Jobs
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.
Romford is a large town in East London, England, 14 miles (23 km) northeast of Charing Cross. Part of the London Borough of Havering, the town is one of the major metropolitan centres of Greater London identified in the London Plan.[2]
Historically part of the ancient parish of Hornchurch in the Becontree hundred of Essex, it has been a market town since 1247. It formed the administrative centre of the liberty of Havering until that liberty was dissolved in 1892, and became a civil parish of its own in 1849.[3][4] Good road links to London and the opening of the railway station in 1839 were key to the development of the town.[3] The economic history of Romford is characterised by a shift from agriculture to light industry and then to retail and commerce.[3]
As part of the suburban growth of London throughout the 20th century, Romford significantly expanded and increased in population, becoming a municipal borough in 1937. In 1965, following reform of local government in London, it merged with the Hornchurch Urban District to form the London Borough of Havering, and was incorporated into Greater London.[5][6][7] Today, it is one of the largest commercial, retail, entertainment and leisure districts in London and has a well-developed night-time economy.[8][9] The population of Romford, as of the 2011 census, was 122,854.[10]
