Estate Planning Excellence: The ACE Roadmap to Success

By Laura Cowan Esq. On Apr 2, 2024

The list of things they teach you in law school is long. We know how to read a case, how to draft a brief, and how to craft an argument. We know how to issue spot. We know how to “think like a lawyer”. The list of things they don’t teach you in law school, however, is even longer. And this includes the practical side of practicing law. The nitty gritty of running a firm. And what I’ve found after 8 years of solo estate planning is that knowing the Rule Against Perpetuities isn’t enough. It’s necessary, but not sufficient. You also need to be able to attract a consistent flow of leads. You need to be able to close those leads at a fee you deserve. And you need to do the work. Put another way, you need to Attract, Close, and Execute. We call it ACE! Let’s look at each element:

Attract

Estate planning attorneys need to be able to generate a consistent flow of leads. Bonus points if you can do it without spending a lot on marketing. And while referrals and word of mouth are great, they ultimately rely on the goodness of others. You are putting the ball in someone else’s court, and this lack of control makes some lawyers a little nervous. I implement workshops in my own law firm to fill in the gaps. Each month I’ll present a webinar or seminar on estate planning to a local parents’ group. It’s a way for people to learn more about me, my firm, and estate planning – all in a no-pressure setting. There are benefits for the lawyer as well. Educated leads are much more likely to hire you. Also, it saves time. Estate planning consultations tend to be repetitive. I’d rather spend 1 hour educating 10 people than 10 hours educating 10 people. A basic presentation coupled with a strong call to action should be enough to get attendees to take the next step – booking a consultation!  

Close

It’s great getting people to show up at your workshop, but not if none of them end up hiring you! That’s why being able to convert at the consultation is so important. Here are a few tips for nailing the close. First, require a completed questionnaire before you meet. This ensures the prospect is putting some skin­­­­ in the game and you have enough information to help them. Second, if you are meeting with a couple, make sure both partners are in attendance. Third, don’t go longer than one hour. That is plenty of time to educate your prospects and review your fees. Finally, consider doing a calculation that shows how much probate and estate taxes could be without proper planning. If you can show people it’s going to be a lot more expensive for them NOT to hire you than to hire you, your close rate will skyrocket.

Execute

You’ve got a new client – congratulations! But is it really a celebration if you’re stuck at the office until 10pm? The work needs to be done, but does it all need to be done by the lawyer? Thankfully, the answer is no! Systems, automation, and delegating to the rescue. They can shave hours off your day. For example, appointment scheduling is a cinch using software like Calendly. Intake is a piece of cake with DecisionVault. Whether you do the drafting yourself, or outsource it to a paralegal, software like Interactive Legal will streamline the process and ensure you have a top-notch work product to present to your clients. This is all the “Execution” part of ACE, and most of it can and should be done by systems and staff, not the lawyer. This frees the lawyer up to generate more revenue.

Summary

Which letter do you need most help with? Attracting? Closing? Executing? Maybe all three?! Whichever letter it is, hopefully we agree that all three components are important. And the better you implement ACE, the closer you are to becoming a 2-Hour Lifestyle Lawyer™!  

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