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.
Devizes (/dɪˈvaɪzɪz/) is a market town and civil parish in Wiltshire, England. It developed around Devizes Castle, an 11th-century Norman castle,[2] and received a charter in 1141. The castle was besieged during the Anarchy, a 12th-century civil war between Stephen of England and Empress Matilda, and again during the English Civil War when the Cavaliers lifted the siege at the Battle of Roundway Down. Devizes remained under Royalist control until 1645, when Oliver Cromwell attacked and forced the Royalists to surrender. The castle was destroyed in 1648 on the orders of Parliament, and today little remains of it.
From the 16th century Devizes became known for its textiles, and by the early 18th century it held the largest corn market in the West Country, constructing the Corn Exchange in 1857. In the 18th century, brewing, curing of tobacco, and snuff-making were established. The Wadworth Brewery was founded in the town in 1875.
Standing at the west edge of the Vale of Pewsey, the town is about 10.5 miles (16.9 km) southeast of Chippenham and 11 miles (18 km) north-east of the county town of Trowbridge. It has nearly five hundred listed buildings, some notable churches, a town hall and a green in the centre.