Big Law Firms De-emphasize Trusts and Estates

The New York Times recently reported that the prominent New York-based international law firm of Debevoise & Plimpton is terminating its trusts and estates practice group.  As the Times article notes, the same termination occurred at the famous law firm Weil, Gotshal & Manges in 2011.

The reasons for the elimination of the trusts and estates practice group are economic.  Large corporate transactions such as mergers often require more billable hours than trusts and estate work, and thus are more attractive to large law firms.  In addition, Fortune 500 companies are less likely than private clients to balk at hourly rates that can reach over $1,000 an hour.  It is possible that clients seeking estate planning advice will gravitate towards boutique law firms as “Big Law” firms de-emphasize trusts and estates practice.