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(142) Subscriptions + Tax Law with Mike Payne of BOSS Advisors
Manage episode 505894082 series 3284066
Top 5 Takeaways from my interview with Mike Payne of Boss Advisors:
1. Embracing Alternative Business Structures (ABS):
Mike Payne was an early adopter of Arizona’s Alternative Business Structure for law firms, allowing him to merge his law and accounting practices. This move reduced administrative burdens, enabled non-lawyer ownership, and positioned his firm as a pioneer, paving the way for larger firms to follow.
2. Subscription and Flat Fee Model Over Hourly Billing:
Mike’s firm operates almost entirely on flat fees or subscriptions, avoiding hourly billing. He started by spreading tax prep fees over 12 months and added value through consulting, eventually formalizing subscription offerings across five practice areas, including legal services.
3. Client-Centric, Tiered Service Packages:
Instead of letting clients choose from generic service tiers, Mike’s firm categorizes clients based on their business profile (e.g., investor, startup, owner-operator, enterprise) and recommends the appropriate package. This approach streamlines pricing, reduces custom quotes, and ensures clients get what they need.
4. Data-Driven, Transparent Pricing:
Mike uses a detailed, analytical process to set fixed fees—calculating internal costs, adding a target profit margin, and comparing to market rates. If a service isn’t profitable or competitive, he won’t offer it. This transparency extends to publishing pricing and typical client profiles on his website.
5. Leveraging Technology and Remote Work:
Mike prioritizes cloud-based, integrated tech tools for both legal and accounting work, enabling a hybrid and remote team. He’s open to AI and automation for efficiency but is cautious about client data security. Tools like WealthCounsel, Clio Grow, Carbon, and Ignition are central to his operations.
__________________________
Learn more about BOSS Advisors.
Want to maximize your law firm? Get your ticket to MaxLawCon!
Here's a link to purchase lifetime access to the recordings of My Shingle's AI Teach-In if you couldn't make it live.
I’ve partnered with Pii to make it easy for you to purchase the hardware I use in my law firm: (1) Studio Setup; (2) Midrange Setup; (3) Highrange Setup.
Sign up for Paxton, my all-in-one AI legal assistant, helping me with legal research, analysis, drafting, and enhancing existing legal work product.
Get Connected with SixFifty, a business and employment legal document automation tool.
Sign up for Gavel, an automation platform for law firms.
Check out my other show, the Law for Kids Podcast.
Visit Law Subscribed to subscribe to the weekly newsletter to listen from your web browser.
Prefer monthly updates? Sign up for the Law Subscribed Monthly Digest on LinkedIn.
Want to use the subscription model for your law firm? Sign up for the Subscription Seminar waitlist at subscriptionseminar.com.
Check out Mathew Kerbis' law firm Subscription Attorney LLC.
Get full access to Law Subscribed at www.lawsubscribed.com/subscribe
182 episodes
Manage episode 505894082 series 3284066
Top 5 Takeaways from my interview with Mike Payne of Boss Advisors:
1. Embracing Alternative Business Structures (ABS):
Mike Payne was an early adopter of Arizona’s Alternative Business Structure for law firms, allowing him to merge his law and accounting practices. This move reduced administrative burdens, enabled non-lawyer ownership, and positioned his firm as a pioneer, paving the way for larger firms to follow.
2. Subscription and Flat Fee Model Over Hourly Billing:
Mike’s firm operates almost entirely on flat fees or subscriptions, avoiding hourly billing. He started by spreading tax prep fees over 12 months and added value through consulting, eventually formalizing subscription offerings across five practice areas, including legal services.
3. Client-Centric, Tiered Service Packages:
Instead of letting clients choose from generic service tiers, Mike’s firm categorizes clients based on their business profile (e.g., investor, startup, owner-operator, enterprise) and recommends the appropriate package. This approach streamlines pricing, reduces custom quotes, and ensures clients get what they need.
4. Data-Driven, Transparent Pricing:
Mike uses a detailed, analytical process to set fixed fees—calculating internal costs, adding a target profit margin, and comparing to market rates. If a service isn’t profitable or competitive, he won’t offer it. This transparency extends to publishing pricing and typical client profiles on his website.
5. Leveraging Technology and Remote Work:
Mike prioritizes cloud-based, integrated tech tools for both legal and accounting work, enabling a hybrid and remote team. He’s open to AI and automation for efficiency but is cautious about client data security. Tools like WealthCounsel, Clio Grow, Carbon, and Ignition are central to his operations.
__________________________
Learn more about BOSS Advisors.
Want to maximize your law firm? Get your ticket to MaxLawCon!
Here's a link to purchase lifetime access to the recordings of My Shingle's AI Teach-In if you couldn't make it live.
I’ve partnered with Pii to make it easy for you to purchase the hardware I use in my law firm: (1) Studio Setup; (2) Midrange Setup; (3) Highrange Setup.
Sign up for Paxton, my all-in-one AI legal assistant, helping me with legal research, analysis, drafting, and enhancing existing legal work product.
Get Connected with SixFifty, a business and employment legal document automation tool.
Sign up for Gavel, an automation platform for law firms.
Check out my other show, the Law for Kids Podcast.
Visit Law Subscribed to subscribe to the weekly newsletter to listen from your web browser.
Prefer monthly updates? Sign up for the Law Subscribed Monthly Digest on LinkedIn.
Want to use the subscription model for your law firm? Sign up for the Subscription Seminar waitlist at subscriptionseminar.com.
Check out Mathew Kerbis' law firm Subscription Attorney LLC.
Get full access to Law Subscribed at www.lawsubscribed.com/subscribe
182 episodes
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