Article by Russ Prince
In 2018 just about all the professions serving high-net-worth clients are going to experience a remarkable boom. Wealth managers, private bankers, and certainly trusts and estates lawyers will have the opportunity to make this year one of the best they ever had.
Systemic changes, such as the explosive growth in personal fortunes further catalyzed by the new tax law, will create a flood of new business opportunities for trusts and estates lawyers. Also, other types of lawyers such as corporate, real estate, and family lawyers are also going to be able to appreciably benefit.
Although there is tremendous upside potential, most lawyers and their firms will probably take very little – and in some cases, NO – advantage of these systemic changes. However, trusts and estates lawyers who are not only technically proficient but are also business savvy will be able to strongly benefit from the mutable circumstances. Two particular characteristics of business savvy trusts and estates lawyers are that they are thought leaders and adept networkers.
These trusts and estates lawyers will have two interrelated high-class problems. The first is being able to handle the workload. A common complaint from very successful lawyers is a dearth of time, which can result in not being able to attend to all the potential business opportunities. Sometimes this is due to their mismanaging their time and the resources at their firms. Often it is due to administrative issues within their firms. Having more business than they can handle is a high-class problem that should be able to be effectively resolved.
The other related high-class problem is the possibility of burnout. A great deal of business requires putting in a lot of hours and dealing with some difficult clients. Burnout in this environment is a high-class problem because it is a function of tremendous professional success. By effectively using the resources of a well-run law firm and structuring engagement to deliver maximum client value and substantial profits, business savvy trusts and estates lawyers will do amazingly well this year.
Some of these business savvy trusts and estates lawyers are likely to have one other high-class problem …what to do with all the money they are going to earn in 2018.
This article was originally published on Forbes.com on May 8th, 2018. The original article can be found here