Securities legal support
Blue sky surveys
Blue sky work is a filing matrix: which exemption applies in each state, what has to be filed, by when, and for how much. We build the matrix for your specific offering, with the citation and the current fee for every state.
- Published price
- $800–2,500 / survey
- Turnaround
- 5 business days
- Without us
- $5,000–20,000
Fixed per unit, not hourly. No minimum engagement. Quoted before we start.
What you receive
A state-by-state blue sky compliance summary for the specific offering.
- A state-by-state matrix covering every state where the offering will be sold
- The exemption relied on in each state, with a citation to the provision
- Filing requirements per state: form, timing, fee and manner of filing
- Deadlines computed from first sale or other triggering event under each state's rule
- Renewal and amendment requirements where continuing obligations apply
- A consolidated filing calendar with total fees
What it costs, and what it replaces
Both figures are published ranges for the same unit of work. Ours is fixed before we start; if our process gets faster, that is our gain and your price does not move.
How engagements are structured →- Adnah Legal
- $800–2,500 / survey
- Typical cost without us
- $5,000–20,000 / survey
Roughly 87% lower at the midpoint of each published range.
How the work runs
01
Structure intake
The federal exemption and security type determine which state analysis applies, so we confirm the structure before researching a single state.
02
State analysis
Each state is analysed against the specific offering, with the exemption and its conditions cited, rather than assuming a uniform treatment that several states do not follow.
03
Filing mechanics
Form, fee, manner and deadline are recorded per state, including states that require filing before first sale rather than after, which is the most expensive detail to get wrong.
04
Calendar and delivery
A consolidated calendar with total fees is delivered alongside the matrix, so the compliance obligation is a schedule rather than a research memo.
What we need from you
- The offering structure, security type and federal exemption relied on
- The states where offers or sales will be made
- Investor categories and expected sale timing
- Any prior blue sky filings for the same issuer
What we check before delivery
- Each state's provision is verified at the source and its currency checked
- Fee amounts are verified against the state's current published schedule
- Deadline computation is checked against the state's own triggering event
- Conditions attaching to each exemption are recorded, not just the exemption's existence
When firms send us this
- Private placements selling into many states
- Regulation D offerings needing a notice filing calendar
- Intrastate and regional offerings with unusual state requirements
- Renewals and amendments on a continuing offering
Questions about blue sky surveys
Do you make the filings?
We prepare the matrix, the calendar and the forms for your review. Filing and payment go out under the firm's or the issuer's name.
Do you cover all fifty states?
Yes, though most offerings only need the states where sales will actually occur. Pricing follows the state count.
How current are the fees?
Verified against each state's current published schedule at the time of the work, with the date of verification recorded per state.
Firms who send us this usually also send
This service
Send one and judge the output.
Blue sky surveys at $800–2,500 per survey, 5 business days. No minimum, no scoping call, no onboarding cycle.