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.
Huddersfield is a town in the Metropolitan Borough of Kirklees in West Yorkshire, England. It is the administrative centre and largest settlement in the Kirklees district. The town is in the foothills of the Pennines. The River Holme's confluence into the similar-sized Colne is to the south of the town centre which then flows into the Calder in the north eastern outskirts of the town.
The rivers around the town provided soft water required for textile treatment in large weaving sheds; this made it a prominent mill town with an economic boom in the early part of the Victorian era Industrial Revolution. The town centre has much neoclassical Victorian architecture. An example is its railway station, which is a Grade I listed building described by John Betjeman as "the most splendid station façade in England".[2] It won the Europa Nostra award for architecture.
Huddersfield hosts the University of Huddersfield and three colleges: Greenhead College, Kirklees College and Huddersfield New College. The town is the birthplace of rugby league with the local team, Huddersfield Giants, playing in the Super League. It also has a professional football team called Huddersfield Town, that currently competes in the Championship, as well as two Rugby Union clubs Huddersfield R.U.F.C. and Huddersfield YM RUFC. Notable people from the town include two-time British Prime Minister Harold Wilson (for Labour) and film star James Mason were born in the town.
The town has been classed under Yorkshire, the West Riding of Yorkshire and West Yorkshire for statistics throughout its history. The town's population in 1961 was 130,652 with an increase to 162,949 at the 2011 census; it is in the West Yorkshire Built-up Area.[3][4] The town is 14 miles (23 km) south-west of Leeds, 12 miles (19 km) west of Wakefield, 23 miles (37 km) north-west of Sheffield and 24 miles (39 km) north-east of Manchester.