Can This Success Story Be Applied in Your Field of Law?
Posted at Legal Practice Intelligence - 4 November 2016
How would your cash flow look if every client paid you every month? At the very least, your revenue would be more predictable and consistent.
If every client paid you every month, an increase in the number of clients would directly add to your bottom line. Your direct costs, such as labour costs, would not necessarily increase by the same proportion.
What type of businesses currently benefit from such a model? The classic example is software. The marginal cost of providing 2,000 units of software compared to 1,000 units is almost nothing. There are industries where the client’s expectation is to pay every year rather than every month. Examples, are insurance products and accounting services.
Can legal services be offered on a monthly subscription basis?
One company, Employsure has transformed its field of legal and compliance expertise into a thriving subscription service business.
Employsure describes its offering as: All relevant documentation for accurate and compliant record keeping; a dedicated Employment Claims Advisor; representation by Sparke Helmore Lawyers and cover for legal costs.
Employsure was recently listed in the AFR list of 50 Most Innovative Companies 2016.
“Our cost-effective service allows you to budget for complete protection and achieve peace of mind when it comes to employee management and workplace safety. We will conduct a review of your current documents and processes, offer you protection and provide assurance that you are compliant,” the company explains in its marketing.
Employsure has transformed traditional legal services into “products” and defined services. Its offering includes standard documents, templates and online services. If you follow the rules laid out by the company and still end up in litigation, then you are covered by its prefered legal services provider Sparke Helmore:
“In the event of a claim, our in-house advisers will work with you every step of the way. If the matter goes to court, we will engage Sparke Helmore Lawyers to represent you at no additional cost.
Your Sparke Helmore representative will attend hearings, prepare documents and conduct negotiations on your behalf, while keeping you informed of your position throughout the proceedings.”
Employsure has has grown from a start-up in April 2011, to the largest SME membership organisation in this space today, employing over 300 staff and retaining over 10,000 clients. Employsure saw 200 per cent growth since April 2015, according to AFR research.
The value proposition for clients: In return for a predictable monthly subscription fee, clients have substantially eliminated the risk of non-compliance with a whole set of complex and “mysterious” laws that relate to utilising people in their business.
Can this approach be applied to the areas of law that you specialise in?
© 2016 Legal Practice Intelligence