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.
Braintree is a town in Essex, England, and is the principal settlement of Braintree District. It is located 10 miles (16 km) north-east of Chelmsford, 15 miles (24 km) west of Colchester and 35 miles (56 km) north-west of Southend-on-Sea. According to the 2021 Census, the town had a population of 43,492; the urban area, which includes Great Notley, Rayne, Tye Green and High Garrett, had a population of 55,793.[1]
Braintree district has four market towns, picturesque villages, a designer shopping outlet, historic houses and gardens.
The town has grown contiguously with several surrounding settlements. The original settlement and parish of Braintree lay on the River Brain and was bounded on the north by Stane Street, the Roman road from Braughing to Colchester. North of that road was the parish of Bocking. The two parishes were united in 1934 as the parish and urban district of Braintree and Bocking, which was subsequently abolished in 1974 when the modern Braintree District was created. Several local organisations still include Braintree and Bocking in their names.[nb 1]
Braintree is bypassed by the modern-day A120 and A131 roads, while trains serve two stations in the town, at the end of the Braintree Branch Line from Witham.
The town is twinned with Pierrefitte-sur-Seine, France,[2] and gives its name to the towns of Braintree, Massachusetts and Braintree, Vermont, in the United States.[2]