UK Private Client Law
Private client lawyers work with individuals and families, providing legal advice on a variety of matters such as investments, taxation, estate management, wills and testamentary issues. Private clients are usually very rich and high net worth individuals or landowners who hold massive amounts of properties and other assets. Private client lawyers also tend to deal with charities too. These might be small, not-for-profit associations or fully-fledged organisations that are run like a business and have immense budgets.
The main objective of a private client lawyer is to provide advice which will help preserve, build and maintain wealth and establish trusts. They will also offer prudent guidance on matters, such as inheritance tax and capital gains tax.
Why is it important? What does it involve?
The workload of a typical private client lawyer might be comprised of drafting wills, executing the terms of the will in the instance of death, and the subsequent disbursement of properties and assets. You will also help clients to look after and grow their wealth, locally or internationally. As such, private client lawyers will also be required to apply tax law in many cases. Most firms will have separate departments where private client and charity work is handled.
Private client lawyers working for charitable bodies will provide legal services for registration, restructuring, creating charters or trust deeds, compliance with statutory and local authorities and regular management and disbursement of funds, which have been received or earned for charitable endeavours. Other activities will include providing investment advice, helping to set up offshore trusts, drafting contracts and business proposals and handling sponsorships.
Private client practice is an ever-burgeoning field. Immense advances in several emerging markets have created a fresh breed of millionaires and billionaires across the globe. Consequently, lawyers in this area have their hands full with plenty of work, and there’s more to come in the future. There is also an increasing demand for lawyers specialising in private client and charity practice.
Break it down for me a little bit!
Private client lawyers must have excellent people management skills. They will need to handle communications, discussions and negotiations articulately and efficiently. A comprehensive knowledge of the law and commercial matters when dealing with taxation, inheritance, investments and trusts is essential.
They must have a particular aptitude for wading through tons of rules and regulations and be able to structure matters in a manner that is most beneficial to their client; saving on costs, whilst still being compliant with the law.
It’s advantageous for private client lawyers to have a good understanding of the foreign markets where clients hold their assets and funds. They may also need to interact and coordinate with people abroad and deal with organisations that operate offshore or in overseas tax havens.
These careers could involve some degree of international travel. However, there will also be long hours and, as always, an ungodly amount of documentation to get through.
Basingstoke (/ˈbeɪzɪŋstoʊk/ BAY-zing-stohk) is the largest town in the county of Hampshire.[b] It is situated in south-central England and lies across a valley at the source of the River Loddon, at the far western edge of The North Downs. It is located 30 miles (48 km) north-east of Southampton, 48 miles (77 km) south-west of London, 27 miles (43 km) west of Guildford, 22 miles (35 km) south of Reading and 20 miles (32 km) north-east of the county town and former capital Winchester. According to the 2016 population estimate, the town had a population of 113,776.[c] It is part of the borough of Basingstoke and Deane and part of the parliamentary constituency of Basingstoke.
Basingstoke is an old market town expanded in the mid-1960s, as a result of an agreement between London County Council and Hampshire County Council. It was developed rapidly after the Second World War, along with various other towns in the United Kingdom, in order to accommodate part of the London 'overspill' as perceived under the Greater London Plan in 1944.[2] Basingstoke market was mentioned in the Domesday Book of 1086 and it remained a small market town until the early 1960s. At the start of World War II, the population was little more than 13,000. It still has a regular market, but is now larger than Hampshire County Council's definition of a market town.[3]
Basingstoke became an important economic centre during the second half of the 20th century and houses the locations of the UK headquarters of Motorola, The Automobile Association, De La Rue, Sun Life Financial, ST Ericsson, GAME, Barracuda Networks, Eli Lilly and Company, FCB Halesway part of FCB, BNP Paribas Leasing Solutions (the leasing arm of BNP Paribas in the UK) and Sony Professional Solutions. It is also the location of the European headquarters of the TaylorMade Golf Company. Other industries include IT, telecommunications, insurance and electronics.