additional compensation. The solution? A specific SCOPE OF SERVICES provision. A scope of services provision defines the exact work a service provider is expected to perform under a contract. It sets the boundaries of what is included (and excluded), preventing misunderstandings and limiting “scope creep.” 💡 WHY IT MATTERS: Without a clear scope, projects can quickly grow beyond the original agreement (or what you thought was agreed!!), leaving you overworked, underpaid, and frustrated. A strong scope of services provision ensures both parties know EXACTLY what to expect and helps prevent scope creep. ➡️  A SCOPE OF SERVICES PROVISION SHOULD INCLUDE: *The specific services to be delivered *The timeframe or number of hours allocated *Deliverables (reports, meetings, training, etc.) *Explicit exclusions (what’s not covered) *Process for adding new services (e.g., written amendment, additional fee) ✅ EXAMPLES OF THE GOOD AND THE BAD: 👎🏻 Bad: ““Consultant will assist Client with preparing for investor presentations.” ➡️ Why? Sounds narrow, but could balloon into pitch deck creation, financial modeling, or coaching. ✅ Good: “Consultant will review and edit one investor presentation deck (up to 20 slides) and conduct one 90-minute practice session. Financial modeling is excluded. Work beyond this scope will be billed at an hourly rate of $500.” ➡️ Why? It clearly defines the deliverables (one deck, 20 slides, one session), sets exclusions (no financial modeling), and establishes how extra work will be billed. ⭐️ PRO TIP: NEVER ASSUME. Just because you know what a clause means (or you think the other party does) does not make it clear. Contracts are not written just for “you two” to understand. Contracts are written so that a third party (like a judge, mediator, or new business partner) could read them and understand exactly what was intended. If the language is not specific enough for an outsider to interpret without guesswork, it is too vague. And you are opening the door to disputes and scope creep. ⬇️ Have an experience you want to share re scope creep? Drop it in the comments. ⬇️ *********For informational purposes only. Not intended as legal advice.

🚨 𝐍𝐨𝐭𝐡𝐢𝐧𝐠 𝐠𝐞𝐭𝐬 𝐦𝐞 𝐦𝐨𝐫𝐞 𝐟𝐢𝐫𝐞𝐝 𝐮𝐩 𝐭𝐡𝐚𝐧 𝐚 𝐜𝐫𝐚𝐩𝐩𝐲 𝐜𝐨𝐧𝐭𝐫𝐚𝐜𝐭 𝐟𝐨𝐫 𝐚𝐝𝐯𝐢𝐬𝐨𝐫𝐬. And also: 💡 𝐂𝐨𝐧𝐭𝐫𝐚𝐜𝐭𝐬 𝐚𝐫𝐞 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐲. 𝐍𝐨𝐭 𝐩𝐚𝐩𝐞𝐫𝐰𝐨𝐫𝐤. Way too often, advisors sign $hitty contracts because the deal terms sound good, the tech promises perfection, or the job looks right. The problem? Eventually, that contract will matter. There is (almost) always a day when the firm can’t keep its promises or when you simply grow and want to start your own practice. Suddenly, that unimportant fine print is the critical difference between freedom and starting over. Said another way: The contract is where careers get boxed in. Here are the biggest red flags I counsel advisors to avoid: 1️⃣ Non-serve clauses → If you can’t serve your own clients after leaving, this means you're restarting from scratch...and maybe after a LONG time on the bench. What you can do instead: Insert a buyout clause.  2️⃣ Non-solicitation clauses → Less restrictive, but still a structural disadvantage when you want to go. 3️⃣ Vague language → Ambiguity always benefits the firm, not you. “Ownership” without clarity of that ownership in the contract is NOT ownership. It doesn't matter what people say...what does matter is WHAT IS IN THE CONTRACT. ⬅️⬅️⬅️ 4️⃣ Ignored redlines → If your attorney flags an issue, it’s because they’ve seen the movie and they know how it ends. For god's sake, listen to them! ✨ BTW - Advisors don’t have to choose between great technology and clear, advisor-friendly contracts. Both are possible. 🔑 Your future business is only as strong as the document you sign today. Advisors who have gone #independent, started their own #RIA or moved firms, what tips do you have for your colleagues? *** 👉 At Muriel Consulting, we review every contract with an eye toward your future exit and long-term enterprise value - not just the deal in front of you. If you’re evaluating a move, let’s make sure the agreement fits you today and into the future. (Legal Disclaimer: We're not attorneys, but we know some great ones that we recommend frequently.)

A contract lands in your inbox and needs a quick (or very initial) review—often right before a meeting or as a last step before signature or because the other side has sent a demand letter claiming breach. It’s easy to get lost in the language or assume the boilerplate is fine. But a few minutes can save you hours (or headaches and costs) down the road. Here’s my quick framework—the five things I never skip: 1. Payment Terms Are the amounts, timing, and methods of payment clear? Are there late fees, interest, or other penalties for missed payments? 2. Termination Rights How can each party end the agreement? What notice is required and when? Are there penalties or automatic renewals to watch for? 3. Limits on Liability Are there caps on damages, waivers of certain claims, or indemnification clauses that could impact your risk? 4. Choice of Venue & Law If there’s a dispute, where will it be resolved—and under which state’s (or country’s) law? Is this venue convenient (and fair) for your business? 5. Notice Obligations & Key Deadlines How must notices be sent (email, mail, other)? Are there deadlines for performance, renewal, or other actions that could sneak up on you? Of course, every contract is different—and sometimes a deeper dive is needed. But running through this checklist helps me spot red flags, clarify expectations, and avoid surprises. If you’re reviewing a contract today, try setting a 5-minute timer and walking through these five points. It’s a small investment that can make a big difference. --- I’m Emily, a commercial litigator and advocate for practical, people-first lawyering in big law. Follow me for real-world checklists, insights, and stories about building resilient businesses and navigating legal risk with confidence. All stories and reflections are my own, based on my journey in law and life. Unless otherwise noted, examples are generalized.

Consultants don’t typically lose money on the work they agreed to. They lose money on the work they never agreed to. That’s why assumptions in your Statement of Work are just as important as the scope itself. Here’s what I mean: A client drags their feet giving you system access → your timeline slips, but suddenly you’re “late.” Stakeholders ghost feedback for weeks → you’re stuck waiting, unpaid. You budget time for analysis, but they expect implementation → scope creep eats your margin. These things do happen. That’s why I build assumptions into every proposal. Real ones. Things like: Feedback comes back within 3 business days. I use my own equipment unless the client requires theirs for security purposes, then its at their cost. Work is remote unless they request travel, which is billed separately. Hours cap each month. When I hit 95%, I flag it so the client can reprioritize or approve more time. Deliverables are theirs once invoiced and paid. None of this is “fine print.” These are the ground rules that keep projects on track and protect your sanity. Consulting isn’t just about solving problems. It’s about making the conditions for success explicit before you start. I’m Melissa, I help businesses cut costs, reduce risk, and build procurement and contracts that actually work in the real world. What’s the one assumption you wish you’d written into a proposal that wasn't clear when you signed a contract? #Consulting #Contracts #BusinessEfficiency #RiskManagement #ScopeCreep