SHALL WE TALK ABOUT WEALTH?
We are working on some positions for lawyers and partners to work with wealth planning in law firms.
As we deepened our contact with this market, we observed a high valuation of the practice and a notorious competition for talent.
It is a fact that the subject was on the rise in 2016 with repatriation. Since then, concern for asset management and planning has been growing, apparently more quickly since the pandemic.
Recent movements observed in the market brought us the following question: are we experiencing a new boom in wealth planning demands?
Many professionals in the area suggested that yes, and shared with us some concepts that may have contributed to this growth:
- Political and economic instability at a global level;
- Pandemic, which brought to consciousness the finitude of life;
- Emergence of new wealth and change in the profile of holders.
The moment seems just right to develop or reinforce the practice of wealth planning with professionals prepared to serve individuals and family businesses in terms of hard and soft skills.
The opportunity exists, but building a strong team is not simple. Seeking technically qualified professionals is extremely important and challenging. Still, it is necessary to have a little more sensitivity, empathy, active listening and availability.
And many offices are already making this investment.
For those offices focused on serving legal entities, also serving individuals can represent greater use of the client portfolio and contact network, as well as reinforcing the bond of trust built with the companies served by the office.
That is, it can be a powerful instrument for increasing revenue and client loyalty.
What are your perceptions about the legal market of wealth planning?
Has your office been assisting individuals in the context of estate and succession planning?