Great idea for a thread. Our MLS logo was already created when I bought the site back in 2006. Although we rebuilt the site from scratch and the only thing we kept was the logo albeit in different colours! So actually worked out to be quite expensive 
But has the elaborate logo had it’s day? Look at most of the modern big brands and its more about text and font rather than logo.
We had a local designer come up with logo concepts for a new project a few years ago and proved to be a good exercise. Think he gave us about 8 different alternatives, then we drilled down to a single design. Think cost was a couple of hundred quid which for work done seemed pretty reasonable.