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.
Cottesmore (often pronounced Cotts'more) is a village and civil parish in the north of the county of Rutland in the East Midlands of England. In terms of population it is the largest village in Rutland, and the third-largest settlement after Oakham and Uppingham. This is due in part to the presence of Kendrew Barracks (formerly RAF Cottesmore).
The village's name means 'moor of Cott'.[3]
At the time of Edward the Confessor (mid 11th century), "Manors Cottesmore" was held, together with Greetham, by Saxon called Goda. Goda held 12 carucates of land, three of which were held in tax to the Danegeld. The King held three carucates in demesne and three socmen with 40 villeins and six bordarii held 20 carucates. Of the land held by the manor, one Goisfridus held half a carucate; he had one plough and eight villeins. Cottesmore also had 40 acres (160,000 m2) of meadow and a wood measuring a mile in length by seven furlongs in breadth.
St Nicholas' Church, Cottesmore is a Grade II* listed building.[4] The north aisle forms a RAF chapel, dedicated in 1949 to those who gave their lives while serving at RAF Cottesmore. A stained glass window was erected to the memory of Major General George Williams Knox CB (1838–1894). The colours of the 1st Battalion Scots Guards were gifted to the church by his widow and hang in the nave.[5][6] The Cottesmore Benefice is part of the North Rutland Churches group.[7]
There are two primary schools in the parish: St Nicholas C of E (Aided) Primary School is in the village and Cottesmore Academy is on the military base.
The Cottesmore Hunt takes its name from the village (although the kennels are not now in the parish). Sir William Lowther, 1st Earl of Lonsdale brought the foxhounds he had bought from Thomas Noel to Cottesmore in 1740.
Three ships of the Royal Navy have been named HMS Cottesmore after the Cottesmore hunt. Prince Andrew, Duke of York commanded the minesweeper HMS Cottesmore (M32) from April 1993 until November 1994 and visited the village with members of his crew.