Beatrice Puoti

+441179022765

Beatrice Puoti

Partner  |  Burges Salmon
JURISDICTION

England and Wales
Italy

TOP 3 AREAS OF EXPERTISE

Cross Border administration of estates and trusts
Residency and domiciliation
International Tax and Trust advice

Enhanced Q&A

What has been the highlight of your practice over the past 12 months?

Our private wealth sector in the firm has gone from strength to strength and now comprises over 80 lawyers throughout the firm. It has been one of the busiest years, even though in the Pandemic, and the work has been interesting and challenging. I was delighted to win Lawyer of the year, for myself and the team, as I would not be achieving without them.

What advice would you give rising stars/new lawyers in the private client world?

Do this job if you love the technical challenges every day, and people. It is a demanding, fulfilling job, but clients will want 100% all the time, and the complexity of what we do means that you are always under pressure. Get to know your competitors.

What is your favourite quote?

“Success is never final and failure is never fatal. It is courage that counts." Winston Churchill.

Where have you seen growth in your practice over the last year?

- In the past year many clients all over the world, who have been locked down during the pandemic, have wanted to make sure that their affairs are in order and therefore there has been a lot of cross border estates planning, drafting of wills and powers of attorney. Also there has been a lot of work aimed at structuring for the next generation. - People have also been misplaced by the pandemic, therefore there has been an increased need of tax residence advice for individuals and companies. - Litigation relating to trusts and estate has also been very active. - Immigration and tax consequences of moving in and out of the UK has also increased

What is the main area of growth you predict for the next 12 months?

I think the above trends will continue on to the next year. Also, as the tax policies to pay for the pandemic will become clear in the UK and abroad, I believe there will be a lot of work in dealing with clients’ affairs because of it.

What do you think will be the biggest three challenges in your practice for the next 12 months?

- The Continuing Pandemic, and our inability to meet clients and colleagues and to travel is a challenge for Business Development of all.
- Uncertainty can create work for us, but can also cause actions to be “suspended” until there is more clarity and this could happen if the pandemic continues.
- There is uncertainty as to how the job market will evolve in the medium term and this creates uncertainty as to the available talent pool for the purposes of recruiting.


Piers Master

+442074274530

Piers Master

Partner  |  Charles Russell Speechlys
JURISDICTION

England and Wales

TOP 3 AREAS OF EXPERTISE

Succession planning
Asset holding structures
Tax

Enhanced Q&A

What has been the highlight of your practice over the past 12 months?

Setting up a fascinating structure to hold a super yacht, which included a new private trust company structure and interesting cross border tax and trust issues for the Middle Eastern client.

How did you get into private client?

A combination of technical rigour, seeing interesting clients and using people skills. I trained at a Magic Circle firm with a private client department, as I thought I might be interested in it – particularly in how you can reinvent yourself as a private client advisor throughout the decades and the value you can add as a senior, trusted advisor. Clients value experience as much as anything else.

What advice would you give rising stars/new lawyers in the private client world?

A successful private client lawyer must combine absolute technical rigour with people skills. This is a relationship business and you must enjoy getting to know wealthy clients from all over the world. Don't become too specialised – the best private client lawyers are true advisers in the best sense of the word – you need to know enough about a whole range of areas to spot the issues, before referring on to specialist colleagues in appropriate cases.

What is your favourite quote?

"Education is the most powerful weapon which you can use to change the world" – Nelson Mandela.

Do you have any outside interests or hobbies?

Travel, music and wine!

Where have you seen growth in your practice over the last year?

Perhaps paradoxically in view of all the difficulty with travel, a number of very large transactions involving structuring significant inward investment into the UK by Middle Eastern families: they are taking a long term view of the attractiveness of the UK – as well as taking advantage of the ongoing comparative weakness of sterling! - and that view is a positive one, which is good news.

What advice would you give to your younger self?

It is vital to choose a career where you can enjoy your work. We all work long hours, and it would be pretty miserable to slog away at a job which wasn’t fulfilling and enjoyable. We are so lucky as Private Wealth lawyers to be involved with some of the most fascinating work in the legal world, with all its human interest alongside the technical aspects, and we must never forget that.

