21st Century Practice?

Posted on December 12, 2008. Filed under: Practice Management, The times they are a'changin' |

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Referred to in this video: Build a Solo Practice LLC- When Pricing Your Legal Services, Understand Your Clients

5 Responses to “21st Century Practice?”

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Niki, you give new meaning to PPP (profits per partner) Personal Pre-Paid law services. Your own personal GC – love it!

Niki, you have the genesis of a great idea for so many reason even beyond what you discuss in this video.

You may meet resistance from those attorneys who say you can’t be a Jack of All Trades. However, that being said, you can establish yourself as a sphere of influence..the go to person for all legal matters, someone they trust to guide them appropriately and make money being that individual besides practicing your specific area(s)of law.

I know this is not a fully fleshed out idea…but it is the IDEA which has a lot of merit.

Thanks for the shout out.

Thanks for your comments (and praise). I think this is a set up that could work–especially for someone with an established practice who can send out a letter offering this option to all past clients.

A new attorney could approach lawyers handling specific matters (matrimonial, criminal def., PI, etc.) and ask if they’ll send the letter to their clients in exchange for being referred cases of the type that they handle.

This would allow the new atty to work on creating a network within the legal community and establish the referral system for the new “GC law practice for the average citizen”.

I don’t think of it as a jack of all trades situation. It’s really a “general practice” set up. The new lawyer handles more routine matters, like real estate closings, wills and a few other types of more simple matters. The atty can also choose one area of law that involves more complex, protracted cases–ie. civil lawsuit, crim. def., employment litigation–and handles cases of that type, but refer all others out.

The lawyer is also the “go to person” for other legal needs, as outlined in the contract–ie, initial consultation prior to referring the case out, maybe agrees to appear as atty during deposition or court testimony if client is ever subpoenaed, etc.

This “GC” practice would give the atty a base income that is fairly reliable, better connections within the legal community, and would make the atty more valued in the legal community as well.

It’s just an idea, but I think it can work and might be the wave of the future.

Who knows? 😉

I’ve been stewing over the “general counsel” idea for a few months myself, and I recently started thinking about the “service contract” pricing idea. The real genius will be in selling this form of service and tweaking the business model so that it works well. How do you convince clients to sign up for it? Many would rather “self insure” and pay only when they need services. Many don’t think they need legal advice until they run into a problem. This is a challenge, and I will be looking for ideas on how this business model might really work. Please keep the conversation going.

This is already being done. It’s called “outsourced general counsel,” and I’ve encountered a few firms using it. I’ve been toying with the idea of taking it to banks and other financial institutions. The compliance burden on small banks is enormous, and they haven’t figured out how to afford it when paying hundreds of dollars an hour to outside counsel whose incentive may be to maximize inefficiency. Your “tweet” and video have inspired me to take a closer look at pricing that service and giving it a whirl. Thanks for that.

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