From insurance companies to online television streaming companies, the subscription model is booming. Over two thousand subscription-based companies operate around the world today and the number is growing as more organizations move towards implementing this model…law firms being one of them. It’s true, the benefits of the subscription model apply to legal services in almost every niche.
Group legal plans essentially work like health insurance. Plans can be offered through employers or commercially marketed plans and provide general coverage at a more affordable rate. Legal plans can offer a range of coverage like online services, advice via phone calls, reviewing documents, to even end-to-end representation including the trial for matters such as bankruptcy, divorce, etc. So why should attorneys be interested in a legal plan for their firm? Because of the innumerable benefits offered to both the firm and its clients.
Those who are looking for an attorney would refer to their network, much like a person does when looking for a doctor. This would allow firms to get access to a clientele demographic they would have likely never reached. This also benefits clients because they have easy access to an attorney they feel they can trust because they were selected from a pre-approved network.
Free Marketing For The Firm
Being listed as a recommended attorney provider provides marketing for the firm with no additional marketing costs or fees.
Predictable Revenue & Cost
Having a legal plan ensures no surprises, something that is particularly comforting to clients. Allowing clients open communication with their legal counsel without fear of additional fees allows for better communication, giving peace of mind to both the client and legal counsel.
Here are just a few ideas for thinking outside of the box:
- ‘Ask an Attorney’ – Email support for $69/month and a 5% discount off hourly rates when they hire the firm.
- Estate Planning – $59/month unlimited trust updates and free annual review with an attorney.
According to The American Bar Association, “Sixty-five to eighty-five percent of all problems brought to attorneys through plans can be resolved through nothing more than advice and a small amount of follow-up.” So many companies are flocking to this type of model because, in simplest terms, it works. Depending on the services your firm provides, a legal plan may be the best way to grow your business and eliminate problems surrounding accounts receivable. So, explore the needs of your practice and see if this is something you can adopt because it could be well worth it.