Family Offices & Private Wealth Legal Services
Montague Law advises family offices, high-net-worth individuals, and multi-generational wealth holders on the legal dimensions of wealth management, direct investing, and family enterprise governance. Our practice addresses the intersection of corporate law, investment management, tax planning, and governance structuring that defines the family office landscape — with particular expertise in families whose wealth originates from technology, innovation, and entrepreneurial ventures.
Family offices operate in a unique legal environment. They make direct investments alongside institutional funds, manage complex asset portfolios spanning real estate, private equity, venture capital, and digital assets, and must navigate governance challenges that blend family dynamics with fiduciary obligations. Montague Law brings the investment management expertise to advise on deal terms and fund structures, combined with the sensitivity and discretion that family clients require.
Family Office Formation & Structuring
Establishing a family office requires careful legal structuring to achieve tax efficiency, liability protection, regulatory compliance, and alignment with the family’s investment objectives and governance preferences. Montague Law advises on single-family office versus multi-family office structures, the selection of operating entities and holding company architectures, investment adviser regulatory exemptions available to family offices, employment arrangements for investment professionals and family members, and the establishment of investment committees and governance frameworks. We design structures that are sophisticated enough to manage complex portfolios while remaining operationally practical for the family.
Direct Investment & Co-Investment
Many family offices make direct investments in private companies alongside or independent of institutional fund managers. Montague Law advises on the full lifecycle of direct investments — from deal sourcing and term sheet negotiation through due diligence, definitive documentation, portfolio company governance, and exit. We draft and negotiate stock purchase agreements, convertible notes, SAFE instruments, board observer agreements, and co-investment arrangements with fund managers. Our experience representing both fund managers and family office investors gives us perspective on how each side evaluates deal terms and governance provisions.
Investment Policy & Portfolio Governance
A well-designed investment policy statement (IPS) and governance framework are foundational to disciplined family office investing. We advise on the development of investment policies that define asset allocation parameters, risk tolerances, concentration limits, liquidity requirements, and ESG or impact investing criteria. We also establish governance structures — including investment committees, delegation of authority frameworks, and reporting protocols — that provide appropriate oversight while enabling timely investment decisions.
Wealth Succession & Next-Generation Planning
Transferring wealth and investment management responsibility across generations is one of the most consequential challenges family offices face. Montague Law advises on succession planning frameworks that address leadership transition, next-generation education and involvement, family governance mechanisms (including family councils and family constitutions), and the restructuring of investment vehicles and holding companies to accommodate evolving family dynamics. We work closely with the family’s estate planning, tax, and wealth management advisors to ensure that the legal structure supports the family’s long-term objectives.
Fund Investment & LP Advisory
Family offices are among the most active limited partners in venture capital, private equity, and alternative investment funds. We advise family offices on fund investment due diligence, side letter negotiation, co-investment rights, MFN provisions, ERISA considerations, and LP advisory committee participation. Our experience on the GP side of fund formation gives us insight into which side letter provisions fund managers are likely to accept and which terms have the most practical impact on LP economics and governance.
Real Estate & Hard Asset Investment
Real estate and other hard assets are core portfolio components for many family offices. We advise on the structuring of real estate investment vehicles, joint venture agreements with operating partners, commercial lease negotiations, 1031 exchange transactions, opportunity zone investments, and the acquisition and disposition of commercial, residential, and agricultural properties. We also advise on the unique considerations that arise when family members use assets held by the family office for personal purposes.
Privacy, Security & Risk Management
Family offices and their principals face unique privacy and security considerations. We advise on corporate structures that provide anonymity in real estate and investment transactions, cybersecurity policies and incident response planning, domestic and travel security arrangements, and the legal frameworks governing personal staff employment. We also counsel on reputation management considerations and the legal dimensions of philanthropy and public engagement.
Illustrative Engagement: Post-Liquidity Family Office Establishment
Following a technology company exit that generated over $100 million in proceeds, a founder engaged Montague Law to establish a single-family office. Our team structured the family office as a multi-entity architecture including an investment management company, a holding company for direct investments, and a family foundation for philanthropic activities. We established the investment committee governance framework, hired and onboarded a chief investment officer, negotiated side letters for the family’s initial fund commitments across venture capital and real estate strategies, and implemented an investment policy statement that balanced the founder’s interest in continuing to invest in early-stage technology with the family’s broader diversification and capital preservation objectives.
This illustrative engagement is a hypothetical composite and does not represent any specific client matter. It is provided to demonstrate the types of family office work Montague Law handles.
Frequently Asked Questions
What is a family office?
A family office is a private organization that manages the financial affairs, investments, and related needs of a high-net-worth family. A single-family office serves one family exclusively, while a multi-family office serves multiple families. Family offices typically handle investment management, tax and estate planning coordination, bill payment, insurance, philanthropy, and other family administrative needs. The legal structure varies based on the family’s complexity, asset base, and objectives.
Does a family office need to register with the SEC?
Single-family offices that advise only family members are generally excluded from the definition of investment adviser under the Dodd-Frank Act and are not required to register with the SEC. However, the exclusion has specific requirements regarding who qualifies as a “family client” and how advisory services may be provided. Multi-family offices that advise non-family clients typically must register. We analyze each family office’s structure and activities to determine the applicable regulatory requirements.
How do I transition investment management to the next generation?
Generational transition requires addressing governance, education, and legal structure simultaneously. Common approaches include establishing a family investment committee with next-generation participation, creating separate investment allocations that allow younger family members to develop their own investment judgment under appropriate oversight, revising governance documents to define decision-making authority and succession triggers, and engaging in structured family governance processes that build consensus around investment philosophy and risk tolerance across generations.