What are three top tips for dealing with your clients remotely?

- Keep in touch – there is truth in the adage “out of sight, out of mind”
- Regular short catch ups are better than infrequent long ones
- Make sure you don’t just discuss the immediate matter in hand – unexpected opportunities to help clients can arise from more general discussions


Anthony Poulton

+442079191760

Anthony Poulton

Partner  |  Baker Mckenzie
JURISDICTION

England and Wales

TOP 3 AREAS OF EXPERTISE

Trusts litigation
Fraud
Family governance

Enhanced Q&A

What has been the highlight of your practice over the past 12 months?

High profile litigation in Bermuda concerning the validity of certain purpose trusts. Recent summary judgment on a $500m claim in relation to one of the trusts has just been overturned on appeal, but we applied for leave to appeal to the Privy Council. It is interesting, dealing with questions of whether powers in a trust are to be interpreted to reference to the beneficial core, substratum or whether the words in a trust deed simply mean what they say regardless of the original intention, purpose and who it was set up for.

How did you get into private client?

I was an associate at Macfarlanes, where I was involved fairly early in my career in a case for Kodan Trust in Bermuda. The client was Alec Anderson of Conyers and it was to do with an Ecuadorian fruit and shipping family, with litigation in London. It was fascinating and after that, I was hooked- I wanted to deal with litigation.

What advice would you give rising stars/new lawyers in the private client world?

Represent your client's interests faithfully and uncompromisingly, but always be respectful of the professional relationships you develop with others. Those relationships will sustain your practice in the future and help you to better serve your clients.

What is your favourite quote?

"Once, during Prohibition, I survived for days on only food and water!" William Claude Fields.

Do you have any outside interests or hobbies?

Farming. Literature. Theatre. Concerts. Environmental issues, including energy systems. Cycling.

When the restaurants reopen, where would you like to go?

Spring at Somerset House, London.

Where have you seen growth in your practice over the last year?

Asset tracing and recovery litigation, including trust busting, inspired by (a) Covid lockdown-related divorces and (b) the growing jurisprudence around "illusory trusts".

Can you identify any new areas you have developed within your practice to further benefit your clients?

For those clients involved in family owned companies, and for family offices that invest via corporate acquisitions, there is enormous momentum behind the ESG movement and more and more enterprises and governments are waking up to the challenges of implementing sustainable, socially responsible and environmentally sound governance in traditional settings. This is an area we see more and more activity around. In pure litigation terms, we now routinely embed project management resource into our litigation teams, to reduce cost for clients, improve efficiencies and give better support for our lawyers.

What advice would you give to your younger self?

Learn to touch type properly, you idiot.


Raul-Angelo Papotti

+3902721571

Raul-Angelo Papotti

Partner  |  Chiomenti
JURISDICTION

Italy

TOP 3 AREAS OF EXPERTISE

Succession planning
International tax
Planning trusts

Enhanced Q&A

What has been the highlight of your practice over the past 12 months?

Tax planning for a number of foreign trusts Trust and succession litigations.

How did you get into private client?

Curiosity...

What advice would you give rising stars/new lawyers in the private client world?

Study, study and study. Be curious about everything. Talk with people and listen to what they are saying. You always have something to learn. And when you learn something everyday, in 20 years time you won’t be a rising star anymore, but the sun.

What is your favourite quote?

I have two or three I think of on many occasions:
“When you pray for the rain, you have to deal with the mud too.”
“Do not forget those who helped you on the way up.”
“What I need does not cost any money.”

Do you have any outside interests or hobbies?

Golf and art.

When the restaurants reopen, where would you like to go?

Ristorante Bellavista in Surlej.

Where have you seen growth in your practice over the last year?

Lots of work I handled related to foreign trust with Italian beneficiaries as well as the Italian resident non dom regime. A substantial part of my work related to dispute resolution matters in trust structures, in civil or tax litigations.

What is the main area of growth you predict for the next 12 months?

Audits and dispute resolution. Also, the Italian resident non dom regime seems to maintain string appeal. The next 12 months will be about keeping up with the changes we see in the world. Quick adaptability is definitely one of the most salient aspects in this pandemic environment.

