The top ten lawyers every wealth manager needs to know

In the 1980s many of the biggest names in UK law gave the impression that they couldn’t be shot of their private client teams fast enough, pulling out of the sector.

Private client and estate work at the time was regarded as somewhat fusty and out of place in an era obsessed with brokers, get-rich-quick schemes and power dressing.

Thirty years and a massive explosion in private wealth later, many law firms have come to regret the decision, while in the vacuum a healthy diversity has flourished.

Legal businesses have been actively recruiting private client teams and playing catch-up with smaller specialist practices: where they can’t they are newly collaborative.

In addition to the cyclical trend, secular factors are near the front of their minds: the looming threat of Tesco Law eating into margins following the liberalisation of basic legal work means many are looking covetously at secure recurring revenue streams.

From the other side of the coin, legal specialists occupy a unique middle ground for wealth managers, acting as the trusted advisers between families and other services.

As with any relationship, the key to productive engagement is to be discerning: Here, in no particular order, we present the top ten lawyers that every wealth manager should have on their radar.

1. Caroline Garnham - Lawrence Graham LLP

The Lawrence Graham private capital partner and co-founder of HNW social media website Family Bhive has long been recognised as a leading private client expert.

Her team has led the market in innovation in multi-jurisdictional wealth preservation and she herself has a core specialisation in international tax planning.

She says in the past the relationship between lawyers and wealth managers has been harmed by poor communication: one of the reasons that she launched Bhive. She believes it is in everyone’s interests to improve the relationship between wealthy individuals and families and the private client industry that serves them.