A recent New York Times article hit the nail on the head: “Corporate law firms once viewed trusts and estates as a small yet important practice that discreetly advised wealthy families. But drafting wills and trusts, and the legal matters that flow from that, is less lucrative than the primary revenue drivers at big law firms: multibillion-dollar corporate transactions and high-stakes litigation.”
You see, large firms charge more than $1,000 per hour and while some corporations are willing to pay those rates, families (even the wealthiest ones), are saying “Thanks, but no thanks.”
In addition to exorbitant rates, large corporate law firms also make their bread and butter by assigning multiple attorneys (of varying skill levels) to an account. When it comes to trusts and estates, fewer attorneys are needed. Fewer attorneys = fewer billable hours = less revenue = bye bye trusts and estates department.
The benefits of working with a smaller firm like Altman & Associates go beyond just the savings. I strongly believe that you simply cannot be the best at what you do if you are a “jack of all trades” law or financial firm. It takes years of schooling and additional (and regular) training to master and keep current with intricate and evolving estate and tax laws. We focus exclusively on estate planning and we will remain that way. Our commitment to the practice of estate planning and superior personal service are the reasons why our firm remains successful.
– Gary Altman, Esq.