Average Will fee drops to £118
9 December, 2015
New research has revealed that the average price of a standard Will from a law firm has fallen from £124 to £118 in just one year.
Market research consultancy, IRN Research, is warning solicitors that the legal market is likely to see even greater competition from accountants and chartered legal executives as they took on new practice rights to offer probate services, which would likely force fees down even further.
“Perhaps more than any other legal market, except maybe conveyancing, the wills market does offer opportunities for brands to take a greater market share,” stated IRN Research’s report.
“Wills, unlike most other legal purchases, are not a distress purchase so potential purchasers can be targeted on a regular basis with some success.”
“There are now a number of recognisable consumer and financial services brands already in the market, with large memberships or customer databases to turn to offer will writing and probate services.”
“The Cooperative, Saga, and Which? are the main examples and we are likely to see more investment in advertising and marketing from these brands in the future.”
The report said that the price of Wills varied considerably and were mainly dependant on the complexity of the estate and whether it covered estate administration from start to finish.
Firms offered a range of fixed-fee options, taking into account either the complexity of the estate or the amount of work required. However, some providers offered a “one-price fixed fee” for relatively simple estates.
A survey of 20 law firms, 20 Will writers and 20 online Will-writing companies found that average prices were £118 for solicitors, £86 for Will-writers and £45 for online Will companies.
Wills and probates are a staple part of most firms’ income, which can often be relied upon when other services are quiet. However, the increased competition in the sector has driven prices down, which is likely to affect many practices cashflow.
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