In this guest article, Pamela Snetro and Christopher Cavallaro, both financial advisers with Morgan Stanley Wealth Management, define a single family office and a multifamily office; identify potential benefits of a family office for hedge fund manager principals; list five potential concerns for hedge fund manager principals in establishing a family office; and highlight some of the reasons why hedge fund managers may consider converting to a family office format.  See “Legal Mechanics of Converting a Hedge Fund Manager to a Family Office,” Hedge Fund Law Report, Vol. 4, No. 43 (Dec. 1, 2011).