Packaging Legal Services as Products

Packaging Legal Services as Products

Copyright 2016 Lucent Law, PLLC

Brett T. Sullivan

Outline

1. Introduction to Lucent Law

2. What Does “Legal Productization” Mean?A. Basic Theory of ProductizationB. Intersection with Fixed Fee Pricing

3. Examples of Productization Applied in a Law PracticeA. Real Estate TransactionB. Business Entity Formation TransactionC. Estate Planning Matter


Outline

4. Reasons to Consider ProductizationA. It’s a Retail WorldB. Easy Onramp to New Client EngagementC. Reduce Attorney Burdens in Explaining/Pricing Services

5. Conclusions

Please feel free to ask questions during the presentation.



Poll Questions

1. How many audience members routinely offer at least one fixed-price service at this time?

2. How many audience members anticipate offering at least one fixed-price service in the next 12months?

3. How many audience members’ websites allow for fixed-price services to be purchased and paid online?

4. How many audience members are considering offering fixed-price services for purchase and payment through your website in the next 12 months?


Introduction to Lucent Law, PLLC

• Formed in 2010

• Members have experience working in private practice and in-house counsel roles, with a primary focus on real estate and business transactions

• 2014: First discussed the possibility of offering business, real estate and estate planning services on fixed-fee basis

• 2015: Focused on developing a business plan for developing an platform for the purchase and delivery of legal services


Introduction to Lucent Law, PLLC

• Trademark registration filed for “Forms & Essentials” (the name for our online platform for the purchase and delivery of legal services)

• 2015: Initial development of marketing and promotional plan for “Forms & Essentials” platform

• 2016: Further marketing and business development and refinement of services

What Does Legal Productization Mean?


• Some legal services can be reimagined or repackaged as a product and sold/delivered on a fixed fee or subscription basis through retail channels

• Legal form sellers (e.g., LegalZoom) have been engaged in this process for years

• Lawyers have traditionally pushed back against commoditization

• Creating retail products from existing (or future) services allow the lawyer to “dictate the terms of engagement”



• Legal Productization is not a new concept: A Google search using phrase “legal productization” pulls up nine entries on first page; first entry is “The Productization of Legal Services” by the Law Practice Division of the ABA (http://www.americanbar.org/publications/law_practice_magazine/2014/july-august/the-productization-of-legal-services.html)



• Rethink the means and methods by which a potential client proceeds through the following engagement steps:

1. Service Awareness (potential client becomes aware of service)2. Engagement & Intake Process (potential client engages law firm for a

particular service and clears applicable conflict checks)3. Client Information Download4. Process Client Information into Documents/Forms5. Deliverable Preparation6. Legal Value Add7. Follow Up Marketing & Business Development

What Does Legal Producitization Mean?


• Legal Products are usually associated with fixed-fee pricing

• Some Legal Products can be sold through a subscription model

• Hybrids: fixed-fee plus an hourly component

• Anticipate “detours from the path”

Examples of Legal Products in a Law Practice

Real Estate Transactions

Business Entity Formation

Estate Planning Matter

Residential Purchase and Sale Agreement Preparation-Buyer Version-Seller Version




Order Intake1. Product Information2. More Info & Order3. Shopping Cart Process4. Checkout5. Back Office Conflict Check & Approval (S/A)6. Process Payment (S/A)

Note: develop alternatives for manual orders




Order Processing1. Questionnaire Sent to Client (S/automatic)2. Monitor Progress/Answer Questions (S as gatekeeper)3. Prepare Draft Documents (S/A/automatic)4. Deliver Drafts to Client (S)5. Revisions (S/A)6. Finalize Documents (S/A)




Service, Marketing & Business Development Followup1. Calendar followups as appropriate to service (transactional v. estate planning)2. Email list (S)3. Social media (S)4. Recommend alternative/complementary services


Real Estate Transaction Walkthrough








Reasons to Consider Productization

1. It’s a retail world. People expect to consume services in a retail-centric format, when they want, how they want.

2. Easy onramp to new client engagement. Broaden your traditional client base by offering “easy onramp” services (for example, an advance directive and healthcare power of attorney package)



3. Reduce attorney investment in new client engagement and service/pricing explanation. Let your website and related marketing do the work for you. For commodity or near-commodity services, set your information and expertise free. Reduce your ”friction points” in engaging and onboarding new clients.

4. Your competitors are or will be engaged in productization.



LegalZoom-Founded 2001-200,000 legal plan “attorney consultations” (3/24/15)-Commenced operations in UK in 2016-Partnership with Sam’s Club to provide legal solutions to small businesses (10/23/14)-$200MM equity sale in Feb 2014-Not a law firm; not subject to RPCs or other ethical obligations-Access to venture capital



-Accessibility

-Remove friction points

-Understand and adapt to changing consumer models


Conclusion

Products, not commodities

Retail-centric; reduce friction points to engaging, onboarding and delivering great services for clients.

Reduce attorney/staff time & involvement in onboarding and engagement process

Combine legal productization with document assembly and logical forms for a ”killer app”
