Congratulations! You’ve created a comprehensive estate plan for your client. Now that all documents are signed and handed over to the client, does that mark the end of an estate planner’s job? According to the book Estate Planning for the Post-Transition Period, the majority of estate plans that fail do so because of non-legal/non-technical aspects. These errors have nothing to do with your perfectly drafted estate plan. Rather, they are issues related to lack of communication and inaction on the part of your clients’ family. Today, the most common reasons for failure are:
You help your clients plan for the unexpected, but have you done the same for your law firm? To ensure that your law firm stays healthy and profitable during a disruptive event (whether it’s a recession, unexpected health event, or natural disaster), attorneys should make sure they have a well thought out contingency plan for their business.
There are many reasons why an attorney should think about adding additional practice areas to their law firm offerings—it helps improve your client experience, having multiple streams of income protects your business from market volatility, and it increases your bottom line! However, adding another practice area can be a big ask for you, your office staff, and your budget.