Scale-free networks are believed to closely model most real-world networks. An interesting property of such networks is the existence of so-called hub and community structures. In this paper, we model hubs as highdegree nodes and communities as quasi cliques. We propose a new problem formulation called the λ-LIST DOMINATING SET and show how this single problem is suited to model both the structures in real-world networks better than traditional problems like VERTEX COVER and CLIQUE. Additionally, we provide a fixedparameter tractable algorithm to this detect these structures and show experimental results on Protein-Protein Interaction networks.