I take your point. There is indeed no substitute for legal advice. On the other hand, not all legal advice is equal. Publishing contracts are highly specialized documents with terms and conditions not found elsewhere. A contracts lawyer, no matter how skilled, may not be able to flag problems in a publishing contract, if s/he doesn't have that experience.
Also, there are many issues to consider in a publishing contract other than liability. For instance (and this is a general example, not applicable to Lyrical Press), the implications of a life-of-copyright grant clause that's not qualified by an adequate reversion clause, or the problems posed by a royalty clause that pays on net profit. You don't need to be a lawyer to identify such issues--indeed, most literary agents aren't lawyers, yet they evaluate and negotiate publishing contracts as a routine part of their jobs.
I'm not a lawyer. But I've seen a lot of publishing contracts, and I don't agree that there are no major concerns here. I hate to be so cryptic about all this, but I'm trying to respect Lyrical's request not to discuss specific issues about their contract in public. They've contacted me, and I plan to respond. Saskatoonistan, I know you've already signed with Lyrical, but if you (or anyone else) wants to contact me privately, I'll be glad to share my concerns with you.
- Victoria