Q: Who is Loop Legal?
A: We are a team of experienced legal professionals who bring a proactive approach to solving legal or compliance needs of a business. Click here to learn more about the Loop Legal team.
Q: How can Loop Legal take a unique approach to pricing?
A: Loop Legal is built on technology. As a newer firm, we don’t have the legacy costs of most law firms and have a depth of knowledge on other organizations mistakes. As a result, we intentionally keep our overhead low with a high reliance on technology. This allows the attorneys of Loop Legal substantial latitude in establishing creative pricing arrangements with our clients. Clients win because they are able to receive affordable legal services from experienced attorneys without an uncertain price tag.
Q: Why not billable hours?
A: The time an attorney spends on a particular project is not reflective of its value. The result or work towards the intended objective is what the client actually needs—not an amount of time spent by the lawyer to do the work. As a result, Loop Legal takes the time clock out of the equation in order to build a strong partnership and foster open communication.
Q: Will Loop Legal ever work on billable hours?
A: Only in certain limited circumstances. There are a few limited circumstances where a billable hour may make more sense or serve to actually benefit the client. In that case, Loop Legal will discuss all options with the client up front in order to reach the result that makes the most sense for their particular needs. Loop Legal is transparent in its pricing so that it can work with clients on whatever fee arrangement makes sense for that particular need—billable hour or otherwise.
Q: Does transparent pricing mean cheap or poor quality?
A: Absolutely not. Loop Legal attorneys are experienced, motivated, and relationship focused. Pricing is a discussion that happens in every area of business. In fact, we take the approach that talking about different types of pricing up front reflects our appreciation of the needs and sophistication of our clients. You wouldn’t let a mechanic work on your car without first knowing the price. Why should legal services be any different?
Q: Why would someone lease a lawyer for a day?
A: Lots of reasons. A company may be under scrutiny by a regulatory authority, getting ready for a merger, or prepping for year-end. Whatever the reason, a lease is a way to bring on an experienced attorney to help as needed. The attorney sets aside the desired amount of time and dedicates themselves to the specific need at hand. They serve as the extra hands to get done whatever is needed.
Q: What can an attorney get done in a day?
A: More than you think. Click here to find some examples of just how much can be done in a single day. It takes some planning and preparation, but the results and ability to access an experienced attorney for a single day can be priceless.
Q: How is a lease different from a retainer?
A: These are similar fee arrangements, but have different functions and purposes. A lease is a great tool for a company that has a limited need or a project that will end. Leases are for a designated time period and they end once that time is over.
A retainer is different because the work can happen at any time during the month. This arrangement best serves clients who want an ongoing relationship with the lawyer and can be a great alternative to bringing an attorney on the company payroll. A retainer is a flat fee and we often estimate the number of hours or work associated with that client. But, there may be some months where there is more (or less) work involved than could have been anticipated. The client on a retainer agreement pays the same amount each month regardless of how much time or work is needed in any given month.
Q: What is a subscription to a lawyer?
A: Clients pay a flat fee to subscribe to a lawyer. The attorney sets the price based on the issues involved and the number of people authorized by the client to utilize the subscription. Clients can then communicate as much as needed during the designated time period. Subscription clients also have the option to access the attorney after hours, during weekends, or on holidays. This after-hours access comes at an additional price, but the ability to have a conversation with an attorney during an urgent situation can provide a tremendous benefit.
Q: How can an outsider really serve a company as general counsel?
A: There are countless ways. Many companies don’t have the need for a full-time attorney, but still have important legal challenges. The general counsel services provided by Loop Legal can be that critical bridge to resolving the unexpected legal challenges and implementing long term cost-savings on legal spend. We will work with existing counsel, manage other outside counsel, serve as part of a leadership team, and in any other way that makes sense for the specific circumstances. Loop Legal will even help you run an RFP/RFI to help clients find other legal professionals. Our relationship-based approach means that we can work with clients in whatever way makes the most sense for them at the time. This is truly innovative because Loop Legal is not merely rebranding existing services, but actually customizes this service at a price to fit the client.
Q: Why would an outside compliance officer make sense?
A: Loop Legal attorneys are experienced in compliance. Compliance is built on process and documentation. Unlike many competitors, we are lawyers working in a law firm which brings a heightened level of ethical and confidentiality obligations to protect our clients. Loop Legal attorneys ask a lot of questions in order to understand how things work. This enables us to make suggestions to improve the existing procedures, implement new policies, and to move any organization towards compliance. Sometimes, the fresh eyes of an experienced compliance attorney are precisely the answer a client wasn’t aware they needed.
Q: Why hire Loop Legal?
A: Loop Legal attorneys strive to be different. We are experienced legal professionals, but we are also experienced in business. We approach problems differently because we understand what it takes to get things done at the pace of business. Most legal issues that businesses face are intertwined with their operations and require answers beyond the law. Loop Legal attorneys can deliver these answers or help clients obtain them because we have actually been responsible for doing these things in business. Loop Legal attorneys know that clients’ want answers not more questions. We deliver legal services at the pace of business. Your business does not stop at 5 pm and neither does ours.