Non-Standardized IDP vs. Prototypes

I’m looking for opinions on using prototype documents versus pre-approved individually designed documents (IDPs). We recently switched from Relius to ftwilliam, and I’m considering proposing prototype documents for the next restatement.

Previously, we avoided prototype documents due to the approval letters and per-document fees. However, ftwilliam doesn’t require the letters in our name for their prototypes.

The higher ups here have preferred pre-approved IDPs to justify the restatement fee and formality of how they look, but I find prototypes easier for clients to understand.

I’d appreciate any feedback.

The formality of how they look is definitely a plus for the IDPs, but I prefer them for the table of contents that they usually have - we've taken over a lot of plans that use prototypes and I don't think I've ever seen one whose adoption agreement has a TOC.  I have to think there must be some that have them, as that feature would be no-brainer, especially since some adoption agreements are now 40+ pages long, but we have yet to encounter one.  In a prototype doc, if you want to delve into a provision past its most basic parameters you would have to refer to two documents, the adoption agreement and the basic plan document that it would reference (which is like an IDP), so an instance like that would make the IDP easier to use IMO.  

Thank you, Connor, those are valid points that I didn't think of. Thanks for the feedback!

FWIW - The Relius Volume Submitter documents with an AA format provide an "index" which is a 2-3 page summary listing the specific elections made in that AA, and showing the page # of that specific election. Very helpful.

We generally don't get much in the way of complaints about the restatement fee - maybe we need to charge more! But we DO provide a binder with a hard copy of everything (plus electronic copies if requested) as some justification for the fee - many people, if they just get an electronic copy, really don't fully comprehend the amount of work involved.

1 hour ago, Belgarath said:

We generally don't get much in the way of complaints about the restatement fee - maybe we need to charge more!

We have moved away from restatement fees in favor of a slightly higher annual fee.  Clients are happy with it, and on the practice side you end up collecting parts of the fee for clients who leave or term prior to the restatement window.  Works for us but YMMV