Estate planning attorneys often invest in drafting software to save time or improve accuracy. But there’s a bigger question that’s rarely discussed: Can drafting software actually increase your law firm revenue?
Spoiler: It can. But not in the ways you might think. In this article, we break down the surprising ways the right software can have a direct and measurable impact on your firm’s profitability.
The Traditional Revenue Model for Estate Planning Practices
For many estate planning firms, revenue is traditionally tied to two key factors: billable hours and the number of clients served. This model, though time-tested, is inherently limiting in a number of ways. Let’s break it down further:
- Limited Hours in a Day:
In a typical estate planning practice, attorneys are billed based on the hours they spend working on client cases. While this can work well when firms are small and manageable, the reality is that there are only so many hours in a day. Even with a steady stream of clients, the volume of work can quickly become overwhelming, especially if there are few attorneys handling all tasks. Once attorneys hit their maximum hours, that’s it—there’s no room for growth without either sacrificing quality or raising fees, which can alienate clients. - Burnout:
One of the most pressing issues in the traditional model is burnout. For both attorneys and their staff, constantly managing client expectations, drafting documents, and ensuring everything is perfect while juggling multiple cases is taxing. Over time, the pressure can take a toll on morale, leading to staff turnover, reduced productivity, and a decline in the quality of service. Attorneys themselves often work long hours to meet billable targets, resulting in an unsustainable work-life balance. This burnout not only harms the well-being of staff but can also negatively affect client relationships. - Scaling Challenges:
Scaling a practice under the traditional model can be incredibly costly. To grow the firm and handle more clients, additional attorneys, paralegals, or administrative staff need to be hired. This comes with a significant investment in salaries, benefits, and training, as well as office space and technology infrastructure. For smaller firms, such upfront costs can be daunting and may create a barrier to growth. More importantly, the more people you add, the more complex the management becomes, and the risk of losing the personal touch and client satisfaction increases.
Estate Planning Drafting Software Offers a New Approach
This is where drafting software, particularly a solution like STEPS™, introduces a transformative approach. By automating many aspects of the drafting process, STEPS™ allows estate planning firms to significantly increase productivity without the need for additional resources. Here’s how:
- More Efficiency with Less Effort:
With STEPS™, attorneys no longer have to spend hours on repetitive tasks like entering client data across multiple documents or manually calculating complex legal provisions. The software’s single-entry system allows client information to be entered once and automatically populated across all relevant documents. This drastically cuts down on the time spent drafting, allowing attorneys to handle more cases with the same resources. As a result, firms can increase their client volume without overloading their staff or pushing attorneys to the brink of burnout. - Fewer Errors, Better Quality:
One of the significant challenges in the traditional revenue model is the risk of errors, which can be costly in estate planning. With STEPS™, automated workflows help ensure accuracy, reducing the risk of mistakes that can lead to rework or worse—legal complications. This leads to higher-quality documents, better client satisfaction, and fewer costly revisions. As attorneys can be confident in the accuracy of their drafts, they can focus on higher-level strategic work, like client relationships and business development. - Scaling Without Significant Investment:
As firms grow, their need for additional people and resources grows exponentially in a traditional setup. However, with drafting software, firms can scale much more efficiently. Rather than hiring multiple new employees, a firm can handle more clients and more complex cases without significantly increasing overhead. The automation in STEPS™ reduces the need for large support teams, while still allowing firms to serve a larger client base. This cost-effective scalability makes it possible to increase revenue without the heavy financial burden that typically comes with hiring new staff and expanding office operations.
How Estate Planning Software Drives Revenue Growth
- Time Savings Equals More Clients
Automation doesn’t just reduce drafting time; it frees up hours that can be spent onboarding new clients. A process that once took hours or days can now be completed in a fraction of the time, allowing attorneys to handle higher caseloads without sacrificing quality. - Higher Per-Client Revenue
Drafting software like STEPS™ allows attorneys to offer more sophisticated and customized plans. This not only justifies higher fees but also builds client loyalty, leading to repeat business and referrals. - Reduced Overhead Costs
With features like single-entry systems and automated workflows, firms can reduce administrative overhead. Less time spent on manual tasks means smaller teams can handle larger caseloads.
The Hidden Revenue Drivers For Estate Planning Law Firms
- Improved Client Retention
Happy clients stick around—and they tell their friends. Drafting software ensures consistent, high-quality output, leading to greater client satisfaction. - Enhanced Reputation
Using cutting-edge tools signals to clients that your firm is innovative and efficient. This can set you apart from competitors and justify premium pricing.
The Case for Investment
Let’s crunch some numbers.
- Suppose your firm handles 50 estate plans per year at an average fee of $5,000 each.
- With drafting software, you could increase efficiency by 30%, allowing you to take on 15 more cases annually.
- That’s an additional $75,000 in revenue—more than enough to cover the software investment.
STEPS™: The Key to Revenue Growth
STEPS™ isn’t just estate planning drafting software—it’s a revenue-generating powerhouse for estate planning attorneys. By streamlining workflows and reducing time spent on manual tasks, STEPS™ allows firms to handle more clients without increasing overhead. Its cutting-edge automation minimizes errors, enhancing client satisfaction and retention. Attorneys can also leverage its customization features to offer high-value, tailored plans that justify premium fees. With STEPS™, your firm isn’t just keeping up—it’s setting the standard for what modern estate planning should look like, all while driving measurable growth to your bottom line.
Consider estate planning software as a strategic investment that can transform your firm’s revenue model. By saving time, improving client satisfaction, and reducing costs, it allows attorneys to focus on what matters most: growing their business.
To learn more about how Lawyers With Purpose can help your law firm’s growth plans and profitability, contact us at info@lawyerswithpurpose.com or call (877) 299-0326.
