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Vol 23 No 5 May/June 2018

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Financial Services for Solicitors: Law, Practice and Precedents

Edited by: Ian Muirhead

ISBN13: 9781853287541
Published: March 2009
Publisher: Law Society Publishing
Country of Publication: UK
Format: Paperback & CD-ROM
Price: £96.50

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Wildy's Book of the Month - March 2009

One of the challenges to solicitors posed by the Legal Services Act is that of reducing reliance on transactional business and building enduring client relationships.

A business area which commends itself as complementing solicitors' mainstream work is financial advice, and the more enterprising firms are increasingly seeking to align with fee-based financial advisers to provide a more comprehensive client service.

Financial Services for Solicitors explains the pros and cons of the various forms of association between solicitors and financial advisers and describes fifteen areas of business in which solicitors' advice may be incomplete without the input of a financial adviser.

  • Part 1 explains the structural changes permitted by the Legal Services Act; relevant Law Society and FSA regulation; tax, accounting and legal issues; and the alternative forms of association between solicitors and financial advisers, including joint ventures and separate businesses.

  • Part 2 details some of the business areas in which financial services impact solicitors' work, including investment for trusts and for clients who lack mental capacity; the treatment of pensions on divorce; advice to the elderly; tax planning for expatriates; personal injury trusts; pensions for business owners and estate planning.
  • Part 3 provides practical compliance and marketing precedents, which are reproduced on an accompanying CD-ROM for ease of use.

    This authoritative book has been edited by Ian Muirhead of SIFA, a solicitor, and the contributors include leading financial advisers, accountants and solicitors.

Legal Practice Management, Banking and Finance
Part 1 - Regulation and structures for financial services
1. Financial services regulation and the profession
2. The Legal Services Act 2007
3. Client referrals to Authorised Third Parties
4. In-house financial services, hive-offs and joint ventures
5. Tax and accounting considerations
6. Legal aspects of joint ventures and share schemes
7. Alternative business structures.

Part 2 - Areas of financial advice impacting solicitors' work
2.1 - For the tax specialist:
1. Financial solutions for estate planning
2. Discounted Gift Trusts and Loan Trusts
3. Tax planning for the expatriate
4. Minimising tax on investments for non-domiciles.

2.2 - For trustees
1. Principles of portfolio construction
2. The impact of tax on trustee investment
3. Personal Injury Trusts and periodical payments
4. Investing for clients who lack mental capacity.

2.3 - For the family lawyer
1. Marriage, partnerships, separation and divorce
2. Collaborative divorce
3. Care fees planning
4. Equity release.

2.4 - For the corporate lawyer
1. Pensions and estate planning for business proprietors
2. Pensions and estate planning: a case study
3. Financial planning for the redundant executive.

Part 3 – Precedents.