And as player salaries have soared, leagues have expanded and their profession has been glamorized by the Tom Cruise movie Jerry Maguire and HBO sitcom "Arli$$," agents have come to be an increasingly dominant and visible force in pro sports.
In the us and Canada, over 1,000 agents have been certified to do firm by the players' associations, or unions, of the four major pro sports ruling bodies: the National Basketball Association, National Football League, Major League Baseball and National Hockey League. Agents also are regulated by some states. It is a lucrative business, at least for agents with star clients. Agents representing NFL and NBA players can collect a maximum of 4 percent of any income they negotiate around the minimum salaries. (No maximum fees are specified by the baseball and hockey unions.) A lot more money can be earned for negotiating product or service endorsement contracts, that are not regulated by the unions. Fees of 20 to 25 percent are customary (Bamberger, 1996, p. 82).
Though many agents fit the cocky, high-fiving image portrayed in Jerry Maguire, some are serious, soft-spoken and lawyerly in their approach. Several are indeed attorneys. No prior experience is needed to become certified as an agent. And there are no schools devoted towards the profession of sports agencies. To begin inside the business, a person would be wise to acquire some legal contract experience and be familiar in the salary scales on the specific sport.
Steinberg does not deny that it's his very competitive nature that drives him to achieve ever much more astronomical deals for his clients, but he believes that it's just as important that the athletes he represents give a portion of their excellent fortune back to the community. To that end, he inserts a clause into every contract he negotiates that requires the player, and usually the team, to contribute each time and funds to charitable causes. He believes it is just the correct thing to do.
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