WealthCounsel Company Profile

Background

Founded in 1997, WealthCounsel is a membership-based organization dedicated to supporting estate and business planning attorneys. The company offers a comprehensive suite of services, including state-of-the-art document drafting software, continuing legal education (CLE), practice-building coaching programs, legal content marketing services, and access to a nationwide community of like-minded attorneys. WealthCounsel's mission is to transform the practice of law for attorneys who assist clients in creating, preserving, and passing on their legacies. The company's vision focuses on developing tools and technologies that enhance attorney efficiency, providing educational programs that adapt to the evolving legal marketplace, and fostering a thriving community of legal professionals.

Key Strategic Focus

WealthCounsel's strategic focus centers on delivering integrated solutions that empower attorneys to practice efficiently and confidently. The company's core objectives include:

• Automation: Providing cloud-based drafting software that enables attorneys to create high-quality estate planning and business law documents anytime, anywhere.

• Education: Offering a robust learning platform with on-demand and live webinars to keep members informed about current developments and best practices in the industry.

• Coaching: Implementing coaching programs to assist attorneys at various experience levels in enhancing their practice and delivering optimal value to clients.

• Community: Fostering a vibrant and engaged community where members can collaborate, share knowledge, and support each other.

WealthCounsel primarily targets estate planning and business law attorneys across the United States, aiming to enhance their practice efficiency and client service capabilities.

Financials and Funding

As of recent estimates, WealthCounsel generates annual revenues of approximately $63 million, with a revenue per employee of around $297,000. The company has experienced significant growth, with a 28% increase in employee count over the past year, bringing the total number of employees to 212. In December 2021, WealthCounsel was acquired by LEAP Group Holdings, marking a significant milestone in the company's financial history.

Technological Platform and Innovation

WealthCounsel distinguishes itself through its proprietary technological platforms and innovative solutions tailored for legal professionals:

• Wealth Docx®: A flagship document drafting software that enables attorneys to efficiently create a wide range of estate planning documents using dynamic guided questions and customization tools.

• Elder Docx™: Cloud-based software designed for drafting elder law, special needs planning, and Veterans’ pension planning documents, featuring interactive interviews and customizable templates.

• Business Docx: A drafting system that provides interactive questions to create documents for business formation, operations, exit planning, business succession, and client communications.

• Wealth Tracx™: A comprehensive solution for trust administration, offering tools for asset tracking, reports, ledgers, and task management.

• Gun Docx: Software that facilitates the creation of customizable firearms trusts for conventional and National Firearms Act firearms planning through guided questions.

These platforms are designed to enhance efficiency, reduce errors, and ensure compliance with current legal standards, thereby setting WealthCounsel apart in the legal technology industry.

Leadership Team

WealthCounsel's leadership team comprises experienced professionals dedicated to advancing the company's mission:

• Henna Shah, JD, LLM: Chief Executive Officer

Henna provides the vision and strategy behind WealthCounsel’s focus on the success of its attorney members. With extensive experience in estate planning and private practice, she has been instrumental in developing products like Wealth Tracx™. Henna holds an AB in Political Science from the University of Michigan, a JD from Indiana University Maurer School of Law, and an LLM in Taxation from New York University School of Law.

• Jenni Davenport: Chief Operating Officer

Jenni oversees internal operations and has previously served as Vice President of Software Solutions and Editor in Chief. With nearly a decade of experience in estate planning, trust administration, and probate, she holds a law degree from the J. Reuben Clark Law School at Brigham Young University and is licensed in Utah.

• Brian Albee: Chief Legal Content Officer

Brian collaborates with development and content teams to ensure WealthCounsel’s software products are up-to-date. He has a background in estate planning law and a keen interest in document automation development. Brian attended Golden Gate University School of Law in San Francisco, California.

• Karl Clegg: Vice President, Sales

With over 30 years of sales experience, Karl has held leadership roles at AtTask\Workfront and Ingenix (United Health Group). He earned a Bachelor of Science in Business Management from Brigham Young University.

Competitor Profile

Market Insights and Dynamics

The legal technology market is experiencing significant growth, driven by the increasing demand for efficient and compliant document drafting solutions among legal professionals. WealthCounsel operates within this dynamic landscape, focusing on estate planning and business law attorneys.

Competitor Analysis

WealthCounsel faces competition from several key players in the legal technology sector:

• FreeWill: Founded in 2016, FreeWill offers online estate planning tools and has raised $30 million in funding. The company generates between $5 million and $25 million in revenue and employs a significant number of professionals in the field.