Alt Legal Connect Session Summary: Building a Subscription Practice
Alt Legal Team | October 28, 2020
On Monday, October 26, Kim Bennett of K. Bennett Law, Jon Tobin of Counsel for Creators and Jason Foscolo of The Food Law Firm presented the session, “Building a Subscription Practice.” This panel discussion reviewed the topic of subscription fee models for law practice. Each imparted valuable advice and insights into how they came to the conclusion that using a subscription pricing model for their firms was as Kim Bennet professed, “a shift to a proactive approach for your clients – let them come to you before there is a fire.” She continued using the firefighter analogy to explain further how subscriptions versus a flat fee were like “putting out the low flame vs. a full on fire.”
Additionally, Jon Tobin expressed how “lawyers need to offer (something of) value other than their time.” In doing so, “the client will get an experience” says Jason Foscolo. Each panelist shared their enthusiasm for making this part of their mantra and also recommended reading the book, Profit First: Transform Your Business from a Cash-Eating Monster to a Money-Making Machine by Mike Michalowicz.
Lastly, they shared some parting motivators to the audience. That making it happen for your clients is about being bold, to try this and “taking the imperfect action will shift mindsets” as Kim puts it will get you on track to be profitable and successful.
Access the Recording and Materials: Click here
Resources Mentioned:
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Trademark Attorneys / Lawyers Facebook Group (thanks Tianna Mann!)
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Gravity Legal podcasts with Jonathan and Kim:
o Kim: https://www.gravity-legal.com/financiallylegal/07-how-do-you-show-up
o Jonathan: https://www.gravity-legal.com/financiallylegal/05-can-you-sell-legal-services-by-subscription (Jonathan said “My biggest recommendation to lawyers thinking about subscriptions is to just get started.” https://www.gravity-legal.com/financiallylegal/05-can-you-sell-legal-services-by-subscription)
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Gravity Legal podcast re: ethics: https://www.gravity-legal.com/financiallylegal/ethics-of-subscription-legal-services-part-3
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Link to Jon’s program: https://counselforcreators.com/creators-legal-program/ (thanks Tamara Pester!)
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Book mentioned during session: Profit First, https://www.amazon.com/Profit-First-Transform-Cash-Eating-Money-Making-ebook/dp/B01HCGYTH4
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Jason uses fattmerchant (www.fattmerchant.com) + Clio (www.goclio.com)
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Jonathan uses https://recurly.com/ for managing his subscriptions
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Gravity Legal has most of the functionality of Recurly but also the legal-specific know-how if you do need to or want to take those funds into trust: https://gravity-legal.com