I’ve had people tell me that the way we do things at Stock Legal is counter-intuitive to a law firm’s business model.
We embrace technology, which makes us more efficient, which means fewer billable hours. We offer fixed-fee services, which keep the price of essential legal services down for start-ups and emerging companies and helps them predict their expenses.
This approach might well be counter to the business model of some law firms, but our approach earns the trust of our clients, which we believe is essential to fostering a long-term relationship. That matters, because long-term relationships are our business model.
Prioritizing long-term relationships with our clients informs our choices.
Offering essential legal services at a fixed fee may not be the most profitable way to charge for those services. It is, however, the most transparent way to charge for those services. Our clients have told us that the “blank check” or “black box” of legal fees is incredibly intimidating.
When we do work that doesn’t fit into a fixed-fee schedule, we still make every effort to be up front and transparent about legal fees, because we know you’re running a business, too.
This practice fosters long-term relationships in two key ways.
First, it supports a trusting relationship. Having high trust between us lets us help you as best we can. If you refrain from asking for our advice because you’re worried about hourly fees, you run the risk of missing crucial legal counsel.
Second, the less you spend on legal fees, the more money you can invest in growing your business. As your business grows, our work grows with you.
Long-term relationships are also important to us because we understand that behind every business, there are people. I know this from first-hand experience: I grew up in a family business, I’ve worked with others to start a business, and now through Stock Legal, I own my own business. From an empathy standpoint, I know exactly what you’re going through, because I've been through it myself.
I also know first-hand the importance of having a team of trusted advisors who are with you for the long haul. In any business, there are so many twists and turns on the path to success. Sometimes, if you get the wrong advice and go right instead of left, it could be the end of your business. Having relationships with advisors that you trust not only helps you avoid pitfalls, it helps you sleep better at night.
That’s why here at Stock Legal, it’s a long game with our clients. We don’t want to be your lawyers for this one transaction . . . we want to be your lawyers for the lifetime of your business.
