As I have explained in my “About” Section I passed the New York State Bar Exam (getting admitted next week) and have been employed as the Director of Financial Planning for a wealth management firm for the past 2 years.
Part of my job entails reading testamentary documents (think Wills and Complex Trusts) and critiquing them. I am very confident and comfortable with “this world” and, thus, love to talk about it! So, I guess it is only natural that people in my life to ask for my help. Which leads to the question:
What do you Charge for Professional Work for Family and Friends?
In my neck of the woods a good (and relatively simple) Will can cost anywhere from $750 to $1,500…so what do I charge friends and family?
First, I have to take my time into account. Any drafting can take two to three meetings at an hour to two hours each. All of these meetings will be done on my “off time” hence the Alternative Income blog title.
Second, I truly believe in the work I can produce, and the good it will bring whomever I help. I know I can produce way better testamentary documents then what these particular people will obtain.
Third, I believe that practicing law should be taken seriously, and me creating wills for free (for those that don’t necessarily need free work) belittles the work that I put in to finish law school and pass the New York State Bar.
After I discussed it with the Wife and a few other Attorney-Friends I have decided to charge those that fit in the category of family/friends $250…which is one-third of an inexpensive Will.
Am I crazy? Should I be doing this stuff for free? Help!
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