If a Key Person Were to Die, Could We Still Protect Our Revenue Flow?
Milwaukee area law firm
A revenue analysis of a Milwaukee area law firm revealed an important fact: five of its attorneys were generating a majority of the firm’s income. Put another way, losing just one of them could cost the firm about $1 million in annual revenue – an amount not easily gained back. What kind of strategy could insulate them from such a risk?
Protection gained through a key-person policy
The law firm worked with M3 to reach a solution: a key-person life insurance policy for $1 million on each of the five top performers. The policy protects income flow upon the death of a critical revenue generator. Such a cushion can help maintain stability and also provide the funds needed to recruit new talent if an unexpected loss should occur.
Investment advisory services offered through Global Retirement Partners, LLC, dba M3 Financial, an SEC registered investment advisor.