What Is The Deal With
Over the years, there has been much talk about the different fee structures available to lawyers in the way they serve their clients. Many firms base their services on the “billable hour”, while others focus on the “flat fee” or “contingency” method.
Now, there are several articles across the internet that discuss these methods, but one fee structure that isn’t quite as common is the “subscription” model, especially within a law firm environment. This is simply because a subscription-based law firm doesn’t truly exist (that we know of)…..YET!
In this article, we’ll take a look at the subscription-based law firm, through the eyes of two groups of potential clients for that law firm. One, other businesses; and two, the everyday consumer.
What does a subscription-based model look like in a Business Law practice?
You may already know what this looks like if you are a business owner. This type of model is a fairly common offering among the business law community.
Essentially, you pay a monthly fee, in order to have access to specified legal services or a specified number of hours each month. Usually, this the types of services are limited in scope and the hours are also limited. However, in exchange for the consistent revenue your business brings to the firm, you often see these services at a discounted rate than what you may normally pay if prefer to deal in one-off transactions.
Most often, law firms present a variety of tiered subscription options when offering these services to their business clients. The most appropriate tier will depend on how involved you want the firm to be, and where you see your business in 6 months to a year.
Usually, the more hours or services you have access to each month, the higher the monthly fee will be.
Which Law Firms Can Use This Model?
As far as we know, Griffin | A Professional Law Corp. is one of the few law firms offering this type of subscription-based service, in this manner.
It is definitely not the right model for many law firms, as it requires consistency in customer satisfaction – otherwise, you lose your clients. The subscription-based law firm that is focused on consumers also must be have a series of systems and processes in place, so nothing slips through the cracks and maintaining a proper workflow for matters is never compromised. That’s a tall order for many law firms – especially those that have not embraced the digital age, or don’t take a team-oriented approach.
Today, many people are more tech-savvy then they were, even 5 years ago. We’ve found that they often don’t mind filling out some forms to assist in their matters – especially if those forms are available online, at their convenience.
This model, however, presents a few issues for the law firm. First, it is difficult to determine what kind of fee structure to maintain for this type of service so that it maintains fairness to both parties.
Second, as the law firm, what services do you include or exclude? This is an important factor as it may easily determine the success or failure of such a dramatic shift in a law firm’s pricing model.
Finally, it’s important for the law firm to keep such an offering simple, yet flexible enough to accommodate its intended user.
So, how difficult is implementing a system like this? We’ve been providing services under a subscription-based model for several years, and are continually updating our packages to keep up with the needs of businesses in varying stages of “life”.
Read more about the benefits this model can provide you with here.