In his article, Paul Caron discusses the trust and estate law sector that is seeing recent growth. He begins,
High-end trusts and estates lawyers … have some of the most fascinating practices in Big Law, with client lists packed with entertainment stars, business moguls, Internet entrepreneurs and reclusive billionaires. While drafting wills, setting up trusts for wayward children, crafting prenuptial agreements for third wives and structuring complex vehicles to reduce taxes, they’re privy to the intimate personal and financial details of the lives of the creative and the ultrawealthy. …
Putting aside the glamour factor, the practice has taken on increasing relevance, with top T&E lawyers on the front lines of one of the most pressing political issues of our time: the shocking wealth disparity in the country. Their typical client sits in the top 0.1 percent of U.S. households, defined as those with more than $20 million in assets. These individuals own 22 percent of the nation’s total wealth—roughly the same amount held by the bottom 90 percent, according to Federal Reserve data. These are the lawyers who help ensure that the 0.1 Percent stay comfortably at the top.
With the increasing concentration of riches, some firms are refocusing on these clients. “I know a lot of big firms want to start estate planning practices,” says Julie Miraglia Kwon, a T&E partner in McDermott, Will & Emery’s Menlo Park office. Noting the number of calls she’s received lately from recruiters, she remarks, “Maybe they see headlines about all the wealth.”
Find the entire opinion here: T&E Is Resurgent In BigLaw: ‘50% Psychiatrist, 50% Tax Geek’
Posted by Allison Trupp, Associate Editor, Wealth Strategies Journal