Interesting video here at Bloomberg News (in the first minute and a half) about large firms shedding trusts and estates practices to serve larger clients. But nature abhors a vacuum – and those trusts and estates clients have to go somewhere. And while those clients — presumably individuals of high worth or small businesses seeking legacy planning – may be small fry for the big boys, they can make for a reasonably lucrative matter for a smaller firm. Moreover – let’s face it – most of these clients probably weren’t priorities at the large firms anyway, so they may appreciate white glove service from a small firm grateful to serve them.
How to find this business? Why not approach the firms that have shed their trusts and estates practices and propose yourself as a referral. And for large firms that currently have trusts and estates practices, you could propose a strategic alliance – maybe have the firm keep the clients (since they may be handling other business for those clients) but offer to come in on an of counsel or strategic alliance basis. That’s a possible win-win for everyone.