More and more, law firms are offering flat fee rates for specific services. In order to create more “products” for clients to choose from at a flat fee rate, law firms will need to start unbundling their processes and what they provide for every client. By rethinking how attorneys interact with their clients and what individual services they provide, law firms can begin to unbundle and potentially create more avenues for profit within their company. To learn more about unbundling legal services and other technological innovations for law firm profitability, reach out to dealcloser today.
Unbundling Legal Analysis
Typically, when a client asks an attorney for an answer to a legal question, the attorney responds with the answer and the legal analysis that went into the answer. One way to unbundle this service is by separating out delivery of the answer from delivery of the analysis. If the client wants a presentation of the research and analysis that went into the answer, he or she can pay for a consultation for the time to discuss that research and analysis only. In some situations, a client may be able to figure out a legal solution on his or her own after a number of paid consultations discussing the legal analysis with an attorney at your firm. Otherwise, the client can simply receive the answer and pay only for the time needed to provide that answer without presenting the research and analysis that led to that answer.
Unbundling Case Strategy and Solutions
Another avenue for unbundling legal services is to separate creative case strategy and solutions as a separate offering for your firm. If a client wants a unique strategy for a legal issue that deviates from the norm or would like to brainstorm solutions to a particular legal problem, these services can come at a premium price. Getting creative as a lawyer takes additional time and effort that could be spent billing for other clients, and that creativity should be rewarded accordingly. Just as more senior attorneys at firms have a higher billing rate, the most creative legal minds can also cost a premium to the client.
Unbundling Legal Skills
One final way to unbundle legal services at your law practice is to unbundle the individual legal skills that your attorneys provide to their clients, while of course ensuring a baseline of quality service. These skills go beyond the basic research and analysis of a legal question. Legal skills refer to the soft skills that an attorney provides for clients that take the representation to the next level. Courtroom presence, relationships with counsel, knowing how to work a jury, skills in drafting airtight contracts, and more are all skills that attorneys unconsciously provide for every client who secures their representation. If a firm unbundles these legal skills, they can charge a flat rate or a premium price to clients who want to lean more heavily additional skills as part of their overall representation.
At dealcloser, we specialize in helping our legal clients be as profitable as possible as a business. For more information about unbundling products and for a demo of our offered services, call or contact our office today.