A little context on what others say is typical cost. Yokum Taku at WSGR says a Series A financing typically runs 50-60K, and can be much higher if there are cleanup items outstanding. Plus, the company usually pays investor's fees, which can be 25-35K or more. http://www.startupcompanylawyer.com/faqs/
VC's Brad Feld and Jason Mendelson report in their book "Venture Deals" that a financing can usually be done for 25-40K, but that lawyers in large cities will charge more (they are in Boulder). They also note that cleanup items will increase the fees.
I note this to point out a couple of things. One, the idea that a $3M Series A can be done for 10K is well out of line with anyone's realistic expectations. Two, I think the 50K originally quoted to you is what experienced lawyers and VCs expect, at least in the Bay Area. Three, the idea that a financing will cost the company 100K or even more is not unheard of, particularly if there are lots of outstanding cleanup items (such as re-capitalizing the pre-money structure, re-incorporating or converting the company, cleaning up the IP ownership documentation, etc.). The fee can go a lot higher, too, if the investors require an opinion letter (they are not typical these days, but do come up when the company's documentation is a bit of a mess, and might add 15-25K at a large firm). The question of whether it is outrageous is fairly dependent on why it cost so much, not just the cost itself.
I'll go back to my original point: if you get a bill of 150K but honestly have no idea as to why it went so high, that is problematic. But that is not to say that any time someone pays 150K in legal fees it is because they are getting ripped off... often there are very good reasons why the bill was so high. The best way to reduce the overall cost is to i) get an experienced attorney from the start that can help you avoid a lot of those clean-up problems, and ii) stay involved with the process and understand exactly why the costs are going up.