eState Planner's new annual report provides insights from a survey of over 100 estate lawyers
This article was provided by eState Planner.
eState Planner's new annual estate planning report offers exclusive insights from a survey of over 100 estate lawyers conducted earlier this year. The report highlights what lawyers focus on to improve processes and client experience, their strategies for attracting new will planning clients, their current fee structures for wills and estates services, and more.
Comprehensive client investigation
Conducting a detailed client investigation is crucial for successful estate planning. When improperly executed, it can lead to critical drafting issues and potential liability.
In 2024, an increase of 12% from the previous year shows that 80% of lawyers send questionnaires to clients before their initial meetings.This trend indicates that an increasing number of lawyers recognize the importance of this step.
But what information should these questionnaires include? According to 95% of surveyed lawyers, basic client and family information alone is insufficient. The full report, available here, details the specific information lawyers incorporate in their questionnaires to ensure thorough and successful client investigations.
Streamlined meetings and technology enhance communication and estate planning efficiency
Over 90% of estate lawyers and firms surveyed this year claimed to spend an average of 5 hours on a typical will file and usually require just 2 to 3 meetings, including the signing, to finalize a file. The process includes meeting their clients for a planning meeting, taking instructions, drafting the wills, and reviewing and executing them.
87% of lawyers send draft documents to their clients, but these documents can often be difficult for clients to comprehend. And despite the fact that most clients are visual learners, only 10% of lawyers utilize graphics and visualization techniques to enhance their clients' understanding of their wills.
eState Planner is frequently cited by lawyers as a solution to improve lawyer-client communication. The cloud-based software, used by over 400 firms in Canada, is the only platform that automatically generates client guides and graphic summaries. These documents help clients understand how their wills work.
Will fees rise for the second year in a row
Last year's report highlighted how technology helped lawyers improve their practice in 2023, leading to an increase in average fees. In 2024, this trend continued, with the average fee charged by lawyers reaching $1,380.
Interestingly, while in 2023 lawyers in larger cities were charging $200 more than those in smaller towns, the landscape has shifted significantly in 2024. Firms in midsized cities and smaller towns are now charging fees almost on par with those in larger cities. The full report provides more breakdowns by regions and details about pricing settings.
How are lawyers attracting new will-planning clients in 2024?
In 2024, when asked about expanding their estate practice, half of the surveyed lawyers confirmed that their current clients were referring new ones. While only 5% mentioned advertising as their primary source of new estate planning files.
These findings underscore the importance of offering superior experiences to clients throughout their journey. Ian Hull and Jordan Atin advise focusing on a modern client centric approach by using technology to collaborate with clients in a visual and understandable way.
The full report offers additional insights on client acquisition strategies and ways to enhance your estate practice.
eState Planner is a cloud-based software built by lawyers for lawyers. Used by over 400 firms, it improves client intake, reduces will-planning errors, and lets users customize and generate wills, POAs, and other documents.
For British Columbia lawyers, eState Planner now provides BC-specific precedents, which can be customized with individual clauses and provisions.
