Private Wealth Service Practices in American law firms have changed and expanded over the past several decades. New laws, taxes and other factors have all contributed to this ever-changing field of practice. Private Wealth Services Co-leader of the firm's Private Wealth Services group Edward Koren agrees that some firms are unable to incorporate this type of practice into other areas like litigation and deal work that require more associate man-hours.
"We don't get assignments you can dump 25 associates on," Mr. Koren said. "There are very few seven-figure [per matter] fees. A big fee for us is in the six figures."
READ: Doubling Down on Private Client Practices (subscription may be required)
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