Epilogue
I said I'd come back to update so here I am. The gist of it is, I declined the offer. Yep. I did. Long story short, my lawyer sent them suggested contract revisions and they rejected 98% of them. So I could've taken what they offered (which wasn't much) or I could walk.
I chose to walk.
I could look at this situation as a glass half empty or half full. The half empty part: I spent money on the lawyer and I'm walking away without a contract. The half full part: I spent money on a lawyer who saved me from giving up everything except my first born, which in the long run would've come back to bite me.
I'd been wrestling with this decision for weeks, and deep down I think I already knew I wouldn't sign, but I was hoping against hope that something (I don't know what) would change.
Here's a word of advice to anyone out there who is about to sign a contract. READ IT. And if you don't understand what you're reading, HIRE SOMEONE WHO DOES. These days, from the research I've been doing, many publishers big, small and midsize are putting some nasty things in their contracts. I suspect ebooks and the self-publishing revolution may have something to do with it.
Whatever the case, I've made the difficult decision to forgo another submission merry-go-round and just self-publish my novel. It's been a rather stressful several months, and I'm just not in the mood to do this again. I know more about publishing contracts now than I'd like, and to be frank, what I've seen is absolutely frightening.
I know it doesn't sound like it, but I do feel much better now that I've made this decision. Once I pulled the trigger, a huge weight lifted. I know that self-publishing isn't going to be a cake walk. Far from it, but I can say I'm making an informed choice, one that I'm sure won't be for everyone. However, it's the one I'm making right now. Wish me luck.