Can you identify any new areas you have developed within your practice to further benefit your clients?

Sport law (soccer – formula one – etc,) and immigration law.


Malcolm Cohen

020 7893 2223

Malcolm Cohen

Partner  |  BDO
TOP AREAS OF EXPERTISE

Accountancy

RECOMMENDED SPECIALISMS

Accountancy

Q&A


Nicola Saccardo

+44 20 7374 0299

Nicola Saccardo

Partner  |  Maisto e Associati
JURISDICTION

Italy

TOP 3 AREAS OF EXPERTISE

Italian taxation of trusts
Transfer of residence to Italy
Estate planning and estate tax planning

Enhanced Q&A

What has been the highlight of your practice over the past 12 months?

• Advising on the new rules on Italian taxation of trusts
• Advising many clients moving to Italy under the lump sum tax regime
• From a personal perspective, every time clients express their gratitude for the work done

How did you get into private client?

I started as a lawyer specialising in tax. I enjoyed the technical issues surrounding private client, as well as the relationship that comes with advising private clients. There are a lot of links between tax and succession, family law and so on. I gradually switched to private client, keeping the focus on tax.

What advice would you give rising stars/new lawyers in the private client world?

Never take any view for granted, always question the view of others.

What is your favourite quote?

“Failing to plan is planning to fail.”

Do you have any outside interests or hobbies?

I’m very sporty – I particularly enjoy tennis.

When the restaurants reopen, where would you like to go?

A Peruvian restaurant near my office – Coya City, London.

Where have you seen growth in your practice over the last year?

Over the last year, the activities related to the relocation of UHNWs to Italy, under either the Italian lump sum or the impatriate tax regime, have registered a large increase.

What is the main area of growth you predict for the next 12 months?

In my opinion, tax advice in relation to trusts, as well as estate and succession tax planning, will be the main areas of growth in the next 12 months. Recent administrative tax guidelines on trusts and the implementation of register of beneficial ownership of trusts has further increased the work in the trusts area. Estate and succession tax planning are pivotal to minimise the exposure to potential adverse tax changes that may be triggered by budget constraints.

What do you think will be the biggest three challenges in your practice for the next 12 months?

In order to further benefit our clients, with particular reference to those moving to Italy, we have developed expertise on the visa options for non-EU nationals, including significant expertise on the investor visa. This expertise has become relevant also to British clients due to Brexit.


Graeme Kleiner

+44 20 7427 6674

Graeme Kleiner

Partner, Head of Contentious Trusts and Estates team  |  Charles Russell Speechlys
JURISDICTION

England and Wales

TOP 3 AREAS OF EXPERTISE

Asset holding structures
Asset protection
Dispute resolution

Enhanced Q&A

What has been the highlight of your practice over the past 12 months?

The team has had an extraordinarily busy year working on some of the largest, high profile cases domestically and internationally. We have had a couple of really big cases go to trial this year and we are seeing a lot of new cases from the Caribbean in general. Recently, the firm has opened new offices in Dubai and Hong Kong and the team has ensured a strong presence in both jurisdictions. We have also extended the practice in Geneva, Switzerland this year.

How did you get into private client?

I fell into it. Dawn Goodman needed a trainee to assist on an urgent court application 20 years ago – and that was me! At 1am in the morning whilst preparing for it, I decided it was what I wanted to do.

What advice would you give rising stars/new lawyers in the private client world?

Be the best you can and work hard.

What is your favourite quote?

“You cannot shake hands with a clenched fist." Indira Gandhi.

Do you have any outside interests or hobbies?

The usual – football (playing and watching). Teenage children. And trying to go to the gym!

Where have you seen growth in your practice over the last year?

We have seen an increase in the amount of cases involving art, cultural property and collectibles as part of our practice; we have also seen an increase in mistake cases involving tax mistakes both onshore and offshore. There has been further internationalisation of our work which is reflected in the growth of our international offices in Europe, the Middle East and Asia. We are now acting for families and service providers in Australia, Asia, the Middle East, Africa, Europe and the US. Having a joined up collaborative approach with our colleagues in all of our offices has been critical to that growth.

