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.
Southampton (/saʊθˈ(h)æmptən/ ⓘ) is a port city in Hampshire, England. It is located approximately 80 miles (130 km) south-west of London, 20 miles (32 km) west of Portsmouth, and 20 miles (32 km) south-east of Salisbury.[6][7] Southampton had a population of 253,651 at the 2011 census, making it one of the most populous cities in southern England.[2] Southampton forms part of the larger South Hampshire conurbation which includes the city of Portsmouth and the boroughs of Havant, Eastleigh, Fareham, and Gosport. A major port,[8] and close to the New Forest, Southampton lies at the northernmost point of Southampton Water, at the confluence of the River Test and Itchen,[9] with the River Hamble joining to the south. Southampton is classified as a Medium-Port City.[10]
Southampton was the departure point for the RMS Titanic[11] and home to 500 of the people who perished on board.[12] The Spitfire was built in the city[13] and Southampton has a strong association with the Mayflower, being the departure point before the vessel was forced to return to Plymouth. In the past century, the city was one of Europe's main ports for ocean liners. More recently, Southampton is known as the home port of some of the largest cruise ships in the world.[14] The Cunard Line maintains a regular transatlantic service to New York from the city. Southampton is also one of the largest retail destinations in the South of England.[15]
Southampton was heavily bombed during the Second World War during what was known as the Southampton Blitz. It was one of the major embarkation points for D-Day. In the Middle Ages Southampton was where troops left England for the Battle of Agincourt. It was itself raided by French pirates, leading to the construction of the fortified town walls, many of which still stand today. Jane Austen also lived in Southampton for a number of years. In 1964, the town of Southampton acquired city status, becoming the City of Southampton.[16]
Some notable employers in the city include the University of Southampton, Ordnance Survey, BBC South, Associated British Ports, and Carnival UK.[17]