Law students interested in working in the trusts and estates practice area are often sold on the idea of working for “BIG LAW” in big cities because of the prospects of working on large estates. New York City, Los Angeles, and Miami may come to mind when thinking of potential cities to occupy a cozy office to embark on your estate planning career. However, gaining valuable experience working on large estates may not be limited to only major cities.
In a 2006 study, Kiplinger’s Magazine surveyed cities for households worth $1 million dollars or more, excluding the value of their primary residence. The top five towns containing the highest percentage of millionaire households were:
– Los Alamos, New Mexico
– Naples, Florida
– Stamford, Connecticut
– Vero Beach, Florida
– Hilton Head, South Carolina
What do these statistics mean for prospective trusts and estates attorneys? There may be bigger opportunities in smaller markets at smaller firms. Naples, Vero Beach and Hilton Head are all known as places where wealthy retirees flock to. Stamford is home to a large concentration of corporate executives from New York and Los Alamos is a city full of highly paid government scientists.
For those of you interested in trusts & estates work, there may be big opportunities in small markets.