Best Practice: Law firm estate planning practice - Increasing summer demand
Asked and Answered
By John W. Olmstead, MBA, Ph.D, CMC
Q. Our firm is an estate planning firm located in the Chicago suburbs. We have three attorneys, four paralegals, and three staff support members. We have observed over the past three years a trend where our new matters and associated fee revenues starts a dramatic decline in April and continues to do so until August. In the past we have just remained in a state of denial and relied on hope and prayer. This year we would like to be more proactive. I would appreciate your thoughts.
A. You could try investing in some additional advertising designed to stimulate early demand for such services. However, short of a new tax or other regulation occurring this summer or a dramatic price reduction - i.e. get your will done and get your spouse's will for free - I doubt that such advertising will do much to create a reason to act now as opposed to the fall or end of the year. Then you would have the additional cost of the advertising and lower revenue as a result of the discount or special offer. I believe you might be better off focusing on cost reduction and cutting back on attorney and staff hours until demand picks up again in the fall.
The deadline for making your room reservation for the ISBA Annual Meeting is Wednesday, May 22 at the ISBA Headquarters Hotel – Grand Geneva Resort & Spa.
The ISBA Standing Committee on Women and the Law will host "You Had Me at Hello - Using the Rules of Gender Communication" program and reception on Wednesday, June 12 from 4-6 p.m. Andrea S. Kramer of McDermott, Will & Emery LLP in Chicago will be the speaker for the event at Loyola University Chicago School of Law, 25 E. Pearson, in the Power, Rogers & Smith Ceremonial Courtroom.