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.
Lakenheath is a village and civil parish in the West Suffolk district of Suffolk in eastern England. It has a population of 4,691 according to the 2011 Census, and is situated close to the county boundaries of both Norfolk and Cambridgeshire, and at the meeting point of The Fens and the Breckland natural environments.
Lakenheath is host to the largest United States Air Force base in the United Kingdom, RAF Lakenheath.
Lakenheath Fen Nature Reserve, created in 1996, restored wetlands from agricultural fields that were growing carrots. In May 2007, it was reported that cranes were nesting in the site for the first time since the fen lands were drained in the 16th century.[2]
The village has a single Victorian primary school, constructed in 1878, which was extended in 1969, again in 2004 and most recently in 2010/2011.[3] There is a small shopping street on which a variety of multi-cultural shops, restaurants, and services are available.[4] Horse-riding services are also present. The village has a modern library with various amenities.[5] Along this main road there is a small hotel, skate park, and a children's play park.
Lakenheath has two pubs though historically it had at least sixteen more. The Plough Inn (also known as the Wok n Rock) is a spacious flint-faced 19th-century bar, Far Eastern restaurant and takeaway. It reopened at the end of 2013 after being closed for two years.[6] The other pub is the Brewer's Tap. The Royal British Legion was a members-only club, but closed in April 2012.[7]
Lakenheath is remarkable for its medieval church, built about 900 years ago in wood, eventually being rebuilt in the local flint construction style. The church on the exterior has an embattled parapet that has an array of gargoyles and other carved faces at the string course at the base. The interior includes medieval paintings and carvings on the pews.[8] The faces of the church's wooden angels bear the scars of the English Civil War, as none of the angels retained their original facial detail, due to religiously motivated vandalism by puritan soldiers. In early 2009, the church received a large grant from the Heritage Lottery Fund and local organisations to restore its rare medieval wall paintings. The wall paintings, depicting local saint St Edmund, angels, and birds amongst other subjects, are believed to date from the 13th century.[9]
As well as the Anglican parish church, Lakenheath has churches representing the Methodist, Strict Baptist and Pentecostal (AOG) denominations. All three of the non-Anglican church buildings are also primarily constructed of local flint, albeit with later modifications in brick.
The recently built pavilion now houses the local cricket club and hosts various events.
Lakenheath also boasts a football club playing at ‘The PIt’ stadium in the village. The club, in 2021 won promotion to the Thurlow Nunn League Premier Division, the highest they have ever been and, won the Suffolk Senior Cup for the second time in their history.