By Thomas Coyle, The Wall Street Journal
Lowenhaupt Global Advisors owes it all to nicotine.
You see, in 1908, when St. Louis attorney Abraham Lowenhaupt started what his descendants now say was the first U.S. law firm specializing in income-tax matters, there wasn’t much work to be had–in fact, Congress didn’t OK the newfangled tax for another five years and another few years passed before anyone started collecting it.
Fortunately, his brother co-owned a tobacco shop right downstairs from Abraham’s office. In those days men gathered in tobacco shops to gossip and argue. So whenever the other Lowenhaupt caught wind of a dispute that might end up in court, he’d ask the fellow concerned to do him a favor. Read the rest of the article here.