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.
Canvey Island is a town, civil parish and reclaimed island in the Thames estuary, near Southend-on-Sea, in the Castle Point district, in the county of Essex, England. It has an area of 7.12 square miles (18.44 km2) and a population of 38,170.[1] It is separated from the mainland of south Essex by a network of creeks. Lying only just above sea level, it is prone to flooding at exceptional tides and has been inhabited since the Roman conquest of Britain.
The island was mainly agricultural land until the 20th century, when it became the fastest-growing seaside resort in Britain between 1911 and 1951. The North Sea flood of 1953 devastated the island, killing 58 islanders and leading to the temporary evacuation of the 13,000 residents.[3] Canvey is consequently protected by modern sea defences comprising 2 miles (3.2 km) of concrete sea walls.[4]
Canvey Island is also notable for its relationship to the petrochemical industry. The island was the site of the first delivery in the world of liquefied natural gas by container ship and later became the subject of an influential assessment on the risks to a population living within the vicinity of petrochemical shipping and storage facilities.