You need to ask yourself a few questions before you worry about a lawyer (in my opinion)
Is the label a fit for your band and will they raise the profile of your band. Do they have a large active mailing list, an active facebook page with many likes and lots of people responding to their posts, a large presence across multiple social media platforms, a youtube channel with lots of subscriber and most importantly are these bands similar in style to yours? I'm a metal head, I subscribe, get mailing lists and follow and post on metal related label sites, that's often how I discover new bands. I get a mailing list from Metal Blade or go to their site to buy something from Band X, while I'm their I discover Band Z, because Metal Blade is a well respected label whom I buy from often and because of that I'm willing to listen to Band Z and check them out. Way to often I see these internet "labels" that have thousands of bands in all different styles and they have no focus, 150 facebook likes, no youtube channel etc etc.. I have no time for them. If your an alternative rock fan do they have any bands on their label that you've heard of and like, if no that is probably a red flag. I can ramble off dozens of metal labels big and small to you because they all have at least some good bands and a strong social media presence.
If this label has no strong social media presence across multiple platforms and no bigger respected bands on their label then why waste your time. For $20 a year you can have your music uploaded to every possible download and streaming platform and keep all the profits. You can create and work all your social media platforms yourself and sell all your merch on your own.
Are they giving you a sum of money to record a proper album? A sum so large that you and your bandmates could never come up with that money on your own?
Touring/Gig cut: Do they have a booking agency? Are they printing merch for you? Are their bands on their label playing nice tours in nice rooms in great markets and drawing crowds?...and ask yourself this serious question and be honest, can your band play in say 5-10 markets outside of your area where you live and draw around 50 people in each market? if you can't confidently answer yes then your probably not ready to tour, unless they have a roster with bands with established followings and they can put you on as a support act. You can build your fanbase online and gradually start playing out of your area on your own. Unless they are providing tour support or nice opening slots what's the point in giving them your money? If you already have a great following in out of state markets that you built why give them a cut of that if they can't expand on that for you.
Ask yourself why are they interested in your band? Do you have a large social media presence? thousands of facebook likes with an active community, videos with tens of thousands of likes, are you getting regular rotation on college radio, thousands of followers on spotify, great gigs with good draws across various regions. Is your sound so mind blowing and unique that you are truly a one of a kind band, is the singer world class, unique and have serious star power? Are the songs amazing, their blowing the minds of all your friends and going viral on the net because they are soooo good? I don't mean to come across as harsh but you have to ask yourself these questions and always wonder why someone is offering you a deal, this is a business, hopefully they see potential for your band to make money and grow, that's what keeps them working hard for you...because they can make money off you and with you.
Again, I'm not trying to be cold or mean, I know nothing about your band. You cold be the next big thing and this could be the start of an amazing journey to the top. Tell us the name of the label and send us the links to your bands youtube videos and social media pages. There are just way way way to many thrown together "labels" on the internet that all they do is post your songs on itunes and spotify and that's it, they thrive off making a few hundred bucks here and there thus signing tons of bands that they put no work or effort into growing their career. For what it's worth I speak from some experience, I've been in bands that were on medium size labels, I've worked for a label, I have friends who work at labels, friends in bands on big and small labels.
And if the majority of the above answers yes for you, then like everyone else said...get a lawyer to look over the contract.
