The drive to excel is ingrained in many trusts and estates lawyers. For a large percentage of capable, skilled, and determined professionals, becoming seriously wealthy is very often a prominent goal.
Based on a survey of 359 trusts and estates lawyers, the higher their annual incomes, the more they want to be meaningfully wealthier. Overall, almost 80% of them want to be seriously wealthy. This goal is characteristic of all the lawyers earning $1 million or more annually.
To get on the track to become seriously wealthy, the great majority of trusts and estates lawyers need to start with their legal practices. The foundation of personal wealth for most trusts and estates lawyers is their profession. The key is to build and manage a very successful high-net-worth practice. The following are best practices that have been empirically shown to translates into professional success and personal wealth…
• Source wealthy clients. Being able to access the wealthy is regularly essential to build an exceptional high-net-worth legal practice.
• Become a recognized legal authority for a segment of the wealthy. Being a thought leader is a powerful way for trusts and estates lawyers to effectively differentiate themselves.
• Develop a deep understanding of wealthy clients. The better trusts and estates lawyers understand the dreams and anxieties, the expectations and limitations of their wealthy clients, the more effective they usually are.
• Maximize the legal and financial relationships with wealthy clients. As it can often be an arduous endeavor to source a wealthy client, it only makes business sense for trusts and estates lawyers to deliver as much value as possible.
• Communicate the outstanding value provided to wealthy clients. This entails not only delivering exceptional legal expertise, but also ensuring wealthy clients understand the value they are receiving.
• Be appropriately compensated. The traditional fee structures based on time plus expenses is, in many ways, anathema to the wealthy. A viable solution is value-added project fees and in some cases retainer fees.
By running a high-net-worth legal practice in this way, and doing it well, trusts and estates lawyers will probably be able to create a substantial financial base. Will this result in them becoming seriously wealthy? Maybe. Will it lead to a meaningful increase in their annual revenues? Almost always!