Monetize Your Alt Legal IP Docketing Software by Implementing a Client Technology Fee
Alt Legal Team | July 15, 2024
As technology becomes more important to clients, one of the best ways to stand out in a crowded field of IP legal service providers is to brand yourself as a client-centered, tech-forward firm. Today’s clients are more informed and tech-savvy, and it is essential to keep them updated in innovative ways.
Set yourself apart by providing all of your clients real-time access to their IP portfolios in Alt Legal. They’ll have visibility into exactly what’s happening with their IP matters without waiting for reports or responses from your team, no matter what time of day. This will not only provide your clients with access but also the improved client experience that they’re seeking.
Positioning a Client Technology Fee in Your Offerings
This shift in client expectations provides an unique opportunity to recoup some (or even all) of the costs associated with a docketing system. Many clients are already accustomed to seeing a technology fee added onto their bills from other services they consume. They also recognize the role of technology fees in providing better customer service and keeping fees low. Some firms include the client technology fee as a standard part of their retainer agreements, while others may position it as an opt-in, add-on service. Either way, you stand to successfully monetize your Alt Legal docketing software subscription by incorporating a client technology fee into your offerings.
Here’s some suggested language for marketing a new client technology fee as either an additional fee that is part of your standard agreement, or as an add-on service:
I’m so excited to share our firm’s latest offering to ensure that you can quickly and easily check the status of your important IP matters 24/7. Our VIP Trademark Access service allows you to securely sign in to a state-of-the-art database and view your entire IP portfolio whenever you’d like. Check the status of your matters, download key documents, generate reports, and find answers to your questions at any time. You’ll find the modern software is incredibly easy to use and you’ll feel empowered being able to find the information you’re looking for immediately and without additional fees.
[Standard agreement] I’m excited to provide this new level of service to you. You’ll see VIP Trademark Access added onto your next bill and login credentials are forthcoming.
[VIP add-on service] I hope that you’ll sign up! Here’s the link to get started [include link to payment screen.]
How to Monetize Your Alt Legal IP Docketing Software Subscription
Your subscription to Alt Legal IP Docketing Software comes with unlimited “seats” so that you do not have to pay extra to allow docket access to anyone in your organization or external parties including foreign counsel and clients. It’s easy to set up and ensure that third parties only have access to their own matters and are set to read-only so they are not able to make any changes to their docket.
Given that you have a fixed cost with Alt Legal and can offer as many client logins as you’d like, there’s no limit to how many client technology fees you may collect. This allows you to be quite flexible in how you price your client technology fee.
A client technology fee can be priced either as a flat fee, which might be as low as $75/year, or it could be a percentage of legal services rendered, for example, 3-5% of fees generated each month. Whether you price your client technology fee as a flat fee or on a percentage basis depends on your practice and clientele. You can perform some basic math to decide what would be best for your firm. For example:
Flat Fee:
If you are paying $195/month to docket 200 matters in Alt Legal, your annual subscription cost is $2,340. If you were to sell client technology fees at $95/annually, you would need to sell 25 subscriptions to recoup the full cost of your Alt Legal IP Docketing Software.
($195 x 12) = $2,340
($2,340 / $95) = 25
Percentage Fee:
If you are paying $195/month to docket 200 matters in Alt Legal, your annual subscription cost is $2,340. If you were to sell client technology fees at 5% of monthly invoices, for every $100,000 that you generate in annual billings, you’ll bring in $5,000 in client technology fees, recouping the full cost of your Alt Legal IP Docketing Software subscription, plus bringing in profit. Even generating $50,000 in annual billings will cover your entire Alt Legal subscription.
Client Technology Fees Benefit Your Firm and the Client
Whether you choose to implement a client technology fee as a new standard part of your agreements, or if you make it an add-on, opt-in service, both you and your clients stand to benefit financially and professionally with this key service offering.
Reduce Costs: Providing direct docket access reduces the need to perform administrative tasks such as pulling and circulating regular docketing reports. Clients oftentimes will not pay for administrative tasks and even if they do, it may reflect negatively on your firm.
Technology Forward: Providing access to technology not only makes it easier for your clients to stay current on the status of their IP matters, it’s also a great way for you to highlight your firm’s focus on technology.
Enhanced Collaboration and Visibility: Sharing your docketing environment creates a virtual bridge between your firm and the client and promotes collaboration. In addition, it’s a great way to stay top-of-mind with clients, since they will be seeing your firm’s name every time they access the docketing system.
Frustration-Free Technology: Alt Legal IP Docketing Software is incredibly easy to use. It is a modern software system, designed to be intuitive, like many of the best apps most consumers are already familiar with. Most users require very little training and are quickly up-and-running with the system, and we will train your clients on our dime as part of your subscription.
Secure and Reliable System: Alt Legal IP Docketing Software is a secure system and clients will only have the ability to see their own matters. They will have read-only access to their matters, ensuring that they cannot make changes or inadvertently delete items, clear deadlines, or add matters. Additionally, clients will not have access to your firm’s internal notes within their record.