What is the main area of growth you predict for the next 12 months?

We consider that as part of the economic consequences of the pandemic, we are likely to see more insolvent trust cases (as we saw during the financial crash in 2008-2010) and fraud cases being exposed. We also consider that there will be a significant increase in tax litigation as HMRC and other tax authorities are likely to take a tougher stance on collecting tax from international structures.

What do you think will be the biggest three challenges in your practice for the next 12 months?

We have established a tier 1 arts law litigation practice which is of great interest to our private client base; we are also growing our capabilities to undertake tax litigation for our clients. We will continue to focus on building out our private wealth dispute capabilities throughout our international offices (we have recently made significant partner hires in Switzerland, Hong Kong and the Middle East). Having a joined up capability to act for clients involved in cross border disputes is going to be increasingly important.


David Clerey

+44(0)207 982 1303

David Clerey

Client Development Manager, Global Family & Private Investment  |  Northern Trust
JURISDICTIONS QUALIFIED IN

United Kingdom

RECOMMENDED SPECIALISMS

Family Office


Basil Zirinis

+44 20 7959 8900

Basil Zirinis

Partner  |  Sullivan & Cromwell
JURISDICTION

United States (NY)

TOP 3 AREAS OF EXPERTISE

Complex cross border trust and tax planning
International trust and estates litigation
Family business governance and succession planning

Enhanced Q&A

What has been the highlight of your practice over the past 12 months?

Working with a team of leading English and offshore advisers on a series of complex restructurings of a network of large trusts to enable the settlor and beneficiaries to live wherever they wish, without adverse tax consequences.

How did you get into private client?

Good fortune!

What advice would you give rising stars/new lawyers in the private client world?

Culture – focus on understanding the cultures (both legal and national) of the jurisdictions with which you are working.

What is your favourite quote?

“Direct action… It beats legislation." Ernest Hemingway.

Do you have any outside interests or hobbies?

Tennis and shooting.

When the restaurants reopen, where would you like to go?

Oswald’s in London.

Where have you seen growth in your practice over the last year?

US Citizens who wish to create non-US offshore trusts as a safe haven in case of political unrest or similar instability, as well as clients leaving the US to relocate in Europe.

What is the main area of growth you predict for the next 12 months?

Review of trusts and similar structures to stress test them for the next crisis and to revise the structures as needed to be most flexible, durable and compliant with all reporting requirements.

Can you identify any new areas you have developed within your practice to further benefit your clients?

Expanding our ability to advise clients relocating on all the relevant jurisdictional needs, including the best advisors to add to their team so that advice is seamless and coordinated.


John Canady

John Canady

CEO  |  National Philanthropic Trust UK
JURISDICTIONS QUALIFIED IN

United Kingdom
United States

TOP AREAS OF EXPERTISE

Philanthropy
Donor-advised funds (DAFs)
Charitable trusts and foundations

RECOMMENDED SPECIALISMS

Trusts

Enhanced Q&A

What has been the highlight of your practice over the past 12 months?

Successfully launching NPT UK, our donor-advised fund service for private clients who wish to use a donor-advised fund as an alternative to setting up a charitable trust or foundation.

What advice would you give rising stars/new lawyers in the private client world?

Focus on building long term relationships. While there may be quick wins in the short term, servicing private clients requires building value over time.

What is your favourite quote?

“We make a living by what we get, but we make a life by what we give.” Winston Churchill

When the restaurants reopen, where would you like to go?

My local Italian deli, the best coffee and cantucci I’ve had outside of Milan

Where have you seen growth in your practice over the last year?

The biggest growth has come from multi-generational, multi-jurisdictional global families wanting to set up and use donor-advised funds as the modern way to manage their long term giving.

What is the main area of growth you predict for the next 12 months?

As well as global families, I believe we will also see many UK based families using DAFs. Many traditionally philanthropic families are using DAFs as companion vehicles to their existing philanthropic structures.

Can you identify any new areas you have developed within your practice to further benefit your clients?

The availability of more impact investment options for our clients’ DAF assets will continue to be popular, especially for the next generation of global philanthropists.