A Practice Group for Rich People and Why It’s Gaining Importance

Is representing high net worth individuals in rate-challenged practices like trust and estates becoming a little more sexy for Big Law?

McDermott Will & Emery says yes, because rich people are getting into the private equity business.

As a result, law firms have taken note and are targeting wealthy families as clients, changing the marketing materials on their websites to include “direct investing” alongside private equity, according to Mark Selinger, co-head of McDermott’s direct investing practice.

In fact, the firm just hired a partner to advise on that type of work: Jeremy Dickens, the co-head of Shearman & Sterling’s private equity practice ...