Online business formation sites, and dozens of other providers have been “stealing” business from law firms for years.
First… this is a fallacy. Lawyers just haven’t been given an entry point into the same service model that is easy to implement with an attractive enough margin.
What is it?
When a consumer files for an LLC, S Corp, C Corp, Inc, or any other business formation there are a series of forms to complete, articles to file, and deadlines to adhere to. LINC gives attorneys the ability to not only re-sell the same packages as the online business formation sites, but as their own product, with incredible automated safeguards and add ons!
When your law firm signs up for LINC. First, start by customizing the dashboard with your colors, logo and contact information. Select the forms or packages you’d like to offer, and list the fees charged for each package. The form automation and technology is purchased per filing at a wholesale rate. Legalinc shares the industry standard rates so you know what is a typical price for certain offerings. You decide what your clients will pay, based on that information and your desired margin. Once you have the law firm product suite put together, you can even amend the template reminder emails for your clients as the date of their Annual Report approaches.
When a client purchases a package through your website you can choose to review the orders the same way you would if you completed the order through their robust platform or you can choose immediate processing which speeds up the already efficient process. And, have comprehensive deadline tracking and reminder system in place. Now, you also have the option to keep this as an internal tool and use it for case production without ever showing it to your clients. Your call.
If you practice Business Law, IP Patent Trademark, Tax, or any other area of law that overlaps with forming a business you would be crazy not to take advantage of this technology. The use of an automation toolkit like LINC will help you; provide better service to your clients, increase existing profit margins, or generate new revenue by offering additional services. And I’m not being paid to say that… after you read the rest of this post, I hope you’ll agree it’s just common sense.
Now, before you pass judgement, and leave… let me share a story with you.
I have personally filed 11 entities. My first one was at the age of 19, when I actually drove to Springfield, IL to file it in person… also known as the dark ages.
Since then, I’ve gotten either smarter, more impatient… or both. I went through a DIY Start-Up Phase when I used a well known DIY formation site, then matured and invested thousands to have the oversight of specialized attorneys.
In the DIY Start-Up phase, I got burned… and bad. I was young, was hustling trying to get clients, doing all the work myself and didn’t pay attention to the registered agent and annual report rules, letting an annual report run overdue. BAM, $500 FINE! Which I found out about as I applied for a merchant processing account, (so I could get paid!) and was denied because my company was not in good standing. Double fail.
A few years of maturity and income levels later I decided to do things the grown up way, and hire great lawyers to make sure every “i” was dotted and “t” was crossed. And out came the checkbook, I was paying for peace of mind. BUT, at no time did they ever offer to handle the registered agent piece for me, and I still had to do some of the filing on my own. What I would have paid in that moment, not to worry about anything… is my point.
If my attorney would have said to me: “For an extra $500 per year, we will file your annual report, serve as your registered agent, and do a legal check up call with you.”
I would have signed so fast the pen might have broken.
And that’s just one of MANY OPPORTUNITIES. Let’s talk about margins for a second. Every second you can shave off of the time it takes you to deliver a service is money in your pocket. The law firms who will thrive within the next 5 years are the ones who will have put technology to work in their practice.
For the lawyers who are concerned that robots are going to put you out of business… why don’t you hire the robot to work for you instead? I hear they don’t eat much.
You can choose to keep the system as an internal tool, or give your website visitors the option to file online themselves. With guess what… a complimentary attorney review. Also known as “Your chance to up-sell them into the services they really need!”
Operating agreements, employment contracts, NDA’s, and more. So many businesses operate without a fraction of the legal protection they need. Another fact to share… if the annual report isn’t filed and your client gets caught up in a lawsuit… guess what can be used against them?
Wouldn’t it be nice if you can offer the registered agent and annual report service as additional legal protection for them, without having to do any of the legwork?
So here’s the deal. Embrace technology, protect your clients, make more money, and look like a Rock Star.