Lawyer “Subscription Plans” – that’s what the American Bar Association calls it in this article.
Subscription models are changing billing practices for large and small corporations.
Businesses are hiring key consultants – whether they are lawyers, accountants or other professionals, as the circumstances require – on a part-time contract basis.
Has your business grown to the point that you now need a corporate lawyer to be your firm’s acting General Counsel? Has your company reached a new milestone, such as negotiating the lease for new office space, thinking about a costly software contract to modernize your operations, or do you want to offer your employees a stock option plan to try to keep your most talented performers?
You can save a substantial amount by hiring someone on a part-time basis, paying a monthly fee for 25 to 30 hours of the lawyer’s time. Usually, firms will offer a discount on their standard hourly fee for the commitment to a “bucket of hours” from the client each month to handle whatever legal issues may arise, as they come up.
Having “on demand”, “as needed” counsel is beginning to disrupt traditional strategic consulting firms, as corporations are asking for new billing arrangements that ensure the consultant gains an in-depth understanding of the client’s business while still keeping legal expenses predictable.
Fortune magazine says that 23% of all businesses who fail do so because they didn’t have to right team to lead the business. If your management team doesn’t have all the skills you need, then get outside help. It may be a lot more affordable than you realize.
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