Firm Debevoise & Plimpton Terminates Trust and Estate Practice

? New Mind Mapping Software For Estate and Financial Planning | Main | Four Tips for Executors ?

February 6, 2013

Firm Debevoise & Plimpton Terminates Trust and Estate Practice

One of the largest, prestigious, and traditional firms, Debevoise & Plimpton, has decided to terminate its trust and estate planning practice. The move surprised many in the legal field because of the firm has retained its strong partnership culture, especially because many firms have moved away from that school of thought to more of a bottom line approach.?Debevoise & Plimpton is the latest firm to make this move.Some in the industry believe that it is a result of a change in the profession. More specifically, it appear that the legal profession is becoming more of a business.

At one time, estate planning was considered to be a necessary and lucrative practice by corporate law firms, who would spend their efforts advising and planning for wealthy families. Now, estate planning has taken a secondary position behind the cash cow of corporate law firms today: "multibillion-dollar corporate transactions and high-stakes litigation." Furthermore, estate planning is not as profitable because they are not as work heavy as complex lawsuits or megamergers. Even with the trend, there are those that are resisting change. For example, "In 2011, seven trusts and estates lawyers from Weil, led by Carlyn S. McCaffrey, moved to McDermott Will & Emery, a firm with about 65 trusts and estate lawyers, one of the larger such practices." In addition, some claim that the argument that estate planning is not profitable just is not correct. The head of Katten's trust and estate practice argued that if well-integrated estate planning can produce lots of work for the firm.

See Peter Lattman, Debevoise & Plimpton Drops Trusts and Estates Practice, DealB%k, Feb. 5, 2013.

Special thanks to?Joel Dobris?(Professor of Law, UC Davis School of Law) for bringing this article to my attention.

February 6, 2013 in Current Events, Estate Planning - Generally | Permalink

TrackBack

TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d8341bfae553ef017ee847853b970d

Listed below are links to weblogs that reference Firm Debevoise & Plimpton Terminates Trust and Estate Practice:

Comments

Post a comment

Source: http://lawprofessors.typepad.com/trusts_estates_prof/2013/02/firm-debevoise-plimpton-terminates-trust-and-estate-practice.html

do not call list sports illustrated westminster dog show 2012 words with friends words with friends phlebotomy dog show