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.
Fakenham is a market town and civil parish in Norfolk, England. It is situated on the River Wensum, about 25 miles (40 kilometres) north west of Norwich. The town is the junction of several local roads, including the A148 from King's Lynn to Cromer, the A1067 to Norwich and the A1065 to Swaffham.
The civil parish has an area of 3.49 sq mi (9.0 km2) and in the 2001 census had a population of 7,357 in 3,292 households, the population increasing to 7,617 at the 2011 census.[1] For the purposes of local government, the parish falls within the district of North Norfolk.[2]
Fakenham has been a market town since 1250, particularly known for its corn, barley and wheat trading, and in the 19th century it became noted for its printing. Fakenham Racecourse is a thoroughbred horse racing venue to the south of Fakenham, of which Charles, Prince of Wales is patron.
The town has a long name of Fakenham Lancaster which derives from the ownership of the manor in 1377 being transferred to John of Gaunt, the Duke of Lancaster. The name continues to be used today, including on recently placed history trail plaques around the town,[3] and also the two wards that cover the town, for the purpose of electing councillors to North Norfolk District Council, are called Lancaster North and Lancaster South.