A look back at the most read stories on eprivateclient this week...
Monday
Monday saw the publication of the 2023 eprivateclient Top Offshore Law Firms rankings – the third of five instalments in the 2023 eprivateclient series of private client rankings following the publication of the 2023 Top Family Law Firms and 2023 Top Accountancy Firms. As with the previous three incarnations, the 2023 Top Offshore Law Firm rankings separately recognised firms that operate across multiple jurisdictions and those that work from a single jurisdiction with both providing advice to clients in their jurisdictions as well as across the world.
The majority (87 percent) of Top 100 law firms are concerned that macroeconomic volatility will impact their ambitions for future growth, research from PwC revealed. Despite this, more than 90 percent of Top 100 law firms are anticipating an increase in revenue and profits in the current financial year. Average increases of 9.3 percent for revenue and 8.2 percent for profits are expected across the Top 100. Average fee income growth expected across the firms surveyed falls between 8.0 percent and 9.7 percent, representing a slight real terms decrease with inflation averaging around 10 percent for the current financial year.
Tuesday
A new London-based US/UK tax practice launched headed up by Linus Ostberg and 2022 eprivateclient Top 35 Under 35 Gus Sinclair. The pair have worked together for over five years, firstly at Moore and, for the past two years at KPMG in London. The new firm - Ostberg Sinclair & Co - is based in Aldwych and its initial service offering will include all aspects of US/UK private client tax advice including UK taxpayers investing in US private equity and real estate to US citizens coming over to the UK and Europe.
UK law firm BDB Pitmans hired Vandana Chitroda as a partner and William Roberts-Phelp as an associate in its family law team. Ms Chitroda was previously a partner at RIAA Barker Gillette where she was the head of family law, having also previously worked at Royds Withy King and Ventura Law. Her experience focuses on advising on pre-nuptial agreements, divorce, civil partnership, cohabitation disputes and child arrangements with a focus on international financial settlements for medium to high net worth indviduals.
Wednesday
Following the sad news of the death of Jeremy Marshall, a former executive of both Credit Suisse’s UK private banking operations and C Hoare & Co, a memorial service was arranged. The service will take place at 4:30pm on Thursday 14th December 2023 at St. Helen's Church Bishopsgate EC3A 6AT. Mr Marshall died on 13 August aged 60, following a long illness.
4 Paper Buildings (4PB) added family law barristers Simon Rowbotham, formerly of 7 Bedford Row, and Mai-Ling Savage, formerly of Garden Court Chambers, to its team. Mr Rowbotham has experience in financial remedies following divorce proceedings with regular instruction from clients of all wealth brackets on pension, trust and company matters. His private children's law work has included child arrangement applications, removal from the jurisdiction and relocation cases, and parent resbonsibility cases among a wide range of other matters. Ms Savage has specialist experience in court of protection cases, care proceedings and children's law cases among a wide range of other family law matters. A member of CoPPA, Ms Savage has acted in cases involving adults with learning disabilities and acquired brain injury and has specialist expertise in cases that overlap with family proceedings.
Thursday
Around three-fifths (59 percent) of retirees in the UK do not know the inheritance tax (IHT) threshold, research by retirement specialist Just Group found. Conducted on 1,050 retired and semi-retired adults aged older than 55, the survey also found that half of respondents did not clearly understand IHT rules and the amount they can pass on untaxed. Frozen until 2028, the IHT band was set at £325,000 in 2009. While this band has remained the same, average house prices have increased by more than 70 percent over the last decade to almost £288,000 in June 2023.
Global fiduciary and administrative services provider TMF Group launched a new ESG administration service. The firm’s new service is targeted at helping organisations within the financial sector comply with ESG reporting requirements. TMF Group cited some of the main ESG reporting advantages as risk mitigation, enhanced reputation and increased access to capital from stakeholders who see a focus on clear and comprehensive reporting.
Friday
The England and Wales Family Court (EWFC) allowed a wife to apply for an additional £5 million, plus interim maintenance and a £200,000 legal services payment order, in spite of a historical 'clean break' deed. The ruling came despite the couple executing a 'clean break' deed of separation entitling the wife a one-off payment of £702,000. However, the deed was never converted into a court order and the husband paid the wife maintenance up to the amount of £8,500 per month from 2002 onwards and helped her to buy a home in London in 2009.
Offshore law firm-led professional services business Mourant opened a new office in Singapore. In conjunction with the launch, the firm has appointed Craig Luton as Singapore managing partner. Prior to joining Mourant, Mr Luton was a partner in Maples and Calder's funds and investment management team in Singapore. He specialises in the structure, formation, launch and maintenance of Cayman Islands and British Virgin Islands private equity funds, venture capital funds, and hedge funds, as well as downstream private equity transactions.