Can Your Spouse Help You Find New Clients?

Sooner or later, everyone needs a lawyer. It has been said the average American knows 600 people. The New York Times came up with that number in 2013 and the Wall Street Journal put the estimate at 611 in 2023. You might have done a good job at raising awareness among your friends about how your can help them. Your partner likely knows 600 people too. There is overlap, but plenty of new names. Can they spot a business opportunity and tell your story?
There are several types of law firms and many types of lawyers. You might work at a large firm that does everything. You might be a one person practice on Main Street. There are many branches of the legal profession. TV dramas do a poor job portraying the range. Put another way, people you know might have issues and be unaware the right lawyer may be part of the solution.
Let us assume your spouse or partner has a segment within their circle of friends where you are not a known quantity. Let us also assume they can tell your story if they see the right opportunity. Can they spot opportunities?

1. Divorce. It’s unfortunate, but it happens. When couples split up, friends often take sides. Each party wants an attorney without ties to their partner, soon to become their former partner. If one of your spouse’s gym friends explains their marriage is over and they need a lawyer, can your spouse position you or your firm as a candidate?
2. Setting up a foundation. Many people seek immortality. In real life it’s impossible, since we all die sooner or later. Their name can live on if they establish a charitable foundation. Some people use a financial services product, the Donor Advised Fund. Others with larger asset bases might find a foundation or a charitable trust. The process often starts with a conversation between the individual and an estate planning attorney. Does your partner know if your firm offers this service?
3. Transferring wealth to the nest generation. Tax deferred accounts like IRAs are how the government’s approach to taxes can be expressed as “pay me now or pay me later.” People with substantial assets seek a “pay me never” option. That might not exist, but there may be ways to minimize estate taxes through advance planning. This is another instance where the estate planning attorney dons the Superman cape. Can your spouse introduce your name into the conversation?
4. Selling a business. In many cases, the largest asset of the business owner is the company they started. They might be frustrated when the next generation wants to go in another direction, making a different career choice. They need to monetize the business they started. What is their business worth? Like the Olympics, it is important to get into the best shape possible beforehand. What concessions need to be made? What will happen to their staff? Might they sell the business to their employees? Does your partner have friends serious about selling their business in the future? Do they know their options?
5. Protecting assets in sticky situations. Does a wealthy friend have concerns about who their children might marry? Do they feel their children consider a future inheritance their early retirement plan? It has been said wealth rarely lasts three generations. Does your partner know someone sending out signals they want to tie up their wealth somehow?
6. Who needs a will? More people thank you might imagine. Research shows 45% of people over age 45 have a will. This implies 55% do not. Fortunately the number rises to 81% for people over age 72. A will is important for many reasons, including common sense ones like who gets the jewelry or the gold coins. Maybe they don’t have a will because they can’t find an executor who is younger than them. This might not be a big ticket item, but it establishes a relationship, especially if the lawyer is local.