A look at the most read stories on eprivateclient this week....
Monday
Monday saw the publication of the 2024 eprivateclient 50 Most Influential – the definitive rankings of the key players in the UK and global offshore private client practitioner sector. The 50 individuals listed were selected by PAM Insight's judges with achievements, promotions and progress potential candidates made in the past 12 months considered. The 50 individuals listed highlight the depth of talent and breadth of skilled and professional advice available to clients across the world from UK and global offshore private client professionals.
On Monday 29 January 2024 the Transparency Implementation Group Reporting Pilot (TIG), which for the first time made it the default position that the media could report on family cases, will be extended to 16 courts across England. The pilot introduces a presumption that accredited media and legal bloggers may report on what they see and hear during family court cases, subject to strict rules of anonymity. The ability to report is being piloted to make sure it can be done safely and with minimum disruption to those involved in the cases, and the courts.
Tuesday
eprivateclient spoke to Fladgate partners Joshua Moger and Catherine Costley, both a recent team move from Payne Hicks Beach, about what the year ahead holds in store for high and ultra-high net worth families. Firstly, Inheritance Tax (IHT) has been firmly on the media’s agenda this year but did not end up featuring in the recent Autumn Statement. However, many suspect that it may appear in the Spring Budget - a little closer to the general election. As Mr Moger highlighted, IHT reform or abolishment could have an impact on succession plans and family law more generally. [Read more from Ethan Almond]
Stuart Watson joined Ogier Global as a director to lead the growth of offshore law firm Ogier’s UK corporate and fiduciary services offering. Mr Watson has substantial experience in corporate governance and entity management across a range of company types and industries, has a particular focus on corporate services, real estate and debt capital markets. A specialist in capital markets and structured finance and a Chartered company secretary, Mr Watson sits on a number of company boards, in particular those of special purpose vehicles (SPVs), in both an executive and non-executive capacity, and is involved in the management of various assets classes across multiple sectors globally.
Wednesday
International law firm Taylor Wessing successfully defended the first ever appeal in a trust arbitration (Volpi v Volpi). The Bahamas Supreme Court rejected the "root and branch" challenge to the arbitral award in a case that could have huge ramifications for arbitration and the trust industry. Taylor Wessing acted for Matteo Volpi (Matteo) in a first-of-its-kind appeal against a trust arbitration award before the Bahamas Supreme Court. [Read more from Will Sidery]
English and Hong Kong family lawyer and 2024 eprivateclient 50 Most Influential Marcus Dearle launched a new initiative to remove acrimony in divorce cases at City family law practice Miles Preston. The firm will also aim to promote the use of "responsible, ethical and innovative" methods to protect high and ultra-high net worth (HNW and UHNW) family assets before, during and after marriage. A key plank of the senior partner’s plan is to harness the lessons of the Barclay divorce via increased use of pre- and post-nuptial agreements (PNAs) - ensuring that PNAs do make provision for financially weaker parties’ reasonable needs.
Thursday
London law firm Seddons appointed David Thompson as a partner in its family team. Mr Thompson has joined Seddons from JMW Solicitors, where he was a partner for three years. Before that, he spent three years as partner at BDB Pitmans and 16 years at Charles Russell Speechlys, leaving as partner in 2018. He is a qualified mediator and collaborative lawyer, having previously served as the chair of the London region of lawyer network Resolution from 2015 to 2021.
Private client and tax partner Fernando Gandioli moved to international law firm Withers' Milan office, having previously led the firm's private client and tax team in Asia, where he held the role of regional division leader. He joined Withers in 2006 and has been a partner since 2013. Mr Gandioli advises on US and international tax and estate planning, assisting successful families and entrepreneurs in creating efficient tax systems. He also deals with real estate and private equity investment issues, as well as governance issues in entrepreneurial families.
Friday
London law firm Burgess Mee Family Law hired family law partner Rachel Freeman. She joined the firm from Kingsley Napley, where she was also a partner. Ms Freeman has more than 20 years’ experience across all areas of family law. She has particular experience in complex financial cases and disputes in relation to children. Many of her cases have an international aspect, often with links to France and French-speaking countries. A collaboratively trained lawyer, she also holds a foundation certificate in psychotherapy and counselling.
Support for higher taxes on wealth is popular with millionaires across G20 countries, according to a poll from activist group Patriotic Millionaires. Of the 2,300 respondents from G20 countries who hold more than $1 million in investable assets surveyed, 75 percent support the introduction of a two percent wealth tax on billionaires.Almost three-fifths (58 percent) support the introduction of a two percent wealth tax for people with more than $10 million.