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.
Middlesbrough (/ˈmɪdəlzbrə/ ⓘ MID-əlz-brə) is a town in the Middlesbrough unitary authority borough of North Yorkshire, England. The town lies near the mouth of the River Tees and north of the North York Moors National Park. The built-up area had a population of 148,215 at the 2021 UK census. It is the largest town of the wider urban Tees Valley area, which had a population of 678,400 in 2021.
Until the early 1800s, the area was rural farmland in the historic county of Yorkshire. The town was a planned development which started in 1830, based around a new port with coal and later ironworks added. Steel production and ship building began in the late 1800s, remaining associated with the town until the post-industrial decline of the late twentieth century. Trade (notably through ports) and digital enterprise sectors contemporarily contribute to the local economy, Teesside University and Middlesbrough College to local education.
Middlesbrough was made a municipal borough in 1853. When elected county councils were created in 1889, Middlesbrough was considered large enough to provide its own county-level services and so it became a county borough, independent from North Riding County Council. The borough of Middlesbrough was abolished in 1968 when the area was absorbed into the larger County Borough of Teesside. Six years later in 1974 Middlesbrough was re-established as a borough within the new county of Cleveland. Cleveland was abolished in 1996, since when Middlesbrough has been a unitary authority within the ceremonial county of North Yorkshire. However, since its establishment in 2016, the former area of Cleveland, including Middlesbrough, has been also governed by the Tees Valley Combined Authority, which has had a directly elected Mayor since 2017.