Once considered a niche practice area for British corporate law firms, private client services are increasingly central to many firm’s growth plans thanks to their resilience in a turbulent market – the sector grew 17% in 2021. Recent dips in activity could be reversed if predicted changes to income tax thresholds and adjustments to the non-domicile regime are announced in this year’s pre-election Spring Budget, with more taxpayers finding themselves in need of advice.

What’s Behind the Private Client Services Boom

This shift in popularity can be attributed to several key factors that are reshaping the landscape around financial law. A growing interest in personal wealth management has caused firms to broaden their service offering. Offering financial and tax advice to high-net worth individuals alongside their corporate services has proven to be popular, prompting them to expand their teams.

Technology has also increased the accessibility of financial planning and wealth management information and resources through the likes of digital trading platforms, investment apps, and online will and probate services. A wider range of individuals seeking advice in a challenging economic environment has meant an expansion of the client base for private client services. Greater accessibility has its downsides as it creates more opportunities for financial abuse against vulnerable parties, however this can lead to more work for private client legal teams.

The rise of digital assets and the complexities surrounding inheritance and estate planning in the digital age have further heightened the demand for specialised legal expertise. Even though the legalities and tax implications around digital currency remain vague many individuals are keen to seek advice in this area adding an additional layer of complexity to the field.

Private client services are also an increasingly popular choice for young law graduates or those looking to expand their skillset and shift into a new practice area.

Why Private Client Services Appeals to Early Career Talent

For early career solicitors, private client services present a unique and attractive opportunity to engage with a diverse range of clients and navigate the challenges of modern wealth management. For those looking for an interesting, potentially lucrative, and dynamic legal career it makes an attractive choice.

Working in private client law allows emerging talent to build strong relationships with their clients and help individuals personally. It also intersects well with other areas of legal practice giving young graduates the chance to work closely with colleagues in family law, corporate and civil litigation, and legal IT amongst others.

Attracting and Retaining the Next Generation of Private Client Talent

If you are considering expanding your private client services team, you need to attract and retain the very best talent. You can ensure that you appeal to both early and mid-career private client professionals by:

Providing Training & Professional Development

Look at tailoring the training and professional development programs you offer towards the skills and expertise needed for private client services. This could include workshops on the latest developments in wealth management, estate planning and digital assets. If you have existing senior professionals with private client experience, you might consider offering mentorships.

Supporting Work-Life Balance

Implement policies and procedures that recognise and support the importance of work-life balance. Offering flexible work arrangements and promoting a culture that values personal well-being can be instrumental in attracting and retaining talented individuals in a competitive legal landscape.

Investing in Technology

Invest in cutting-edge legal technologies to streamline workflows and enhance efficiency in private client services. The integration of digital tools can not only attract tech-savvy lawyers but also contribute to a more dynamic and engaging work environment.

Creating a Culture of Diversity and Inclusion

Fostering a culture of diversity and inclusion within your firm will help you attract a broader pool of talent and contribute to a vibrant and collaborative team. Those different perspectives will then help you in addressing the unique needs of a diverse clientele.

Offering Competitive Compensation and Benefits

Acknowledge the specialised expertise required in private client services by offering competitive compensation packages and benefits. This includes not only financial incentives but also healthcare, retirement plans, and other perks.

Clayton Legal has over 20 years’ experience helping clients attract and retain legal talent across practice areas that include Property, Personal Injury, Family, Criminal, and Costs law as well as Legal IT and Civil and Commercial Litigation.

If you are building your legal team, we can help. Call us on 01772 259 121 or email us here.