by Noel Bagwell
for Executive Legal Professionals, PLLC
March 11, 2015
Law Offices Are Changing the Way They Do Business
The hated “billable hour” is obsolete. As the economy evolves and becomes ever more modern, businesses are noticing the increasing diversity of options in the legal services marketplace. No longer must businesses be slaves to archaic retainer + hourly fee structures. Now, the law office of the future incorporates more teams of lawyers working on a project basis at lower prices.
Subscription-based legal services have started to replace legal insurance and prepaid legal insurance plans, because they offer businesses legal service plans for a regular fixed fee, ensuring businesses have access to regular, ongoing preventive legal services in a way that still permits budgeting and cost-shifting. In short, innovation is making legal services better and more affordable to an ever-growing number of prospective clients–including people who, in the past, may have been priced out of the preventive legal services market.
Here is what some experts believe the law office of the future may look like:
What does the law office with which you do business look like? Is it the traditional, bloated “billable hour” system with a limited approach to embracing technology to enhance client interaction and convenience? Here are a few links to help you get started in your search for better options:
- Three Reasons You Should HATE the Billable Hour
- The Value of Preventive Legal Services
- General Counsel: what is it, and why is it valuable to you and necessary for your business?
- Getting More From Your Legal Service Plan
We hope you’ve found this article and infographic helpful. Please consider sharing it on social media. Executive Legal Professionals, PLLC is committed to increasing access to business legal services to more people at lower cost without compromising the quality of representation and work product clients receive. Help support our mission, and be part of the subscription-based legal service revolution!