If I refer clients to Lawyers Life Network, will I be entitled to a referral fee or brokerage commission?
Every state is different. In some, you cannot receive a referral fee or commission. In others, you can receive one or the other. In states where you can receive a commission, you will have to become licensed to sell insurance to do so. Contact us to learn about the requirements in your state
Would this violate the ethical rules for lawyers in my state?
Contact us to learn about the rules in your state
If I do receive a commission, is this a conflict of interest in terms of representing my clients?
Yes and no. Certainly, receiving a commission or referral fee may be an incentive to you to encourage your clients to purchase insurance products. However, our training is designed to teach you both when the use of such products benefits clients and those for whom purchases are inappropriate. This should enable you to provide more assistance to your clients by having more services to offer them. The old saying that if your only tool is a hammer, everything looks like a nail can apply to legal services. In fact, the ability to offer new ways of solving a client’s challenges can be seen as avoiding existing conflicts of interest which may encourage attorneys to only see legal tools as solutions.
What sort of disclosure should I make to clients?
Lawyers Life Network provides forms you may use to give full disclosure to your clients about your role in recommending and their purchasing insurance products.
Should I discount my legal fees to make up for receiving a referral fee or commission?
No, you may not do so. That would be considered an inducement to purchase an insurance product, which is illegal.
What kinds of products does Lawyers Life Network sell?
Life insurance, fixed single-premium annuities, long-term care insurance.
How can I be sure that they are choosing the best products and companies for my clients?
Lawyers Life Network has no vested interest in any particular company or product. It strives to find the best product for each client without regard to commissions or other inducements.
Won’t I lose referrals from financial planners if I don’t give them all of my insurance business?
First, assess how many clients you are actually receiving from financial planners. Second, always dance with the partner who brought you to the dance. In other words, work with your clients’ existing financial advisors. Use Lawyers Life Network for clients who do not have existing financial advisors. Third, you do not need to advertise this service. Use it to provide additional service to your clients.