Law Subscribed (142) Subscriptions + Tax Law with Mike Payne of BOSS Advisors
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.
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Learn more about BOSS Advisors.
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