On the latest episode of The Small Business Show, we’re exploring a new innovative law firm model. Joining us is Jonathan Page, Founder and Chief Visionary of InPrime Legal. Page founded InPrime Legal, which uses a subscription model instead of the traditional billing-by-the-hour law firm model, and he flourishes in helping CEOs and business owners discover ways to scale and sustain profitable business growth.
For legal firms, hourly billing has historically been the norm. But whether a company is leading or underperforming, Page believes all businesses rely on metrics. “Metrics influence behavior,” he asserts. For instance, salesmen are paid commissions, which influences their conduct to meet business demands. Lawyers work similarly because if you tell an associate how many hours they have to bill, it drives their performance to attain that metric.
Key Takeaways:
1. Page decided to use innovation and technology to his advantage when he started his legal practice to provide outstanding legal services on par with the top 100 law firms but in a more affordable or accessible way.
2. Although InPrime’s goal is to assist people and provide a platform where businesses can scale, those businesses often can’t afford them. So it became imperative for Page to have a system in place where he could still be an asset and help companies grow. Moreover, when they grow, they often return and invest back into the law firm.
3. InPrime discovered that most small business owners gamble with risk. “Risk is inevitable because you must take risks in order to scale your business,” says Page. However, there’s a distinction between gambling and taking proactive steps to reduce that risk that remains up for debate.
4. There are numerous publications on sales and marketing that emphasize the importance of concentrating on what keeps your target audience up at night. However, the truth is that those audiences are not plagued by thoughts of investing in their operating or employee agreements. Hence, one of InPrimes’ responsibilities is to assist them in supporting legal strategists who can justify the importance of those items.
5. Moving forward, InPrime is launching a new program called LIO, which stands for legal intelligence optimized. It will be partially based on artificial intelligence to support new and existing clients to optimize more efficient, accessible, and feasible legal decisions. Additionally, everything will be delivered through the platform so the attorneys can focus on areas where they provide the most value.
“Always lead with value, and if you provide enough value, eventually you’ll get paid.” – Napoleon Hill and Jonathan Page
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