I last time I worked with an Entertainment Lawyer was about 15 years ago and at that time he was charging $200 per hour. Rates vary depending on the qualifications of the lawyer, who his normal clients are and where he or she is doing business. If you pick a big name lawyer expect to pay big bucks. As to how much billable time you will incure it depends on how extensive your legal needs are. Most large ciites have a lawyer referral service and you could call them for advice. Make sure that the lawyer you pick is someone you can trust and work with and someone who is familiar with the types of legal services you need from them. The last entertainment lawyer I worked with was more into copyright and product protection than general entertainment but for the purposes I was using him for he was GREAT!

Best of luck and let us know how things turn out.

I know a dude named Ben McLane in LA who was $200 / hour the last time I checked. He specializes in contracts and bands.

A lot of lawyers try to get you to agree to a percentage, but that might not be in your best interest if it's a small record deal. Also if they're in it for a percentage then there is a conflict of interest. They need to get you signed to get paid, even though it might not be a crappy record deal situation.