Day 3

The Problem

Revenue looks healthy on the surface, but profit leaks exist in every elder law practice. These leaks—unbilled time, underpriced services, inefficient processes, and poor follow-up— silently drain 20-40% of potential profit.

The 7 Leak Categories

Leak 1: Underpriced Flat Fees Review your 10 most common matter types. Compare your fees to the outcome value for the client. If you charge $1,200 for a trust package that protects $500,000 in assets, you are leaving money on the table.

Leak 2: Scope Creep on Fixed Fees Flat-fee work that bleeds into unlimited revisions, extra phone calls, and hand-holding destroys profitability. Define what is included and what triggers additional fees.

Leak 3: No Follow-Up on Unretained Consultations The average elder law firm follows up with non-retainers once—maybe. A systematic follow-up sequence recaptures 15-25% of consultations that did not sign on the spot.

Leak 4: Missing Add-On Services Every estate planning client should be offered powers of attorney, healthcare directives, trust funding assistance, and ongoing counsel. Most firms do one piece and stop.

Leak 5: Unused Referral Networks Your past clients, financial advisors, CPAs, and even other attorneys represent a referral army that is dormant because you never activated them.

Leak 6: Inefficient Intake Spending 45 minutes gathering basic information during a paid consultation wastes billable time. A pre-consultation intake process captures data before the meeting.

Leak 7: No Recurring Revenue Model One-time engagements require constant new client acquisition. Ongoing counsel programs, annual reviews, and subscription-style services create predictable monthly revenue.

Today's Action

Grade your practice A through F on each of the 7 leaks. For each grade below a B, write one specific action you will take to fix it within the next 30 days.

Key Takeaway

Profit leaks are invisible until you look for them. A single day's audit can reveal $20,000+ in annual revenue that is walking out your door.

Clozo Academy Proprietary Curriculum — The Elder Law Growth System