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.
North Yorkshire is a ceremonial county in the Yorkshire and the Humber and North East regions of England. It borders County Durham to the north, the North Sea to the east, the East Riding of Yorkshire to the south-east, South Yorkshire to the south, West Yorkshire to the south-west, and Cumbria and Lancashire to the west. Northallerton is the county town.
The county is the largest in England by land area, at 8,654 km2 (3,480 sq mi), and had a population of 1,158,816 in 2021. The largest settlements are Middlesbrough (148,215) in the north-east and the city of York (141,685) in the south. Middlesbrough is part of the Teesside built-up area, which extends into County Durham and has a total population of 376,663 in 2011. The remainder of the county is rural, and the largest towns are Harrogate (75,515) and Scarborough (59,505). For local government purposes the county comprises four unitary authority areas — Middlesbrough, North Yorkshire, Redcar and Cleveland, and York — and part of a fifth, Stockton-on-Tees. The local authorities of York and North Yorkshire are part of a combined authority of the same name, and the local authorities of the other three areas are part of the Tees Valley combined authority. The county was historically part of Yorkshire.
The centre of the county contains a wide plain, called the Vale of Mowbray in the north and Vale of York in the south. The North York Moors uplands lie to the east, and south of them the Vale of Pickering is separated from the main plain by the Howardian Hills. The west of the county contains the Yorkshire Dales, an extensive upland area which contains the source of the River Ouse/Ure and many of its tributaries, which together drain most of the county before reaching the Humber estuary in the south. The Dales also contain the county's highest point, Whernside, at 2,415 feet (736 m).