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.
Ripon (/ˈrɪpən/) is a cathedral city and civil parish in North Yorkshire, England. The city is located at the confluence of two tributaries of the River Ure, the Laver and Skell. Within the boundaries of the historic West Riding of Yorkshire, the city is noted for its main feature, Ripon Cathedral, which is architecturally significant, as well as the Ripon Racecourse and other features such as its market.
The city was originally known as Inhrypum. Bede records that Alhfrith, king of the Southern Northumbrian kingdom of Deira, gave land at Ripon to Eata of Hexham to build a monastery and the abbot transferred some of his monks there, including a young Saint Cuthbert who was guest-master at Ripon abbey.Both Bede in his Life of Cuthbert and Eddius Stephanus in his Life of Wilfred [2] state that when Eata was subsequently driven out by Alhfrith, the abbey was given to Saint Wilfrid who replaced the timber church with a stone built church. This was during the time of the Anglian kingdom of Northumbria, a period during which it enjoyed prominence in religious importance in Great Britain. It was for a period under Viking control, and later suffered under the Normans. After a brief period of building projects under the Plantagenets, the city emerged with a prominent wool and cloth industry. Ripon became well known for its production of spurs during the 16th and 17th centuries, but would later remain largely unaffected by the Industrial Revolution.
Ripon is the third-smallest city in England and the smallest in Yorkshire, by population. According to the 2011 United Kingdom Census it had a population of 16,702,[1] an increase on the 2001 United Kingdom Census figure of 15,922.[4] It is located 11 miles (18 km) south-west of Thirsk, 16 miles (26 km) south of Northallerton and 12 miles (19 km) north of Harrogate. As well as its racecourse and cathedral, Ripon is a tourist destination because of its proximity to the UNESCO World Heritage Site which consists of the Studley Royal Park and Fountains Abbey.