3L with two offers:
1) My SA firm, a midsize-biglaw firm known for its T&E practice (think Baker & McKenzie/Venable/Loeb & Loeb) to be in its T&E group
2) I shopped around the offer and have an offer from a biglaw firm known for high leverage to be in the corporate group (think LW/KE)
As far as what interests me more, I think corp interests me more, but I don't mind doing T&E. w/r/t my SA firm, the T&E group is strong and not going anywhere--point being that I know there is a concern about the future of T&E in biglaw, but that is a nonissue here.
Pros and Cons of each?
Trusts & Estates vs Corporate Forum
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QContinuum
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Re: Trusts & Estates vs Corporate
If you prefer corp, I'd go with the corp offer. Further, I wouldn't be so quick to write off concerns about T&E's future in BigLaw. I don't think it'd be foolish or anything to return to your SA firm, but I think it'd be legitimate to consider that being in T&E may make it more difficult to lateral or go in-house down the road (vis-a-vis being in corporate).
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ruski
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Re: Trusts & Estates vs Corporate
these are VASTLY different options. t&e will give you a much better life and completely different exit options. t&e might be dieing at the v5, but the practice itself is strong and there is always a demand for these services. several of the lower firms have booming t&e practices, and you always have the option of going solo or working for a t&e boutique. it really depends what kind of career you want. do you want to be in the trenches, working on high profile deals and building a transferable skill set that will help you continue to climb the corporate ladder? or do you prefer being in a niche practice with a more technical focus, and in effect being a quasi-therapist to rich people, giving individual advice and building personal relationships?
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Anonymous User
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Re: Trusts & Estates vs Corporate
Corporate lawyer and I'd take trusts and estates in a heartbeat. Also if you can branch that practice into the non-profit space, you can exit to non-profit organizations.
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Anonymous User
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Re: Trusts & Estates vs Corporate
All the T&E lawyers I know love it. Comparing the quality of life they have to general corp is literally the two most extreme opposites in biglaw. Arguably T&E in biglaw has the best lifestyle possible. A buddy of mine is 9-6, no weekend work, and still gets a market bonus. The corp people? 9am-11pm or later is the norm, plus weekend work. For lifestyle reasons, I would take T&E in a heartbeat.
But the exit options are much different, as noted by others.
But the exit options are much different, as noted by others.
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Anonymous User
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Re: Trusts & Estates vs Corporate
My .02:
I am a T&E assoc in a midsize firm:
-T&E can be very enjoyable when you have sophisticated work, but it can also be very monotonous when you are doing just basic, non-tax non-asset protection stuff.
-I feel like T&E is looked down on my firm. I feel like the partners are somewhat marginalized. It is not a very profitable section, and many ppl don't understand what we do--I think they think we just write wills for grandmas all day.
-There is tons of downward pressure on fees. The tax stuff is super sophisticated and riddled with traps for the unwary. This can make it stressful as a perfect work product is expected using as little time as possible. And given current estate tax exemption levels, the volume of sophisticated stuff isn't where it used to be, so you have to spend lots of time educating yourself and doing personal study since you aren't constantly getting the experience.
-It can be hard to meet billables. T&E is full of little to midsize projects. Going from creating a family LLC to writing some demand letter to doing some other dumb thing, it is much harder to bill all of your time (especially with the transitions) than just having one big project, like diligence, where you come in and do it all day and bill for the whole day.
- the hours are pretty chill.
TL;DR
-T&E is more chill
-T&E is looked down upon, and its hard to be profitable
I am a T&E assoc in a midsize firm:
-T&E can be very enjoyable when you have sophisticated work, but it can also be very monotonous when you are doing just basic, non-tax non-asset protection stuff.
-I feel like T&E is looked down on my firm. I feel like the partners are somewhat marginalized. It is not a very profitable section, and many ppl don't understand what we do--I think they think we just write wills for grandmas all day.
-There is tons of downward pressure on fees. The tax stuff is super sophisticated and riddled with traps for the unwary. This can make it stressful as a perfect work product is expected using as little time as possible. And given current estate tax exemption levels, the volume of sophisticated stuff isn't where it used to be, so you have to spend lots of time educating yourself and doing personal study since you aren't constantly getting the experience.
-It can be hard to meet billables. T&E is full of little to midsize projects. Going from creating a family LLC to writing some demand letter to doing some other dumb thing, it is much harder to bill all of your time (especially with the transitions) than just having one big project, like diligence, where you come in and do it all day and bill for the whole day.
- the hours are pretty chill.
TL;DR
-T&E is more chill
-T&E is looked down upon, and its hard to be profitable
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Anonymous User
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Re: Trusts & Estates vs Corporate
OP Anon here.
Most of the above has echoes what I have observed.
The trusts and estates guys almost seem invisible to the rest of my SA firm. But they also seem to have the best lifestyle. Not sure what the future of a young associate in trusts looks like though.
Most of the above has echoes what I have observed.
The trusts and estates guys almost seem invisible to the rest of my SA firm. But they also seem to have the best lifestyle. Not sure what the future of a young associate in trusts looks like though.
