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.
Hucknall (/ˈhʌknɔːl/), formerly Hucknall Torkard (/ˈtɔːrkərd/), is a market town in the Ashfield district of Nottinghamshire, England. It lies 7 miles (11 km) north of Nottingham, 7 miles (11 km) southeast of Kirkby-in-Ashfield, 9 miles (14 km) from Mansfield and 10 miles (16 km)south of Sutton-in-Ashfield. It is the second-largest town in the Ashfield district after Sutton-in-Ashfield.
Hucknall is on the west bank of the Leen Valley, on land which rises from the Trent Valley in the south and extends northwards to Kirkby-in-Ashfield. The Whyburn or Town Brook flows through the town centre. Farleys Brook marks its southern boundary. Due to the mass amount of housing and industrial estates along the southside of the town. Hucknall is contiguous with the wider City of Nottingham with the suburbs of Bulwell and Bestwood Village both to the south and southeast.
Hucknall town centre
The town's highest point is Long Hill, at 460 ft (140 m) above sea level, with views over the city and Trent Valley, which descends to 22–24 metres (72–79 ft) AOD, flowing just beyond most of the city centre.[2]
The town is surrounded by farmland or parkland. To the north-west lie Misk Hills and Annesley. To the north-east of the town are the villages of Linby and Papplewick, and beyond these two, Newstead Abbey and its grounds, once the residence of Lord Byron. To the west lies Eastwood, birthplace of D. H. Lawrence and an inspiration for many of his novels and short stories. To the east of the town is Bestwood Country Park.
The contiguous settlements of Butler's Hill and Westville often appear as distinct entities on maps, but are generally seen as parts of Hucknall. They belong to its historic and present-day Church of England parish, although the town itself has no civil parish council. The identity is reinforced by being part of the post town and by being shared wards of Hucknall.