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Many financial firms have indicated their desire to move to low tax states such as Florida and Texas if the new tax bill passes. Would prominent law firms sacrifice the prestige of being based in New York, Chicago, or California for Texas or Florida if the tax bill passes?

sharris2017 wrote:Many financial firms have indicated their desire to move to low tax states such as Florida and Texas if the new tax bill passes. Would prominent law firms sacrifice the prestige of being based in New York, Chicago, or California for Texas or Florida if the tax bill passes?

im not sure why law firms would necessarily care that their associates/members (for the most part) can't deduct as many SALT taxes imo.

Given the possibility that Dems will take back both houses and the Presidency within the next few years (and then repeal at least this portion of the tax plan), I feel like law firms would not want to move for the reason you offered.

sharris2017 wrote:Many financial firms have indicated their desire to move to low tax states such as Florida and Texas if the new tax bill passes. Would prominent law firms sacrifice the prestige of being based in New York, Chicago, or California for Texas or Florida if the tax bill passes?

Which ones?

foregetaboutdre wrote:

sharris2017 wrote:Many financial firms have indicated their desire to move to low tax states such as Florida and Texas if the new tax bill passes. Would prominent law firms sacrifice the prestige of being based in New York, Chicago, or California for Texas or Florida if the tax bill passes?

im not sure why law firms would necessarily care that their associates/members (for the most part) can't deduct as many SALT taxes imo.

I think the op suggestion is unlikely, but certainly it is reasonable to believe that law firm partners think about maximizing their income as much as possible in the operation of a business. Any business world factor in taxes when making such a big decision as office location.

Why are you guys entertaining this idea lol. No.

I've heard about this from some hedge funds and PE shops, but these are hardly behemoth "financial firms." BigLaw is much more comparable to the latter than the former, as hedge funds and PE shops have pretty few staff and institutional costs, so it's not particularly difficult for them to move from, say Bridgeport, to Florida.

The day Goldman Sachs of JPM takes a substantial presence anywhere outside of NYC, I'd be shocked. Main street firms like that are in a much longer game than PE shops which really only tend to last for the career of a few principals, and most major law firms fall solidly in the long-term outlook for business camp.

But likely source of OP's claim: https://finance.yahoo.com/news/new-york ... 52548.html

Edits: grammar

Have any of you considered there is a cost to moving to Florida? I mean, it's florida....