Arken.legal, a leader in digital solutions for the estate planning industry, has released a new white paper entitled “Strategically Navigating a Consolidating Estate Planning Market.” This paper provides an in-depth analysis on the significant changes taking place within the estate planning sector and offers strategic guidance for businesses looking to thrive in a rapidly consolidating market.
The white paper explores the major forces driving this change, including the retirement of Baby Boomers, market democratisation, changing workforce dynamics, and the impact of digitisation and the great wealth transfer. As larger law firms acquire smaller high-street firms, the competitive landscape is evolving.
David Newick, CEO at Arken Legal comments, “Our market is consolidating, but the opportunity within it is expanding. Our new white paper sheds light on the key drivers reshaping our market, from the impact of Baby Boomer retirements to the changing demands of consumers and employees. The insights and strategies we share are designed to help firms respond to these changes, navigate the new landscape and seize on the opportunities ahead.”
Some key insights from the white paper include:
Baby Boomer Retirement: Many senior law firm partners and owners, who fall into the Baby Boomer generation, are choosing to sell their practices rather than create succession plans. Additionally, a significant number of firms are being sold at nominal values due to a lack of digital infrastructure to properly leverage the data held in Will banks.
Market Democratisation: Larger firms are capitalising on their resources to attract high-net-worth clients, leaving smaller firms struggling to compete. Digital transformation is crucial for firms looking to stay competitive and maintain lower operational costs.
Changing Workforce Dynamics: A growing number of junior lawyers are opting for freelance working models over traditional partnership tracks, favouring “hub and spoke” organisations that provide key support services such as marketing and technology, while offering more flexibility and higher earning potential.
“We are undergoing a period of change, presenting numerous opportunities for market consolidation. For the few players who embrace technology, a vast opportunity awaits to capture the market.” Comments Andrew Townsend, HAIG Legal
James Antoniou, Co Op Legal Services adds “Technology and innovation are essential to the success and growth strategies of estate planning businesses, and their importance will only increase as the market continues to consolidate.”
In addition to these key drivers, the white paper discusses the upcoming Great Wealth Transfer, where Baby Boomers—who hold 80% of the UK’s private wealth—are set to pass their assets to younger generations. Firms that are prepared to meet the demands of these new, tech-savvy clients will be poised for growth as wealth changes hands.
Strategic Recommendations
The white paper also offers estate planning firms several actionable strategies to remain competitive in this evolving landscape, some of these are to:
- Embrace digital transformation and leverage data to uncover opportunities.
- Expand distribution channels through strategic partnerships.
- Adapt to the changing workforce by offering flexible work arrangements.
- Build early relationships with beneficiaries to ensure long-term client retention.
To read the full white paper and gain a deeper understanding of how to navigate the shifting estate planning market, download it here: Strategically Navigating a Consolidating Estate Planning Market.
This article was submitted to be published by Arken.legal as part of their advertising agreement with Today’s Wills and Probate. The views expressed in this article are those of the submitter and not those of Today’s Wills and Probate.
