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What’s Really Eating Your Firm’s Profit?
When it comes to estate planning, the cost of inefficiencies in manual processes can quietly erode a firm’s profitability. The hidden toll on time, resources, and client satisfaction is rarely scrutinised but deserves close attention. This article sheds light on how outdated onboarding processes are holding firms back and how embracing innovation can transform your bottom line.
The Invisible Drain – Understanding the Manual Estate Planning Process
Traditional Estate Planning often begins with a lengthy, lawyer-led client conference to gather initial instructions. This session alone can last anywhere from 45 minutes to 1.5 hours. Afterward, the process unfolds as follows:
- File Setup and Document Drafting
An administrative team member or lawyer spends 1 hour opening a file, saving the lawyers conference notes, setting up the fields with client information, deciphering the lawyer’s handwriting, preparing initial drafts and drafting a cost agreement.
- Lawyer Review
The lawyer then spends approximately 20 minutes reviewing these documents—assuming no revisions are needed and they are basic documents.
- Second Client Conference
Another 1 to 1.5 hours is required to go over the drafts with the clients, go through the legal advice, make amendments, and finalise the documents on the day (best case scenario!).
- Potential Third Conference
If clients can’t sign immediately, a follow-up meeting is scheduled, consuming an additional 1 hour, going through the documents again and signing up the clients.
Total time per client: Between 3.25 and 5.5 hours.
This doesn’t account for delays caused by errors, scheduling conflicts, or repetitive tasks. The result? A bottleneck that drains your firm’s resources and keeps you from scaling efficiently. Add complex estate planning matters into the mix, and the strain on your firm’s time and resources only grows.
The Real Cost – Time and Money
Manual estate planning isn’t just time-consuming; it’s costly. Here’s the breakdown of the average financial impact:
| Task | Manual Process (Time) | Manual Process (Cost) | Law Linc Process (Time) | Law Linc Process (Cost) | |
|---|---|---|---|---|---|
| First Conference | 1.5 hours | $825* | 0 mins (client-driven) | $55.00 | |
| File Setup & Drafting | 1 hour | $220 | 20 min | $73.00 | |
| Lawyer Review | 45 min | $181.50* | 30 min | $181.50 | |
| Second Conference | 1.5 hours | $825.00* | 1.5 hours | $825.00 | |
| Total | 4.3 hours | $2,051.50* | 2.1 hours | $1,634.50 | |
*Lawyer charge out rate calculated as $550 per hour
*Admin staff charge our rate calculated as $220 per hour
Average Savings Per Client:
- Time saved: 2.2 hours.
- Cost saved: $417.00.
Misconceptions Holding Firms Back
Despite the clear inefficiencies, many firms resist change due to entrenched beliefs. Let’s challenge some of the most common misconceptions:
- “Manual processes build client trust.”
While personal interaction is important, clients increasingly value speed and efficiency. They don’t want to spend hours in meetings—they want results. - “Technology is impersonal and error-prone.”
Modern tools like Law Linc enhance accuracy by reducing human error and streamlining workflows. They also free up lawyers to focus on personalised client interactions and doing the tasks that AI can not assist with – providing the legal advice.
The Law Linc Advantage – Redefining Onboarding
Law Linc turns traditional onboarding on its head by empowering clients to take the lead. Here’s how it works:
- Client-Driven Onboarding
Clients input their own information at their convenience, eliminating the need for a lawyer to sit through lengthy sessions to take the basic information.
- Automated File Setup
Admin staff can migrate client data with a few clicks and draft documents in just 20 minutes.
- Quick Lawyer Review
Lawyers spend only 20 minutes reviewing drafts before being able to send drafts to their clients, expediting the estate planning process.
This streamlined approach reduces the entire inhouse onboarding process to just 40 minutes, allowing firms to take on more clients, reduce costs, and enhance profitability.
The Ripple Effect of Efficiency
The benefits of adopting an automated solution like Law Linc extend beyond time and cost savings:
- For Your Firm: Increased capacity, reduced workload, and happier lawyers who can focus on high-value tasks.
- For Your Clients: Faster turnaround times and a smoother, more professional experience.
Imagine a world where your firm operates efficiently, scales effortlessly, and delivers exceptional service every time. That’s the promise of innovation.
Conclusion: A Smarter Way to Work
The hidden cost of manual estate planning is too significant to ignore. With tools like Law Linc, you can reclaim time, boost profitability, and elevate the client experience.
Ready to make the switch? Take the first step toward transforming your practice today.