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.
South East England is one of the nine official regions of England at the first level of ITL for statistical purposes. It consists of the counties of Buckinghamshire, East Sussex, Hampshire, the Isle of Wight, Kent, Oxfordshire, Berkshire, Surrey and West Sussex. Major towns and cities in the regions include Brighton and Hove, Milton Keynes, Southampton, Portsmouth, Slough, Reading and Oxford.
South East England is the third largest region of England, with an area of 19,096 km2 (7,373 sq mi), and is also the most populous with a total population of over eight and a half million (2011). The region contains seven legally chartered cities: Brighton and Hove, Canterbury, Chichester, Oxford, Portsmouth, Southampton and Winchester. The region's close proximity to London and connections to several national motorways have led to South East England becoming a prosperous economic hub with the largest economy of any region in the UK, after London. The region is home to Gatwick Airport, the UK's second-busiest airport, and Heathrow Airport (the UK's busiest airport) is located adjacent to the region's boundary with Greater London. The coastline along the English Channel provides numerous ferry crossings to mainland Europe.
The region is known for its countryside, which includes two national parks: the New Forest and the South Downs, as well as the North Downs, the Chiltern Hills and part of the Cotswolds. The River Thames flows through the region and its basin is known as the Thames Valley. It is also the location of a number of internationally known places of interest, such as HMS Victory in Portsmouth, Cliveden in Buckinghamshire, Thorpe Park and RHS Wisley in Surrey, Blenheim Palace in Oxfordshire, Windsor Castle in Berkshire, Leeds Castle, the White Cliffs of Dover and Canterbury Cathedral in Kent, Brighton Palace Pier, and Hammerwood Park in East Sussex, and Wakehurst Place in West Sussex. The region has many universities; the University of Oxford is the oldest in the English-speaking world, and ranked among the best in the world.
South East England is host to various sporting events, including the annual Henley Royal Regatta, Royal Ascot and The Derby, and sporting venues include Wentworth Golf Club and Brands Hatch. Some of the events of the 2012 Summer Olympics were held in the south east, including the rowing at Eton Dorney and part of the cycling road race in the Surrey Hills.
In medieval times, South East England included much of the Kingdom of Wessex, which was the precursor to the modern state of England. Winchester was the capital of England after unification of the various states, including the kingdoms of Kent, Sussex and Mercia. Winchester stopped being the administrative capital of England some time in the 13th century as its influence waned while the City of London dominated commerce. The last monarch to be crowned at Winchester was Richard II in 1377, although the last monarch to be crowned by the Bishop of Winchester was Queen Mary I in 1553.