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.
Plymouth (/ˈplɪməθ/ ⓘ PLI-məth) is a port city and unitary authority in Devon, South West England. It is located on Devon's south coast between the rivers Plym and Tamar, about 36 miles (58 km) southwest of Exeter and 193 miles (311 km) southwest of London. It is the most populous city south of London.
Plymouth's history extends back to the Bronze Age, evolving from a trading post at Mount Batten into the thriving market town of Sutton, which was formally re-named as Plymouth in 1439 when it was made a borough. The settlement has played a significant role in English history, notably in 1588 when an English fleet based here defeated the Spanish Armada, and in 1620 as the departure point for the Pilgrim Fathers to the New World. During the English Civil War, the town was held by the Parliamentarians and was besieged between 1642 and 1646. In 1690 a dockyard was established on the River Tamar for the Royal Navy and Plymouth grew as a commercial shipping port throughout the Industrial Revolution.
After absorbing nearby settlements in 1914, the borough was awarded city status in 1928. During World War II, Plymouth suffered extensive damage in the Plymouth Blitz, leading to post-war rebuilding that significantly shaped its modern appearance. A further expansion of its boundaries in 1967 contributed to its current status as the 30th-most populous built-up area in the UK and the second-largest city in the South West after Bristol, with a population in 2021 of 264,727.
Plymouth's economy, historically rooted in shipbuilding and seafaring, has transitioned towards a service-based economy since the 1990s. It maintains strong maritime connections, hosting HMNB Devonport, the largest operational naval base in Western Europe, and offering ferry links to Brittany and Spain. The city is also home to the University of Plymouth, reflecting its educational and cultural significance. Today, the city is governed locally by Plymouth City Council and is represented nationally by two Members of Parliament.