Looking at an opportunity to go to Lux/Switz. at Biglaw firm working for American partner doing Wealth Management/International tax right after JD with accounting BA.
Please don't quote me. Thanks.
Exit options after BigLaw private wealth management? Forum
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Re: Exit options after BigLaw private wealth management?
Family offices (single and multi), trust companies (private and public), private wealth banking (as relationship or client service depending on timing of exit), tax firms, accounting firms, valuation companies. Many biglaw firms are abandoning PWS because the business model doesn't sync with high rates, pyramid model, etc. The work isn't going away (lots of new money and huge wealth transfer when boomers die) so getting trained and then in-house to one of the above is a valid option.
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Re: Exit options after BigLaw private wealth management?
OP here.
So making partner is out of the question?
You think there are any ways to transfer to other big law practices after having cross-border transaction experience in this area?
So making partner is out of the question?
You think there are any ways to transfer to other big law practices after having cross-border transaction experience in this area?
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Re: Exit options after BigLaw private wealth management?
Not out of the question; those groups are just leanly staffed, there really isn't room for service partners. If you can inherit or build a sufficient book, you're all set. International income and transfer (gift, estate) tax is a growing field due to the trend towards increased regulation (IRS, SEC, etc) so yes, high-end cross-border PWS is a good place to be. You could probably transfer your skills to Tax or maybe M&A or Private Funds if you hated it after a few years depending on what experience you got. I.e.: were you helping structure family offices and/or assisting with their direct investments? Or were you doing income tax planning for non-US citizens? I think best to tend toward the "entity-clients" rather than individuals when possible - legal funds are specifically allocated rather than viewed as "out of pocket", and benefits are more immediate (structure allowing investment rather than tax savings for heirs).
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