Building and Managing a Successful Real Estate or Estate Planning Practice
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1 Building and Managing a Successful Real Estate or Estate Planning Practice 2016 Spring Symposia Section of Real Property, Trust and Estate Law American Bar Association Christopher Saccardi The Law Office of Christopher T. Saccardi, Sommerville, MA attorneysaccardi@gmail.com Presenters: Laura Lattman The Lattman Law Firm, New York, NY lauralattman@gmail.com JP Lee Sojourner Caughman & Thomas, LLC, Columbia, SC JLEE@SCTLAWFIRM.COM Moderator: SOO YEON LEE GORDON & CENTRACCHIO, L.L.C. CHICAGO, IL s.lee@gnclaw.com CONTENTS Introduction and Outline of Discussion... 2 The Secrets of a Successful Solo and Small Firm Practice... 3 Additional Resources... 5 Real Estate Forms... A Estate Planning Forms... B 1
2 BUILDING AND MANAGING A SUCCESSFUL PRACTICE This program is designed for young solo or small firm attorneys who would like to build an estate planning or real estate practice, or attorneys who would like to expand their practices. Below is a list of discussion topics to be addressed in this program. We will focus on how to acquire substantive knowledge if you are new to real estate or estate planning, how to set appropriate fees, and how to find and retain clients. We will also share the secrets of building and managing a successful real estate and estate planning practice. I. Becoming a Real Estate or Estate Planning Lawyer Why Real Estate Define your practice Why Estate Planning Define your practice Substantive Knowledge Acquiring the substantive law Working with other lawyers Essential Forms and Checklists II. III. IV. Effective Business Development Clients Attracting and Keeping Clients How to convey and explain the value you will provide Referral Sources Setting Fees How to set appropriate fees Essential Technology for Solo and Small Firm Lawyers Drafting Software Document Management Billing Program Mobile Applications The Secrets of a Successful Solo and Small Firm Practice 2
3 THE SECRETS OF A SUCCESSFUL SOLO AND SMALL FIRM PRACTICE Learn how to convey and explain the value you provide. - Learn and master how to convey the value you create for your clients in addition to getting the job done. Know your worth. - It is very important to know what the appropriate and fair charges are for your services. - Don t be afraid to say no to a representation if the client cannot afford you or tries to haggle you down. Clients will come, but you don t want to get stuck with a client that will create issues later. Be careful who you choose to represent. - Also consider alternative fee arrangements, such as LAR (limited assistance representation) or blend of retainer plus contingency, etc. Cultivate relationships with other attorneys and with larger firms. - Attorneys are one of the most effective referral sources. - Large firms may be in a position to pass clients to you whose cases are worthwhile but cannot support the overhead expenses associated with large firms or present conflicts for the larger firm. Cultivate relationships with other professionals. - Cultivate relationships with real estate brokers, bankers, financial advisors, real estate and antiques appraisers, CPAs, financial advisors, and insurance brokers. They may be sources of referrals and you may need their help on tight deadlines at times so it is always good to have a favor to call in. Learn ethics rules regarding referrals and marketing. - Learn how to generate referrals ethically and learn the ethics rules on marketing activities and how to recognize solicitation. Don t be bashful. - If you are starting your own small or solo practice, don t be afraid to announce it loudly and proudly to everyone. You never know where your referrals will come from. Cast the net wide and don t let fear of failure keep you from reaching out- if you do, failure will be a selffulfilling prophecy. - If you have already established your small or solo practice, update friends, colleagues, and family occasionally on the latest happenings and types of cases you are handling. Many small and solo practices expand their practice areas gradually so it is good to let people know about new competencies. Dress Up. - Even if it s just you or you and a few colleagues in the office, dress professionally. Putting on your lawyer costume will put you in your lawyer headspace. 3
4 Return all inquiry calls, even if you are not interested in the case. - People remember courtesy and being helped. Even if you cannot help the potential client, try to find someone in your network that can. You will become the go-to attorney for that person and their network, which means when you DO expand your practice areas, you will already have a loyal client base! Use a written retainer letter every, single time even for pro bono. - Even if local rules allow small representations without an engagement letter, use one every time. They really are key in setting the scope, duration, terms, fees, and expectations for the representation. Many ethics complaints and malpractice suits can be avoided or lessened by a well-drafted engagement letter. - Also be clear when you are not accepting a case. A non-engagement letter or at least a clear communication that you are not their attorney. - Also always use disengagement letters let client know when the representation is done. Target young parents/families. - New parents and young families are often looking for services, whether it is drafting a will or buying a new home. They also likely have aging parents who may be doing the same or similar milestone transactions. Manage Expectations. - Remember that as a solo or small firm attorney, you will be the sole or most important point of contact for clients. Make sure you don t overpromise or under deliver. If circumstances have changed to the point that what you promised is no longer practical, let your clients know candidly. If you are giving clients a timeline of events (for example, saying their will can be drafted in 3 days) make sure you stick to it. And make sure the timeline is practical. Don t be too broad. - New attorneys may be tempted to take whatever comes in the door. Be careful not to accept cases that you can t handle. Can lead to malpractice. Don t skimp on technology. - It is one of the best ways to stay competitive with the large firms. - Maintain a document management system that works for you. Calendar everything. Find a solution that works for your practice. Communicate. - Lack of communication is one of the most common complaints against attorneys. If you are expecting a tough conversation, negative results, or even if nothing of consequence is going on, just stay in touch with your clients and communicate honestly and frequently. Having a routine-such as touching base with clients every other Friday-can help! 4
5 ADDITIONAL RESOURCES How to Build a Real Estate Practice How to Build a Trust and Estates Practice How to Capture and Keep Clients Personal Branding in One Hour 5
6 REAL ESTATE FORMS (A) - Residential Landlord Tenant Law by State - Sample Form: Commercial Real Estate Purchase - Sample Form: Closing Checklist - Sample Form: Commercial Lease (with commentary) - Sample Form: Limited Scope Retainer Agreement ESTATE PLANNING FORMS (B) - New married client information package - New Client Workflow Checklist - New Client Meeting Checklist - Estate Planning Engagement Letter - Simple Will - Disengagement Letter (closing letter) - What to do when someone dies memorandum (When You Lose a Loved One) 6
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