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 it first.
7 Reasons to Add Estate Planning as a Service in Your Law Practice
1. Estate Planning Lawyers Provide a Meaningful Service
You 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. All Families You Already Know & Serve Need Estate Planning
A close second in the top reasons why you should add estate planning to your law practice (or start up an estate planning practice from scratch) is the fact that it’s such a needed service, especially if you do it the right way.
Every adult over the age of 18 needs estate planning, whether they know it or not. And if you’ve got clients, you’ve already 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, (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.
3. Estate Planning is a Growing Market
Unless you’ve been living under a rock, you 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, young and old families alike NEED estate planning in some form, and that’s where you step in.
4. Clients Will Love You (& You Them)
When you provide these essential services and become the go-to 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 feels good to be providing the peace of mind. It feels good to be appreciated. Everyone wins.
5. Referrals Are Easier to Come By
There’s rarely a conflict of interest in this law practice niche. Clients can refer you to their friends and family, business partners… whomever. Plus, since they love and adore you (if you do estate planning the right way, that is!), they naturally refer you to everyone they know.
What we see repeatedly is that once you are THE go-to lawyer in your community, planning with you becomes a rite of passage for all the families. That’s when things get really good — and it’s not that hard to get there, with the right systems and support.
6. Full Control of Your Schedule
One of the things we at NLBM hear over and over from our lawyers is how estate planning has given them the freedom to live a balanced life. Parents get more time with their kids, and can easily attend soccer games or school plays, or take the time to focus on a sick child when needed. Some lawyers even take every Friday off. Others only work three days a week — from home! (Read Jill G’s story here)
You don’t have to become a slave to your law practice when you are an estate planning lawyer, and you won’t have to be stuck in the courtroom either.
When your estate planning law practice is set up right, it is the most flexible niche in terms of having control of your life, schedule, and income.
Which brings us to the big kahuna: The money…
7. Adding Estate Planning is Lucrative
Most lawyers don’t understand the economics of an estate planning law practice. They think that it’s pennies here and there, but that only applies when selling form documents with little value.
When you are providing a comprehensive, meaningful service that genuinely makes a difference in your clients’ lives, it’s super easy to create packages and a fee schedule that doubles or triples your usual fee. Not only that, but clients are actually, genuinely happy to pay it because of the value and continuing relationship you provide.
The cash flow in a well-structured estate planning practice will provide you with a minimum 33% profit margin and can be as high as 50%. And you can choose to bring in anywhere between $240,000 to more than a million dollars a year in law practice revenue, depending on whether you structure your practice with other attorneys seeing clients or just you, outsourced support to help you serve more clients, or you want to do it all on your own.
But, the beauty of adding estate planning to your law practice is that you can take on as many or as few clients as you wish. You can even structure your practice to have recurring revenue with a “membership” system that not only makes life easier for your clients but gives you a reliable income.
Adding estate planning is a win-win for you, your practice, and your clients— for all of these reasons, and more.
Estate planning is a highly lucrative revenue stream to incorporate into your law practice, whether you’ve been practicing for years as a solo lawyer or in a multi-partner establishment, or you are a new lawyer fresh out of law school. It’s also the most satisfying practice area you can be involved in, whether it’s your primary practice area or an add-on service you provide to your existing clients from any practice area.
Are you interested in learning how to add estate planning as a service in your law practice? Speak to one of our advisors and get their help in understanding how you can add estate planning, the NLBM way, to your practice, either as your primary practice area, or an add-on service you can provide to your existing clients from any practice area.