How could the independent law firms of the Libralex network work together in approaching Single (SFO) and Multi (MFO) Family Offices?
What do these offices need and in particular, what do the underlying clients need in form of legal services?
Can Libralex present some type of common offer? Can you assure the quality needed? Would it be useful to launch such an SFO/MFO offer?
Before trying to respond to these questions, I suggest you start with a presentation about the subject and then open up for a debate around this issue. This will allow the representatives from your member firms to have a better understanding of this market.
I could suggest making a presentation to Libralex member firms and lead a discussion along the following lines:
- Who needs a Family Office?
- What is a Single Family Office (SFO)?
- What is a Multi Family Office (MFO)?
- What services do SFO’s and MFO’s offer?
- Who are the underlying clients and what are their needs?
- What legal services do the SFO/MFO’s need a) when starting up and b) ongoing?
- Libralex network – is the SFO/MFO a market for you?
- Q&A, discussion and debate.
Reasons for planning
- Asset protection (political/economical turm oil) > Cedrik
- Re-allocation of assets (discretion, media-exposure) > Yiota
- Baby-Boom (Post WWII) generation and succession matters > Michiel
- Family office > Michiel?
- Geographic location
- Financial infrastructure
- Quality of legislation
- Political stability
- Real economy
- Quality of life
- Kamprad Family Foundation (IKEA) (annex 2: click here)
- Brenninkmeijer (C&A) family office
- Similar firm ranking?
- Similar client base?
- Niche markets?
- Tax/accounting firms
- Private banks
- Trusted relationships