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Establishing a Profitable Maintenance Plan in Your Elder Law Practice

Successful elder law attorneys know that offering a maintenance plan to clients allows them to simultaneously accomplish three goals:

  1. They can create a legal service that enables them to stay consistently involved with their clients and monitor the plan they’ve created to make sure it is implemented correctly.
  2. Because a well-crafted maintenance plan creates a recurring stream of annual income, they increase the profitability of their elder law practice.
  3. With their client’s consent, the maintenance plan is an excellent tool to use in building successful relationships with third parties and decision makers involved with their clients.

So, can you successfully add a maintenance plan to your own elder law practice?

Let’s rephrase the question: how can you not? This is a service that clearly benefits both firms and clients and yet, many still hesitate to add a maintenance plan to their existing legal services. Is it because they don't know what to include in the service? Are they unsure how to implement the yearly contract or what to charge for it? Do they have concerns that their clients will not see the value and they will not be able to effectively convey it?

If these questions sound familiar, consider the synergies that exist. After all, when you are offering services such as funding irrevocable trusts or reapplication for Medicaid applications, a maintenance plan can be a seamless integration into your existing elder law practice model.

On the other side of the coin, maybe you're not sure what an ongoing relationship looks like with your clients or the steps you need to take to manage it for the long term. Maybe you've tried a maintenance plan in the past and, for some reason, it either was not successful or you were unable to maintain it over time.

Focus on your unique position

Whatever your reason for your initial hesitation, refocus on the simple fact that, as an elder law attorney, you are uniquely positioned to incorporate a maintenance plan into your practice. You are trained to meet the ever-changing needs of your clients, many of whom face uncertain long-term care futures. You don’t have to develop a whole bunch of new ideas to be successful. The best plans start small and build over time. The asset protection letter you already use in your practice can serve as a foundation on which to build your maintenance plan going forward.

If you would like more information on how to develop a profitable maintenance plan in your elder law practice, ElderCounsel can help. Contact us today to learn more about the resources we provide to elder law practices around the U.S.

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