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w w w . C A N A D I A N L a w y e r m a g . c o m J U L Y 2 0 1 5 21 friend in some way and you have that rela- tionship, it is entirely appropriate [to reach out], but it is not appropriate to do it just because you feel you should." Chappel agrees. Indeed, she says, young- er generations will demand more of a par- ent's lawyer than simply trusting in their expertise. "That's not how this new genera- tion operates," she says. "They want knowl- edge. You need to be a thought leader." You will also need touch points with younger family members where they most often congregate, and that means using social media. It does not mean transform- ing yourself into a Twitter expert but it does mean having an up-to-date online pres- ence and ongoing connections. "You need to reach the next generation on their own terms," says Chappel. Sustaining a relationship with a family is also not a solitary endeavor. Other lawyers in the firm may provide services and create a sense of a united front working for the family as a whole. "I try to build a team approach and make sure we deal with them with a consistent voice," says Niedermayer. This may be particularly important for retaining younger generations when a parent passes on. "Most relationships are generational," notes Bongard. "Odds are the kids have developed their own relation- ships. You shouldn't be the only one in the firm that has a relationship with the client." Despite the soundness of the approach, there may be some resistance to sharing files, particularly in a tough economic legal market. Clients are directly linked to bill- able hours and other forms of remunera- tion. Saying goodbye in the short term to build business over the long term may be too harsh a reality for many lawyers. "Larger firms have pushed senior lawyers to pass files down. You can lose part of your practice in this way," says Bongard. "Many lawyers resist the instructions to do this." Another key factor in the failure to keep a client close is complacency. Many lawyers assume if they have one member of the family as a client, they have them all. They may also assume they will continue to rep- resent the family business after the owner has passed on. Both assumptions are false and they lead to a false sense of confidence and a lack of action, says Chappel. "You assume the business will be yours and you don't invest in them." There is no easily accessible data (if any) indicating how successful lawyers are at keeping family members in their practice. Similar statistics for the financial services industry indicate the success ratio is low. According to a whitepaper from Toronto- based strategymarketing.ca, "Why women leave their financial advisors: and how to prevent it," 80 per cent of women switch advisers after the death of their husband. Lawyers will want to start counterbal- ancing any such trend in their practice now, especially in light of Canada's aging demo- graphic. Statistics Canada says the number of seniors in the country will exceed 23 per cent by 2030. In 2013, it was 15.3 per cent. While it is essential that lawyers grow along with their clients to ensure the best possible representation, bringing families into the fold can be helpful for everyone. "The key is to find opportunities to engage other members in the conversation. It's also the best way to avoid disputes," says Nieder- mayer. "If you have those open discussions, it helps to build a trusted relationship." What's Market is much more than a deal summaries database. Not only can you search, review, and compare expertly prepared summaries of recent deals and fi lings – you'll see exactly how this information impacts your deal. Do you need to determine the appropriate break fee for your deal? Use What's Market to quickly compare break fee provisions across multiple deals in a specifi c industry and create a custom report on market trends. This is just one example of the many ways What's Market on Practical Law Canada gives you the practical know-how to get your deal done faster and more effi ciently than ever before. Experience the What's Market difference • Find specifi c deals faster with custom advanced search • Get expert analysis and deal summaries with links to underlying agreements • Benchmark market practice and trends by comparing multiple deals or fi lings at once • Respond to clients faster with instant custom reports • Eliminate non-billable hours Start with Practical Law Canada. Sign up for a free trial at www.practicallaw.ca 00229IF-A50788 Introducing What's Market on Practical Law Canada Insightful analysis that goes beyond deal summaries

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