Legacy Matters

Look for more boutique estate planning firms

It seems as if estate planning simply doesn't fit the large-firm business model. Deborah Jacobs explores why in "Scaling Down" in Bloomberg's Wealth Manager, the June 04 issue which unfortunately is not online. As top lawyers leave mammoth firms to open their own estate-planning boutiques, they not only find a better lifestyle and more flexibility, they no longer have to compete for partnership shares with high-flying litigators.

Boutique firms offer several advantages. They are more welcoming of smaller estates, they often have a sharper focus and a lower overhead. Since they are not looking for business other than estate planning, they are more open to strategic alliances with other professionals: teams of professionals each with unique areas of expertise who work together on a particular project for their mutual client.