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Legal aspects are wide-ranging

Whenever people speak about jobs in the wealth management industry, invariably financial planners spring to mind at the expense of other professionals.

To find out more about the work of lawyers practising in the sector, we talked to Samantha Bradley, managing director and regional head of wealth planning at Withers' Hong Kong office.

What is it like for a lawyer to work in the wealth management sector when compared with civil and criminal law? The wealth management sector offers a broader range of opportunities for lawyers than many other legal practice areas. These can range from working in a law firm to working in a bank, trust company, accountancy firm or a private office employed directly by clients to help manage their affairs.

Criminal and civil lawyers often represent individuals on one-off specific issues. A distinguishing feature of wealth management advice is that the needs of the client are generally much longer term and strategic, and the scope of the advice given can be broad and varied.

What does the job of a wealth planning lawyer involve? Typically, a wealth planning lawyer will advise individuals, families, or their trustees or businesses on matters related to the creation and preservation of private wealth and the effective succession to that wealth by a client's family or other chosen beneficiaries - either when they die or during their lifetime.

The tax efficient structuring of private wealth tends to be a key consideration. The range of investment opportunities available to clients has never been greater. Many clients will have assets in, or personal connections with, multiple countries, which may also expose them to tax in other countries and as probate complications in those countries when they die.

Advice will typically range from what tax to pay, how to take advantage of tax-saving opportunities and the use of appropriate vehicles to hold investments such as companies or trusts. A second important consideration is helping to ensure the smooth transition of assets on a client's death to the desired beneficiaries. Where, for example, those beneficiaries are children, the protection of them and their financial interests will be paramount, and a properly drawn will and advance planning will be important. Some clients will want to make gifts during their lifetime and may want to set up trusts for their family or make gifts to philanthropic causes.

What areas of law would a lawyer working in the wealth management sector have to be familiar with? Increasingly, we see entrepreneurial clients who need trusted advisers who understand their tax position and can draft their trust or will, and understand their investments and their businesses, as well as the challenges they face preparing their children to succeed to a family business or inherited wealth.

Does it take a special type of personality? In the same way that no two clients are the same, no one set of personality traits will suit the needs of all clients. Wealth planning can involve helping families navigate difficult times and issues, so trust and confidence in their adviser, in such cases, is desirable to ensure the advice is effective.

So perhaps the most important personality consideration is that it suits the client and a long-term wealth planning adviser should be selected with the same care as a long-term investment. Understanding tax and trust legislation and complex investments is something of a science. But listening to clients and understanding their succession planning needs is much more of an art.

The ability to see beyond the legal detail and relate to how it affects the day-to-day life of a client is important or the tax tail can start to wag the dog.

How does one start in wealth management? Qualifying as a lawyer typically requires broad legal training before specialising in one area, such as advising on wealth management issues. However, there are many other ways to get involved in wealth management ranging from working with a bank or trust company to becoming an independent financial adviser.

What is this sector like? How big is the job market for lawyers dealing with wealth management? Is it liquid? In some jurisdictions we are seeing an increasing shortage of experienced lawyers in this area. There are a number of reasons for this. There has been a dramatic increase in entrepreneurial wealth in many economies worldwide and tax systems are maturing in those regions. So wealth management requires more specialised advice.

How many people do you employ in your company and is this number growing? How has your business developed in recent years? Our firm dates back to 1896 in London and has a longstanding tradition of wealth planning advice. Following our US merger in 2002, we now have more than 650 people in our offices worldwide focusing on clients with privately held wealth and their advisers, trustees and businesses. Of these more than 160 are lawyers, engaged primarily in wealth planning activity. Our business has grown substantially in recent years and reflects the increasing mobility of our clients who need to access integrated cross-border wealth planning advice internationally. Since the merger, our aim has been to be the leading international law firm for successful people and their families and businesses. We have opened five new offices in the past five years in leading financial and investment centres, including New York, Milan, Geneva, Greenwich Connecticut and, most recently, in Hong Kong in January.

What do you enjoy the most about your job? We all know the difficulty of creating wealth. Preserving that wealth, passing it on as desired, and preventing that wealth becoming a source of family disharmony when it is passed on can be even harder for clients - irrespective of how much or how little they have to pass on - and can have a significant impact on people's lives. Helping a client to navigate the legal maze and preserve harmony between family and wealth planning aspirations can be extremely fulfilling.

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