Last week I promised I’d share with you how our Personal Family Lawyer® and Creative Business Lawyer™ members add up to $36,000 per year, per client to their law practice profits using a membership program.
I also promised I’d share with you how you can add on additional revenue streams serving your existing clients by providing additional services.
So, let’s dive in.
One lawyer, Denise Gosnell, learned how to shift her traditional business planning practice into a concierge-style law practice that no longer offers one off services at all. Today, Denise’s clients pay her anywhere between $1,500 and $5,000 per month to receive her services.
Here’s how Denise does it:
First, she is an attorney who focuses on providing ongoing legal services to entrepreneurs who own publishing, technology, and related companies through affordable flat fee monthly plans.
She offers Silver, Gold, and Platinum plans (ranging from $1,500 per month to $5,000 per month, as mentioned above.) The services provided under each plan are very similar, with the higher levels simply including more of the same type of services.
Here are some examples of the types of services that Denise assists her clients with:
- Internet legal issues, such as: web site terms and conditions, contests, licensing, and advertising regulations
- trademark and copyright filings and enforcement
- strategic planning using her proprietary strategic planning process
- risk auditing and mitigation, including use of her proprietary audit that helps identify the biggest risks in just a few minutes
- contract negotiations
- drafting, revising, and/or negotiating employee, contractor, joint venture, licensing, and other agreements
- corporate formation and meeting minute services
- interacting with your advisors (attorneys, accountant, financial planner, and/or insurance agent) as desired to help you build a solid foundation for your business and personal life
- Clients also receive additional bonuses, such as her monthly print newsletter and 20 legal agreement templates that every business needs
Her system brings in an average of $36,000/year per client. Some clients pay her $60,000 per year! And it’s all locked in up front. Meaning, she is not starting every month over at zero.
Our Personal Family Lawyer® clients are able to do that in their practices as well, though on a smaller scale.
Once they’ve done the planning for a client, they then enroll the client in their Family Wealth VIP Membership program, which ensures the clients’ plans stay updated throughout their lifetime. Their assets are all documented and never at risk of being lost to the State Department of Unclaimed Property. Most importantly, their family will have as easy of a time as possible when something happens to their loved ones.
Lawyers are charging anywhere between $50/mo up to $250/mo (for more complex planning) for their membership programs.
When I sold my law practice, we had $9,000/mo of recurring revenue coming into my practice. We were no longer starting every month over at zero and it felt so much better than facing that big question of where all my income would come from every month.
You can do this in your practice too, I bet. It just takes thinking outside the traditional law practice business model box and considering how you can truly serve your clients on an ongoing basis.
Okay, so next, how do you add on revenue streams by serving your existing clients? Remember, I said that the most expensive part of your business, bar none, is getting a client to engage your services for the first time. If you don’t offer them anything else, you are leaving loads of money (and fulfillment) on the table.
So, considering what you already do to serve your clients, how else can you serve them? How can you do more of what they need, perhaps in other practice areas?
If you want to add on estate planning to an existing practice that already serves people who need wills, trusts, health care directives, powers of attorney, and kids protection planning, you’ll definitely want to check out our Getting Started Program… But first –