Today, the average life expectancy is 78.6 years for men and 81. 1 years for women. Yet while longevity increases, services that cater to older Americans have not – or at least not yet. However, as Fast Company reports, the business of growing old is a 15 trillion dollar industry.
For lawyers, aging populations present multiple business opportunities. Many seniors are starting businesses – in fact, there’s a coworking space just for them. There’s also a demand for services designed to be useful for elderly – products that are functional and stylish, useable and accessible. Think of how many law firm websites are difficult for seniors to read – or how many representation agreements contain print too tiny for older eyes. A law firm that brands itself as elder-friendly could attract older clients based on simply being receptive to their needs.
Aging populations also introduce new legal issues. As people live longer, they may divorce rather than suck it up and stick it out. Yet a divorce after 30 or 40 years of marriage raises different issues than for younger people. Older clients may need assistance in executing end of life documents and dealing with disposition of digital assets, while older clients still working may face discrimination issues. Many of the issues that I described in an earlier post on Boomer Law are still unmet and create new potential practice areas.
Maybe its time for your firm to think about targeting senior clients as a new demographic to serve.