Akin Gump Strauss Hauer & Feld LLP also jumped on the subscription-based bandwagon, launching the OverRuled data platform. This innovative service assists clients in tracking and navigating international sanctions, all for a monthly payment. As the world witnesses significant global events like Russia’s invasion of Ukraine, firms are adapting and offering services to address the immediate needs of clients. This evolving landscape signifies the immense potential of subscription-based legal services.
The Ideal Candidates: Small Businesses Reap the Benefits
One compelling aspect that the Texas ethics committee underlined is the suitability of subscription-based legal services for small business clients. These clients stand to gain substantial value and cost predictability through subscription fee arrangements, in contrast to the traditional, less predictable hourly billing agreements.
An Ethical Reminder: Advance Payments and Refunds
Crucially, the committee made it clear that any fees charged to clients on a subscription basis should be considered advance payments for legal services. These funds cannot be classified as nonrefundable and must be held in trust until the conclusion of each billing period. The committee also emphasized that in the event of a client canceling a subscription service mid-billing cycle, the firm or attorney must issue a refund on a prorated basis.
