As of July 1, 2021, all NCAA athletes will be able to profit from their name, image and likeness (“NIL”).
At Influencer Counsel, we have experience managing athletes’ NIL issues and helping them understand, and ultimately take control of, their rights. Watch our interview at Florida Citrus Sports HS Football Media Days with Ronnie Bitman & Dan LaForest to learn more.
One of the last dominos to fall in the players’ rights movement was the unanimous Supreme Court ruling that the NCAA cannot enforce certain rules regarding benefits that athletes can receive while in college. While this is refreshing news that is long overdue, it does not come without challenges and a legal landscape that will be changing minute-to-minute.
The best professional to help an athlete navigate this new world is an attorney, not an agent. Our attorneys are well-versed in negotiation and contract law. Not only do we write, edit, and review contracts, we litigate them. At Bitman, O’Brien & Morat, we provide NIL, Name Image Likeness, and legal services to high school, college, and Olympic athletes nationwide.
Being aware of their NIL rights empowers athletes to leverage their popularity and personal brand for financial gain.
College athletes often dedicate significant time and effort to their sports, which can limit their ability to work part-time jobs. NIL compensation provides a way for athletes to earn money during their college careers, helping them cover expenses such as tuition, housing, and other living costs.
Engaging in NIL activities can help athletes build their personal brand and establish connections in the business world. This can be particularly valuable for athletes who aspire to careers beyond their sports, as they can start building a professional network and gaining experience in marketing and promotions.
Many argue that college athletes generate significant revenue for their universities and the NCAA through their performances, yet they historically haven’t received direct compensation. NIL rights provide a way to address this imbalance by allowing athletes to share in the financial benefits they help create.
College athletes need to understand the rules and regulations surrounding NIL to avoid inadvertently violating any NCAA or state guidelines. Staying informed about these regulations can prevent potential eligibility issues.
As the world of NIL compensation is relatively new, athletes need to be cautious of scams and fraudulent offers from individuals or organizations looking to exploit them. Knowing their rights and being educated about legitimate opportunities can help athletes make informed decisions.
College athletes need to decide how they want to manage their NIL opportunities. Some may prioritize their education and sports career over commercial endorsements, while others may want to actively pursue endorsements to secure their financial future. Being informed about their options allows athletes to make decisions aligned with their goals.
Dan LaForest is a Wealth Advisor and Financial Planner with Security Financial Management, Inc. SFM has been voted “Best of Winter Park” for four straight years and is one of the largest independent firms in Florida. He provides financial solutions and advice to retirees, business owners, and those seeking long term guidance. An advocate for education and financial literacy, Dan has carried over from his day-to-day operations to his enthusiasm of promoting student/athletes.
Proper influencer counsel can protect users from losing out on revenue, whether it’s from a large media company, aggregate accounts, or larger influencers stealing content. Our team at Bitman Law offers a variety of flat and monthly rates for influencers of all sizes and social media platforms, including TikTok, Instagram, OnlyFans, Patreon, Twitch, YouTube, and others.
Don’t lose out on revenue or your likeness by signing a contract with an unscrupulous company. Our contract law attorneys can review any agreement and work on more advantageous contracts for you and your brand.
For more information or to talk to our influencer counsel, contact us online. Our team of seasoned lawyers has the experience and knowledge of contract law to protect you and your brand.