Jobs
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.
Cornwall (/ˈkɔːrnwɔːl, -wəl/;[3] Cornish: Kernow [ˈkɛrnɔʊ]) is a ceremonial county and Historic County in South West England. It is recognised as one of the Celtic nations and is the homeland of the Cornish people. The county is bordered by the Atlantic Ocean to the north and west, Devon to the east, and the English Channel to the south. The largest settlement is Falmouth, and the county town is the city of Truro.
The county is rural, with an area of 1,375 square miles (3,562 km2) and population of 568,210. After Falmouth (23,061), the largest settlements are Newquay (20,342), St Austell (19,958), and Truro (18,766). For local government purposes most of Cornwall is a unitary authority area, with the Isles of Scilly having a unique local authority. The Cornish nationalist movement disputes the constitutional status of Cornwall and seeks greater autonomy within the United Kingdom.
Cornwall is the westernmost part of the South West Peninsula. Its coastline is characterised by steep cliffs and, to the south, several rias, including those at the mouths of the rivers Fal and Fowey. It includes the southernmost point on Great Britain, Lizard Point, and forms a large part of the Cornwall National Landscape. The national landscape also includes Bodmin Moor, an upland outcrop of the Cornubian batholith granite formation. The county contains many short rivers; the longest is the Tamar, which forms the border with Devon.
Cornwall had a minor Roman presence, and later formed part of the Brittonic kingdom of Dumnonia. From the 7th century, the Britons in the South West increasingly came into conflict with the expanding Anglo-Saxon kingdom of Wessex, eventually being pushed west of the Tamar; by the Norman Conquest Cornwall was administered as part of England, though it retained its own culture. The remainder of the Middle Ages and Early Modern Period were relatively settled, with Cornwall developing its tin mining industry and becoming a duchy in 1337. During the Industrial Revolution, the tin and copper mines were expanded and then declined, with china clay extraction becoming a major industry. Railways were built, leading to a growth of tourism in the 20th century. The Cornish language became extinct as a living community language at the end of the 18th century, but is now being revived.
