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.
Colwick (/ˈkɒlɪk/ KOL-ik) is a village and civil parish, in the Borough of Gedling of Nottinghamshire, England. It is situated to the east of Nottingham's city boundary, and forms the Colwick ward. At the time of the 2011 census, the village had a population of 2,829, falling to 2,778 at the 2021 census.
The village is recorded in the Domesday Book of 1086,[4] since when the De-Colwick,Musters and Byron families have all owned the village. The etymology of the place-name is from Old English wic "specialised industrial farm" with an uncertain first element, possibly col "coal",[citation needed] although there have never been coal mines in the area. Another derivation is from the area being a dairy farm.
In 1844 there was a gruesome murder at 'Saville's Spinney', then part of Colwick Park and later part of Colwick Woods. William Saville murdered his wife and three children in the woods on Tuesday 21 May. Their bodies were found one day later by John Swinscoe of Carlton who fetched the parish constable to the spot. An open razor was found in the left hand of the dead woman. The crowd for Saville's execution numbered in the tens of thousands and twelve died in a panic in the moments after Saville was executed.