Many Lawyers Are Going To Become Very Rich Thanks To The New Tax Law

​While a good number of lawyers feel their practices and their incomes are under pressure, the opportunities to earn a great deal of money are tremendous. One reason, among many, for lawyers to become substantially wealthier is the new tax law.

In general, tax lawyers are certainly going to benefit as a large percentage of the wealthy and businesses will require their advice and assistance because of the law. For example, capable trusts and estates lawyers are in a phenomenal position to advise their current clients as well as bring in considerable new business. I recently worked with a trusts and estates lawyer using the Whole Client Model coupled with a synergistic framing methodology to find the opportunities buried in her client base and develop ways to best motivate these clients. Using a fixed fee pricing model and assuming only 20% of the opportunities we identified will become new business, she could easily generate between $3 million and $5 million in additional billings this year.

Business savvy trusts and estates lawyers, without question, are big winners because of the new tax law. Even before the new tax law, very capable trusts and estates lawyers can increase their annual incomes by $1 million or more annually. So are astute and determined corporate tax lawyers, and the legal industry will also benefit from a powerful ripple effect. That is, other types of lawyers specializing in areas such as real estate, mergers and acquisitions, employment, and even intellectual property can develop considerable new business because of the new tax law.

There is also a “kicker” because of the new tax law that will be advantageous to many, many lawyers. That kicker is the unintended consequences the new tax law will produce. The tax law is big and was written and modified very quickly, so there is a really good possibility that people and businesses can further benefit in all sorts of interesting ways. At this time, we just do not know what many of those further benefits are. Still, I am aware of a number of “scary smart,” highly creative tax experts dissecting the new tax law with sky high expectations they will find some wonderful solutions to provide the wealthy and businesses.

All in all, before the new tax law there was enormous latent demand for many legal services. With the new tax law, the demand for legal services will only intensify. For lawyers in well-run firms, a sizable amount of this new business will end up going to their firm’s bottom line and from there into their own pockets.