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.
Wiltshire (/ˈwɪlt.ʃər, -ʃɪər/;[1] abbreviated to Wilts) is a ceremonial county in South West England. It borders Gloucestershire to the north, Oxfordshire and Berkshire to the east, Hampshire to the south-east, Dorset to the south, and Somerset to the west. The largest settlement is Swindon, and Trowbridge is the county town.
The county has an area of 1,346 sq mi (3,490 km2) and a population of 720,060. The county is mostly rural, with the centre and south-west sparsely populated. After Swindon (183,638), the largest settlements are the city of Salisbury (41,820) and the towns of Chippenham (37,548) and Trowbridge (37,169). For local government purposes the county comprises two unitary authority areas: Swindon and Wiltshire.
Undulating chalk downlands characterize much of the county; the North Wessex Downs in the east, Salisbury Plain in the centre and Cranbourne Chase in the south. The north-west is part of the Cotswolds, a limestone area. The county's major rivers are both called the Avon: the northern Avon enters the county in the north-west and flows in a southwesterly direction before leaving it near Bradford-on-Avon; the southern Avon rises on Salisbury Plain, flows through Salisbury and then into Hampshire.
Salisbury Plain is noted for the Stonehenge and Avebury stone circles, which together are a UNESCO World Heritage Site, and other ancient landmarks. Much of the plain is a training area for the British Army. The city of Salisbury is notable for its medieval cathedral. Large country houses open to the public include Longleat, where there is also a safari park, and the National Trust's Stourhead.