Coordination, in this context, means both the technical coordination between transaction and investment structures and estate planning at the tactical level and the coordination of the family’s legal strategy at a strategic level. This need for coordination requires family leadership to consider what arrangement of counsel (or multiple sets of counsel) will not only provide the family with the ideal mix of top-drawer subject-matter expertise, but will also most effectively and efficiently coordinate the planning of estate, gift and income tax strategies and entity structures across multiple generations of family members.
In addition to technical coordination, any well-functioning relationship between lawyers and their clients will involve a significant element of interpersonal compatibility and “fit.” To ensure the coordination of legal strategy and planning across generations, family leadership needs to be mindful of the importance of facilitating the development of those relationships across the succeeding generations, and finding counsel who will be able to be trusted advisors to family members across multiple generations.
Daniel G. Berick is the Americas chair of the Global Corporate Practice and co-chair of the Global Family Office Practice at Squire Patton Boggs.