Trust & Estates Biglaw - dying field? exit options? Forum

[AlanShore]

I've heard/seen more and more big law firms exit out of the trust and estates market (or they do so little of it they don't advertise because they're just servicing old/wealthy clients). I'm in a secondary market and there are a couple big firms that still have t&e practice groups where they still hire maybe 1 associate a year or every other year. I have a 1L SA at a firm that has a growing wealth management division. I'm interested in tax and t&e but I'm wondering what the future looks like for the field both within large law firms and exit opportunities. I assume there's decent business with the baby boomers but I know t&e is not a profitable practice group (though the firm I will be working for has chosen to grow that area for specific business reasons).

I'm assuming exit opportunities are smaller firms which I'm not opposed to but if I like working at a big firm I'd like to know I could stay and be busy, have business, etc. Does anyone have any experience in t&e in a big firm? thoughts?

[downinDtown]

By its nature, the estates part of it is, in fact, a dying field.

[Dr. Mantis Toboggan]

By its nature, the estates part of it is, in fact, a dying field.

[Anonymous User]

I had an interview for a V10 T&E group and they made it seem like most of their "clients" were partners within the firm. I have no idea the general direction of the industry but two things to think about: (1) The exemption is so high right now that very few people are affected (so hard to get a lot of smaller clients, assuming they've been planning intelligently all along). (2) Not sure at all how lawyers view these or are affected by them, but the media has been giving some coverage to these perpetual dynasty trusts in South Dakota (for clients that actually have big money).

[bjsesq]

perpetual dynasty trusts in South Dakota (for clients that actually have big money).

I am 5 doors from this building. It is largely empty, BUT DEM SD FRIENDLY TRUST LAWS made sense for them to buy up a building that covered half a block and put nothing in it.

[Anonymous User]

This is anon above: OP, I wasn't meaning to disparage the firm because a good amount of their clients were partners. I think that adds stability to the position if you get it, assuming the firm itself continues to do well.