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.
Weymouth (/ˈweɪməθ/ WAY-məth[2]) is a sea-side town and civil parish in the Dorset district, in the ceremonial county of Dorset, on the English Channel coast of England. Situated on a sheltered bay at the mouth of the River Wey, 11 km (7 mi) south of the county town of Dorchester, Weymouth had a population of 53,427 in 2021. It is the third-largest settlement in Dorset after Bournemouth and Poole. The greater Weymouth urban area has a population of 72,802.[3]
The history of the town stretches back to the 12th century and includes roles in the spread of the Black Death, the settlement of the Americas and the development of Georgian architecture. It was a major departure point for the Normandy Landings during World War II. Prior to local government reorganisation in April 2019, Weymouth formed a borough with the neighbouring Isle of Portland. Since then the area has been governed by Dorset Council. Weymouth, Portland and the Purbeck district are in the South Dorset parliamentary constituency.
A seaside resort, Weymouth and its economy depend on tourism. Visitors are attracted by its harbour and position, approximately halfway along the Jurassic Coast, a World Heritage Site, important for its geology and landforms. Once a port for cross-channel ferries, Weymouth Harbour is now home to a commercial fishing fleet, pleasure boats and private yachts, while nearby Portland Harbour is the location of the Weymouth and Portland National Sailing Academy, where the sailing events of the 2012 Olympic Games and Paralympic Games were held.