Posted April 17, 2020
Posted By Meghann Cannon
23 April, 2019
When most people hear subscription, they probably think about their grandparents and Reader’s Digest. Whilst we certainly don’t have anything against Reader’s Digest, we do think there is an even better use of the subscription model – for ongoing legal support! At Kit we help around 70% of our clients through an ongoing monthly subscription. Why do we think this works better than the traditional billable hours model? Ongoing regulatory compliance requires continual and pro-active monitoring and maintenance, something that just wouldn’t fit with a traditional billable hours model. Our client’s monthly subscription ensures that we are completely across their obligations and doing everything we can do to ensure they remain compliant. They can also send through any financial services related queries via our Helpdesk, without fear of how much they will be billed to ask a question. It’s all included in their subscription!
Once during a speech Catherine gave, the business model we run was tackled by a first-year law student, on his first day of Uni, who said there is no possible way that our business model could be as profitable as a billable hours model. Maybe, he’s right but maybe huge profits are at the cost of the client…..and doing things to our benefit, at the cost of our clients isn’t how Kit Legal operates. Like any good sceptic the next question is “well, what’s in it for Kit Legal then?” To start with, our subscription model allows us to much more easily forecast our workload and in turn fully but efficiently resource the work. We don’t have lawyers sitting around just in case a big matter comes in, we can accurately predict our workload and this efficiency in resourcing is passed onto our clients. Some months they get amazing value out of their subscription and some months we don’t have as much contact. However, we believe it is like the “cappuccino economy”, what goes around comes around when you are in a long-term friendship! At the end of the day we see that it is a model that allows for a happy balance, no one is at a significant advantage, it just works effectively for everyone. If you want to know more about our subscription-based packages, what they include or philosophy behind them, just ask, we are always happy to talk!