Generating a consistent, reliable revenue stream is a challenge for many law firms. An annual maintenance program can provide a solution to this problem, and, in effect, function as a line of credit for your firm.
In the coming weeks, we’ll discuss the elements of a successful program, the benefits of such a program to your clients and to your firm, how your plan can generate additional income beyond what you charge for the program itself, and more.
At EPLC, we currently have approximately 600 clients enrolled in our various maintenance programs (we’ll talk about how our programs differ from one another in a future email). We charge $650 a year for what we call the TLC™ Estate Plan Maintenance & Fee Guarantee Program. If you do the math, you’ll quickly see that this income, which is both continuous and predictable, serves as a line of credit we can draw upon to cover any number of expenses over the course of a year.
At this point you may be saying, “Well bully for you EPLC, but frankly I don’t know why any client would even want a maintenance program, let alone pay for it.” We’ll talk about that next time.