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.
Dorchester (/ˈdɔːrtʃɛstər/ DOR-ches-tər) is the county town of Dorset, England. It is situated between Poole and Bridport on the A35 trunk route. A historic market town, Dorchester is on the banks of the River Frome to the south of the Dorset Downs and north of the South Dorset Ridgeway that separates the area from Weymouth, 7 miles (11 km) to the south. The civil parish includes the small town of Poundbury and the suburb of Fordington.
The area around the town was first settled in prehistoric times. The Romans established a garrison there after defeating the Durotriges tribe, calling the settlement that grew up nearby Durnovaria; they built an aqueduct to supply water and an amphitheatre on an ancient British earthwork. After the departure of the Romans, the town diminished in significance, but during the medieval period became an important commercial and political centre. It was the site of the "Bloody Assizes" presided over by Judge Jeffreys after the Monmouth Rebellion, and later the trial of the Tolpuddle Martyrs.
In the 2011 census, the population of Dorchester was 19,060, with further people coming from surrounding areas to work in the town which has six industrial estates. The Brewery Square redevelopment project is taking place in phases, with other development projects planned. The town has a land-based college, Kingston Maurward College, The Thomas Hardye School, three middle schools and thirteen first schools. The Dorset County Hospital offers an accident and emergency service, and the town is served by two railway stations. Through vehicular traffic is routed round the town by means of a bypass. The town has a football club and a rugby union club, several museums and the biannual Dorchester Festival. It is twinned with three towns in Europe. As well as having many listed buildings, a number of notable people have been associated with the town. It was for many years the home and inspiration of the author Thomas Hardy, whose novel The Mayor of Casterbridge uses a fictionalised version of Dorchester as its setting.