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.
Wallingford (/ˈwɒlɪŋfərd/) is a historic market town and civil parish on the River Thames in Oxfordshire, England, 12 miles (19 km) north of Reading, 13 miles (21 km) south of Oxford and 11 miles (18 km) north west of Henley-on-Thames. Although belonging to the historic county of Berkshire, it is within the ceremonial county of Oxfordshire for administrative purposes (since 1974) as a result of the 1972 Local Government Act. The population was 11,600 at the 2011 census.[1]
The town has played an important role in English history starting with the surrender of Stigand to William the Conqueror in 1066, which led to his taking the throne and the creation of Wallingford Castle. The castle and the town enjoyed royal status and flourished for much of the Middle Ages. The Treaty of Wallingford, which ended a civil war known as The Anarchy between King Stephen and Empress Matilda, was signed there. The town then entered a period of decline after the arrival of the Black Death and falling out of favour with the Tudor monarchs before being called on once again during the English Civil War. Wallingford held out as the last remaining Royalist stronghold in Berkshire before surrendering after a 16-week siege. Fearing that Wallingford Castle could be used in a future uprising, Oliver Cromwell ordered its destruction.
Since then Wallingford has become a market town and centre of local commerce. At the centre of the town is a market square with the war memorial and Wallingford Town Hall to the south, the Corn Exchange theatre to the east and numerous shops around the edges. Off the square there are alleyways and streets with more shops and a number of historic inns.[2] Although it was a small town, Wallingford once had 14 churches; now, there are three ancient churches within the Parish of St Mary-le-More and St Leonard, a modern Roman Catholic church, a Quaker Meeting House dating from 1724 and Baptist, Methodist and community churches.