Whether you are choosing your practice area, looking for an additional revenue stream for your law practice, or want to get out of a law practice area you detest, there is one niche in particular that you should consider. Estate planning.
It might seem like the last one you’d consider, but here are seven powerful reasons to think about starting an estate planning practice or adding it to your law practice.
1. Estate Planning Lawyers Provide a Meaningful ServiceYou might think we’d put the money first. Au contraire! If you know anything about the New Law Business Model, you know that we put service and meaning at the TOP of the list. Fact is, estate planning is far more than paper pushing. Done right, you’re profoundly serving your community and dealing with issues they care about in ways that feel 100% fulfilling to you and your clients. With the right systems in place, you not only provide peace of mind and ease of transition to a family during the most challenging time in anyone’s life—the loss of a loved one—but, you help them to be better parents, business people, and citizens of the community during their lifetimes.
2. Starting an Estate Planning Practice Fills a Growing Need in Your CommunityA close second in the top reasons why you should consider starting an estate planning practice or adding estate planning to your existing practice is the fact that it’s such a needed service, especially now. Considering the elephant in the room, “Estate planning attorneys are needed now more than ever to step forward in their communities to provide unbiased resources and guidance that provide the facts individuals are seeking to make informed decisions for themselves and their families during this time of uncertainty.” This was discussed at length in an article we recently published that outlines research on the growing demand for estate planning since the pandemic and the shortage of trusted advisors who can guide them. Being able to provide your clients valuable legal services that help protect children and families during one the most uncertain times in modern history is something you will feel good about and be proud of.
3. Estate Planning is an Ever-Expanding MarketUnless you’ve been living under a rock, you already know that the baby boomers are the biggest market on the planet. If they haven’t already, the boomers in your community are soon going to be ready to get down to the business of getting their affairs in order. Not only that, but the kids of boomers have or are now starting to have their own families, and they are gearing up to receive $3 trillion from their parents over the next 20-30 years (just from households with less than $500,000 in net worth). Plus they’re busy earning their wealth and starting to see the importance, with proper education, of planning for it now. Fact is, every adult over the age of 18 needs estate planning, whether they know it or not. If you’ve already got clients in other practice areas, you’ve got a well of people with families—and you have a relationship with them so, (hopefully) they already trust you.) Once you learn how to educate people and package and convey these valuable services properly, your established relationship will become that much more profound, making you their trusted advisor. Your job, once you know how, is to educate the people in your community about what estate planning is, and why they want to create a plan that leaves their loved ones a trusted advisor, and not just a set of legal documents. All while showing them how considering death during life isn’t anything to be afraid of, but instead, an excellent motivator to live their best life.
4. Clients Will Love You (& You Will Love Them)When you provide these essential services and become the “go-to” lawyer and a trusted advisor, your clients love you. They are so grateful that they often show it with flowers, cards, and gifts. But even if they don’t, the work takes on such depth and connection that you genuinely love working with your clients. It feels good. It is fulfilling to provide your clients with peace of mind, knowing that their families will be protected and kept out of court and conflict. It feels good to be appreciated. Everyone wins.
“When I first found NLBM in law school I didn’t believe that clients would love working with an attorney so much they would send gifts! Today one of my clients from March brought me these beautiful handmade baby quilts! It was so thoughtful it brought tears to my eyes! Thanks so much for helping me have a law practice I love!” – Bethany C.