December 21, 2021
Most of us have used subscription services personally. You’re probably already one of the 13 million Netflix subscribers in the UK*?
The premise is you pay a fixed price at regular intervals (often monthly) to receive goods or a benefit for as long as you subscribe.
But how well does that translate to the world of law or any other professional services? Here at Law 365, we’re disrupting the traditional legal model by selling legal services as a subscription.
The concept is simple: For a fixed monthly cost, our customers buy their own “in-house” legal team. Like users of Amazon’s Audible subscription, you receive a number of credits each month that can be used in any way you choose. One credit = one matter from start to finish (large or small).
View our Subscription Model to find out more.
5 financial benefits of paying a subscription for legal services:
(Your FD will love you, guaranteed!).
1. Fixed monthly price
A fixed monthly fee allows for cash flow planning as there are predictable costs spread over the financial year. As a small business ourselves, we know all too well the impact of having to pay for something we weren’t expecting. A fixed monthly fees allows you to budget better.
2. Reduction of annual costs
Using the example of an Amazon Audible subscription, each month a payment is made and an audiobook can be downloaded for a credit. The credit is generally less than if the audiobook was a one off purchase. Here at Law 365, the same thing happens. This leads to a 10% saving (on average) on legal costs for our subscription customers over the course of a year.
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3. Transparent pricing
There are no nasty surprises – what you pay each month is fixed. Those high, unpredictable fees are a thing of the past. Using Law 365’s credit model doesn’t mean you are capped at only using the credits you pay for. You can buy more if you’re suddenly swamped, and you can use them for employment advice or performance coaching if you don’t need help from our commercial team.
4. A holistic approach
The credit model allows you to use credits against things you might otherwise overlook and not approach an expert for, such as (often neglected) smaller documents. We look at the whole business, putting you on the front foot. This proactive approach ensures your business has less risk and is more efficient, and simply makes more sense than just getting expert help on work you identify as necessary yourselves. Law 365 takes the lead, auditing your existing documents and processes to identify areas where you need help.
Human resources can be hard to manage financially. The cost of hiring staff can be huge for a small business, and it can be hard to predict what resources you’ll need and for how long. Are you thinking of hiring an in-house lawyer but concerned that they won’t have the right experience or will sit idle sometimes? With the subscription to Law 365 you have access to a whole team of legal knowledge that can scale up or back as your business requires.
There are many non-financial benefits for customers paying for a professional service via a subscription. One of them is working with happy lawyers, who no longer have to watch the clock and bill by the minute. Staff turnover is non-existent at Law 365. Our lawyers never want to leave, so clients are able to build strong, lasting relationships. Our specialist knowledge about Microsoft Partners gives us a deeper insight into your business. We are experts in what we do and truly understand your business and legal needs.
*13 million Netflix subscribers in the UK (source Statista, 2021).