Lexub is a lawyer-to-lawyer marketplace. An eBay or Amazon of legal documents. When we first speak with lawyers about the idea behind Lexub, we notice that while some are immediately enthusiastic and leap to embrace the idea, a second group are more cautious - perhaps in-line with traditional ‘lawyer thinking’ which tends to be slower towards new ideas and approaches. This second group tends to warm up over time as they start to see the benefits and possibilities that this sort of platform adds to their business.
In this blog post, we thought we would run through a few of the ways you might use Lexub’s lawyer-to-lawyer document marketplace as a tool to help grow your practice.
First off, what is Lexub? And what is in it for you and your firm?
Let’s recap: Lexub is a lawyer-to-lawyer document marketplace platform that enables lawyers to share and monetize their legal documents easily and directly to other lawyers all around the world. You can think of Lexub as an Amazon or eBay for legal documents. Or as a democratized precedent platform. There’s no cost to register or list documents on Lexub; only a transaction fee built into the document purchase price, and you control the price.
Lexub is also aiming to create the largest library of real legal document examples directly sourced from lawyers all around the world. Lawyers from more than 30 countries have already joined the platform.
Here are a few of the ways that Lexub can help you with your efforts to grow your practice, build your presence and network, and increase the likelihood of referrals from other lawyers:
One: Create your own online legal document shop
Lawyers and law firms alike can use Lexub to easily and quickly create their own online legal document shop, complete with online payment system included, and zero set-up costs.
You’ve no doubt seen or experienced virtual shopfronts in other contexts - like dedicated brand pages on Amazon or eBay where buyers can see all of that brands’ products in one place.
With Lexub, you can create your own legal document shop, within minutes. And, just like a shop owner, you have full control over what products to display and how much you want to charge.
It’s then an easy task to point queries you receive about precedent documents towards your shopfront page or to individual documents, and/or even actively promote your page into lawyer networks that you are involved with.
Here’s one example of a law firm who’ve set up an ‘online shop’ presence on Lexub: CNC Counsel Law Firm
Two: ‘Improve your online presence’
‘Improving online presence’ is one of the most common pieces of marketing advice given to lawyers and law firms, with ‘content marketing’ as a closely-linked companion. The aim of these tactics is to build familiarity and credibility with your target audiences - thus setting the scene to increase the likelihood of contact and referral.
According to lawyerist.com, law firm content marketing, done well, can generate conversion rates of up to 6x higher than other methods, and law firm content marketing can get 3x the leads brought in by paid search.
A big question for many lawyers and firms is the ‘how?’ It can be difficult to know how to start and how to position yourself. If you’re new to it, it also seems potentially like a lot of effort for uncertain results...
One way you can use Lexub to help set the scene to improve your online presence with other lawyers simply and directly is through hosting documents on Lexub so that your work product can speak for itself, providing tangible evidence of your focus, expertise and specialism.
Evidencing your expertise through your work product is a much more effective way to position yourself with other lawyers as an expert in your field than by simply saying “Highly experienced lawyer” on your website or Linkedin profile.
With documents hosted on Lexub, you then also have the ability to easily share links to example documents with others as a quick and easy addition to your content marketing efforts - via social media or direct outreach alike. And your document collection also becomes a live toolkit of items that you can draw on at any time to respond to or reach out at a moment’s notice as opportunity presents.
Three: Generate leads
As Abovethelaw.com put it, “despite all the money law firms spend on internet marketing, more people choose a lawyer by a referral from a friend, relative, or another lawyer than any other method.”
According to Clio’s 2019 Legal Trends Report, 59% of clients shopping for a lawyer sought a referral of some kind. Referrals remain one of the key lead generation channels for law firms; they’re important. It seems like there is a clear pattern in the research - referrals from other lawyers are gold that you should be mining for.
Lexub is set up to help facilitate connections between lawyers. By offering your documents on the platform, you become a part of a global community of contract lawyers, and connections you make on Lexub can help you build your network and generate new leads from new markets.
Four: An easy, non-awkward, payment mechanism
There are various reasons lawyers offer their documents on Lexub. Some use it mainly for making connections while others are at a career stage where they are wanting to more directly monetize their document archives.
One of our early joiners - a retiring solo practitioner - had a history of receiving a steady flow of requests for legal document examples from other lawyers. You can read his Lexub interview here. In the absence of a ready payment mechanism, the inference from the requests was that he share his long-earned experience for free. Needless to say, it might be awkward to suggest a price when a peer asks for an example document.
Lexub has now helped to solve his problem: once he had uploaded his documents onto the platform, he was able to start redirecting and referring document requests received towards his Lexub account pages. There was no need for awkward conversation, and Lexub has also enabled him to monetize his precedent documents on an ongoing basis.
Five: Generate ongoing revenue
We listed monetization of legal documents last in this list because in many ways it is the most obvious. Lawyers’ earnings are traditionally limited by their billable hours, an approach which has in turn been linked to burnout for lawyers. In recent years, the billable hour approach has been roundly criticized and many law firms have started seeking to generate alternative revenue streams and to implement value-based billing approaches as clients cut legal costs and seek to achieve more for less.
Lexub helps lawyers generate additional and ongoing revenue from the documents already in your archives. No additional work or billable hours necessary.
If you want to investigate or join Lexub, click the button below to register and start monetizing your documents directly. Registration takes 2 minutes and costs nothing.