Subscription Billing

In our series on Alternative Fee Arrangements (AFAs), which focuses on alternatives to billable hours, this article deals with subscription billing.

What is subscription billing? Kimberly Bennett describes a subscription-based law firm as one that “offers clients legal services for a flat monthly fee. Clients ‘subscribe’ to a legal services plan. Depending on the firm and plans available, clients benefit from services such as unlimited legal advice, document review, and business planning.” Basically, the lawyer plays the role of an in-house counsel or legal department for clients who don’t need a full-time legal department.

Why would one consider offering subscription billing? What are the benefits? It turns out there are several.

A first set of benefits has to do with predictability, both for the clients and for the law firm. Unlike with billable hours, the clients know the exact costs in advance, and they know the value they will be receiving for that cost. And the law firm, too, knows in advance exactly how much it will be receiving from its clients with a subscription.

A second set of benefits is partly a result of this predictability. Subscriptions lead to better relationships and increased satisfaction. A client doesn’t have to worry about how long a phone call to his or her lawyer will take, or how often he or she can call a lawyer. As a result of this, clients can be proactive in understanding their legal options. They can reach out to get answers before a small problem becomes a big problem. By developing an ongoing relationship this way, a subscription-based law firm gets to know a client better, as it learns about their businesses needs. The lawyer becomes a part of the client’s team.

Subscription billing also eliminates the pressure to constantly be billing and performing billable hours. As a lawyer, you know how much time on average you’ll spend each month on each client, which in turn allows you to better plan your time, allowing to set time aside for research and development.

Last but not least, there is the aspect of scalability. With billable hours, there is a limit to the number of hours you can charge each month. If you start productizing the legal services you offer, and automating the workflows, there is no limit to the number of clients you can take on.

So, how does one go about setting up a subscription-based law firm? There are three aspects to pay attention to: determining a price model, productizing your offerings, and implementing technology to maximize efficiency. Let’s have a closer look at those.

Determining a price model and setting a price: there are several options. You could work with a fixed monthly flat fee that covers everything. This seems to be the most commonly used model. You could work with different tiers which entitle your client to different amounts or types of work. Some work with a fixed fee that entitles the client to a certain amount of work and charge separately if certain margins are exceeded. The safest way to then set the price is to consider the work you’ve already done in the past for this client and calculate the monthly average. It is probably a good idea to allow for regular evaluations in order to get to a system that everybody is happy with.

Productizing your offerings: it is important to determine the scope of what you are offering and what legal services are covered. E.g., is litigation included? If you don’t determine the scope, clients may try and take advantage of you. In this context, offering different tiers may again be a good option. With subscriptions, law firms often focus on a vertical niche, targeting specific clients with specific needs.

Implementing technology to maximize efficiency: you want to automate your workflow as much as possible, which will result in optimal productivity and profitability. Remember the scalability: greater efficiency allows you to take on more clients with little extra overhead.

Switching to a subscription-based law firm does come with its own challenges. Finding the ideal pricing model and price may take some effort. You also may have to overcome some client hesitations. And it isn’t always easy for lawyer to shift to a more modern mindset where they see themselves as a company that offers legal services.

 

Sources:

 

How to use Hashtags

In a previous article, we explained what hashtags are, and where you would use them. In this follow-up article, we’ll explain what the best ways are to use them.

Let us recap that hashtags typically consists of one or more words, preceded by the #-sign. They can only contain alphabetical characters, digits, and underscores. They cannot contain spaces. Therefore, if your hashtag consists of more than one word, it is a good habit to start each word with its own capital letter. It is best to keep your hashtags short: don’t combine more than two or three words into one hashtag. It is also best to use them in moderation: for most platforms, the rule is that one or two hashtags per post work best. Instagram and Pinterest are the exceptions to that rule, where it is common to use a dozen or more hashtags.

