Rupert Murdoch. Photo: David Paul Morris/Bloomberg Rupert Murdoch Trust Trial Underscores Lucrative Nature of High-End Private Client Practices
Trusts and estates disputes can generate more legal work than mainstream practices when firms commit to the practice area. However, the practice doesn't come without risk.
October 02, 2024 at 03:32 PM
6 minute read
Private Client
What You Need to Know
- Cravath and Sheppard Mullin scored leading roles in a legal battle for control of Rupert Murdoch's media empire.
- Such disputes within wealthy families are not at all rate-sensitive and often generate legal work for other practices, private client lawyers said.
- The growth of private funds within family offices, the transfer of baby boomers' wealth and changing tax regimes all amount to rising demand for private client work.
While many squabbles within wealthy families stay out of the press, the Rupert Murdoch trust trial playing out in Reno, Nevada, has gained global attention as the latest chapter in a battle between Murdoch's children for control of the media empire the 93-year-old Murdoch built.
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