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.
Navenby /ˈneɪvənbi/ is a village and civil parish in the North Kesteven district of Lincolnshire, England. Lying 8 miles (13 km) south from Lincoln and 9 miles (14 km) north-northwest from Sleaford, Navenby had a population of 2,128 in the 2011 census[1] and in March 2011, it was named as the 'Best Value Village' in England following a national survey.[2]
A Bronze Age cemetery and the remains of an Iron Age settlement have been discovered in the village. Historians also believe Navenby was a significant staging point on the Roman Ermine Street, as the Romans are reported to have maintained a small base or garrison in the village. Navenby became a market town after receiving a charter from Edward the Confessor in the 11th century. The charter was later renewed by William Rufus, Edward III and Richard II. When the market fell into disuse in the early 19th century, Navenby returned to being a village.[3][4]
The civil parish of Navenby is rural, covering more than 2,100 acres (850 ha). It straddles Ermine Street, a Roman road built between 45 and 75 AD, which runs between London and York.[5] The Viking Way, a 147-mile (237 km) footpath between the Humber Bridge in North Lincolnshire and Oakham in Rutland, also cuts through the village. The Vikings exerted great influence over Lincolnshire in the 9th and 10th centuries, as can be seen in the many local place names ending in -by, such as Navenby. Names ending with -by meant homestead or village.