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.
Kent is a county in South East England and one of the home counties. It borders Greater London to the north-west, Surrey to the west and East Sussex to the south-west, and Essex to the north across the estuary of the River Thames; it faces the French department of Pas-de-Calais across the Strait of Dover. The county town is Maidstone. It is the fifth most populous county in England, the most populous non-Metropolitan county and the most populous of the home counties.
Kent was one of the first British territories to be settled by Germanic tribes, most notably the Jutes, following the withdrawal of the Romans.[3] Canterbury Cathedral in Kent, the oldest cathedral in England, has been the seat of the Archbishops of Canterbury since the conversion of England to Christianity that began in the 6th century with Saint Augustine. Rochester Cathedral in Medway is England's second-oldest cathedral. Located between London and the Strait of Dover, which separates England from mainland Europe, Kent has been the setting for both conflict and diplomacy, including the Battle of Britain in World War II and the Leeds Castle peace talks of 1978 and 2004.
England relied on the county's ports to provide warships through much of its history; the Cinque Ports in the 10th[4]–14th centuries and Chatham Dockyard in the 16th–20th centuries were of particular importance. France can be seen clearly in fine weather from Folkestone and the White Cliffs of Dover. Hills in the form of the North Downs and the Greensand Ridge span the length of the county and in the Vale of Holmesdale in between and to the south are most of the county's 26 castles.
Kent's economy is greatly diversified: agriculture, haulage, logistics and tourism are major industries. Because of its relative abundance of fruit-growing and hop gardens, Kent is known as "The Garden of England".[5] In northwest Kent, industries include extraction of aggregate building materials, printing and scientific research. Coal mining has also played its part in Kent's industrial heritage. Large parts of Kent are within the London commuter belt and its strong transport connections to the capital and the nearby continent make Kent a high-income county. Twenty-eight per cent of the county forms part of two Areas of Outstanding Natural Beauty: the North Downs and The High Weald.