Michigan Law Review Volume 86 Issue 4 1988 The Twentieth-Century Revolution in Family Wealth Transmission John H. Langbein University of Chicago Law School Follow this and additional works at: https://repository.law.umich.edu/mlr Part of the Estates and Trusts Commons, and the Law and Society Commons Recommended Citation John H. Langbein, The Twentieth-Century Revolution in Family Wealth Transmission, 86 MICH. L. REV. 722 (1988). Available at: https://repository.law.umich.edu/mlr/vol86/iss4/3 This Article is brought to you for free and open access by the Michigan Law Review at University of Michigan Law School Scholarship Repository. It has been accepted for inclusion in Michigan Law Review by an authorized editor of University of Michigan Law School Scholarship Repository. For more information, please contact
[email protected]. THE TWENTIETH-CENTURY REVOLUTION IN FAMILY WEALTH TRANSMISSION John H. Langbein* The ancient field of trust-and-estate law has entered upon a period of serious decline. In some law firms, even seasoned practitioners have begun to diversify away from the field. In leading circles of the trust and-estate bar, there is now open discussion of diminishing clientele, difficulty in billing for legal services at rates comparable to the rates for other specialties, and the reluctance of new associates to enter the field. 1 Although it has been fashionable to attribute this decline to the dramatic 1981 revision of the federal transfer taxes,2 which effectively relieved the middle classes from entanglement with the estate tax, the theme of this article is that the phenomenon has causes far more profound.