Subscription-Based Legal Landscape
The legal world is evolving, and with it, the methods of charging clients for services. While the traditional models such as the “billable hour”, “flat fee”, and “contingency” continue to dominate, another less explored model is quietly gaining ground: the “subscription” model. Though relatively uncommon, especially in a legal setting, it’s a concept that could change the way law firms operate.
Let’s explore the potential of the subscription-based law firm through two key perspectives: businesses and everyday consumers.
The Subscription Model in Business Law Practice
As a business owner, you might be familiar with this model. Essentially, it involves paying a monthly fee to access certain legal services or a predetermined number of hours. Typically, the scope of services and hours are fixed, but in return for the steady income your business offers the firm, these services are often provided at a discounted rate compared to one-off transactions.
Law firms commonly present tiered subscription options to their business clients, with the most suitable tier depending on the degree of involvement required and the projected growth of your business within the next 6 months to a year. Generally, the higher the fee, the more hours or services you can access monthly.
Which Law Firms Can Implement This Model?
Griffin | A Professional Law Corp. is among the few law firms pioneering this subscription-based service. However, it’s not a one-size-fits-all solution. This model requires consistent customer satisfaction to retain clients and necessitates robust systems to ensure no task falls through the cracks, and workflow remains uncompromised. It’s a significant ask for many law firms, particularly those yet to fully embrace digital transformation or a team-oriented approach.
In today’s digital age, clients are becoming more tech-savvy and are often willing to complete online forms at their convenience. However, this model raises certain questions for the law firm. How can they establish a fair fee structure? What services should be included or excluded? And, crucially, how can they keep the offering simple yet flexible enough to cater to their clients’ needs?
Implementing such a system is no easy feat, but Griffin has been successfully providing subscription-based services for several years, continuously refining our packages to cater to businesses at different growth stages.
Want to learn more about the potential benefits this model can offer? Read more about it here.