What hashtags do you use, and how do you choose them? The following guidelines are considered ‘best practices’:

  • Be specific: if you post an article on a divorce settlement, then use #DivorceSettlement rather than #CivilLaw.
  • Use relevant hashtags only: most platforms will punish the use of irrelevant hashtags by excluding them from search results or by ranking them lower.
  • Keep it simple: if you’re writing about human rights violations in Europe, use #HumanRights rather than the article and subsection of the ECHR that most people won’t be familiar with.
  • Use hashtags that your audience is looking for. Look at what influencers are doing, i.e. research what other lawyers are using, and choose those hashtags that are used by people who are considered authorities in the field.
  • See what’s trending: if your post addresses topical items, you will get more readers when you use a hashtag that is trending.
  • If you want to raise brand awareness or name recognition, use a unique hashtag.
  • Mix it up: don’t make posts that all use the same hashtags.
  • Avoid ‘bashtags’, i.e. hashtags used to criticize something or somebody.
  • Track how your hashtags are doing.

Twitter, where hashtags were first used, gives its own sets of Dos and Don’ts that is useful, too.

Do

  • Make it easy to remember — and spell. Don’t leave room for possible typos, which will make your Tweet undiscoverable.
  • Be realistic. Don’t expect people to start using your brand slogan or other one-sided hashtags in their Tweets if it doesn’t fit naturally and there is no incentive for them to do so.
  • Do your research. Check and see what hashtags people are already using when talking about your brand and capitalize on those. Also, make sure to check if your desired hashtag is already being used. If so, ask yourself if it’s still relevant to your brand.
  • Give people a reason to use your hashtag. Whether it’s an actual prize or just recognition in the form of a Retweet, your audience will respond better when it’s a mutually beneficial relationship.
  • Partner with influencers. Influencerscan help gain exposure and visibility for your hashtag.

Don’ts

  • Don’t over hashtag. One to two relevant hashtags per Tweet is the sweet spot. Remember: character count matters.
  • Don’t expect your brand slogan to translate to a hashtag. A hashtag is meant to be inclusive, shareable, and discoverable. If it doesn’t organically fit within a Tweet, it’ll feel forced and lose its intended purpose.
  • Don’t expect people to use your hashtag without a reason or incentive. The best hashtags have the ability to draw people in and invoke curiosity to explore and join in on the conversation.
  • Don’t neglect to educate on what it is and how to use it. Make sure you’re clearly communicating the hashtag and more importantly, why someone would want to include it in their own Tweet.
  • Don’t use all CAPS LOCK. Unless it’s an acronym, this feels like shouting and also adds unnecessary work.

Apart from these general guidelines, there are also best practices per platform.

Hashtags are fairly new to LinkedIn, and there hasn’t been a lot of research on metrics to see what performs best. LinkedIn typically suggests up to six hashtags when making a post. It is possible to weave them into the body of your LinkedIn articles, or to list them as article keywords at the end for wider reach. You can also incorporate hashtags into comments you make on other people’s posts. LinkedIn allows you to add hashtags to your profile for more visibility across the platform.

On Twitter, the ideal number of hashtags per tweet is one or two. Make sure to consolidate your tweets. Aside from normal Tweets, other common ways to use hashtags on Twitter include:

  • Using a single hashtag consistently to categorize all of your content over time
  • Hosting or contributing to a Twitter chat
  • Being a part of Twitter Moments to create or curate a story
  • Researching trending or competitors’ hashtags

Hashtags are still not commonly used on Facebook, but they are supported. Anywhere between 1 to 3 per post are recommended. Don’t forget to make the post public if you want to attract readers outside of your circle of Facebook Friends.

If you upload a video to YouTube, you can enter a hashtag in the title or description. These are hyperlinked, and similar to Pinterest, are clickable to bring up related videos with that tag. Here, too, the rule is to add hashtags sparingly and to make sure they’re directly related to your content. The more tags you add, the less relevant they become.

Instagram allows up to 30 hashtags, but research shows that using 9 to 12 creates the highest engagement. Hashtags between 21 to 24 characters perform best. Since many hashtags are allowed, it is best to put the most valuable hashtags first. As is the case in LinkedIn, you can add them to your biography section.

Hashtags on Pinterest identify pins about specific topics. Related Pins can then be discovered by clicking on a hashtag in a Pin description, which takes users to all the Pins that share that hashtag. Here, too, it is better to not go overboard, so don’t add more than 20 hashtags per Pin. As with all the other platforms, make sure they’re all relevant, specific, and descriptive. Pinterest hashtags only work within the Pins’ descriptions.

 

Sources: