Contributions
Legal
How to Set Up a Family Office
The role of the family office is to protect a family’s interests. Family offices are typically associated with families that generate their wealth via a business. However, they may also be suitable for families who do not own a shared business but require the help of dedicated experts to manage their wealth.
Are ‘Aggressive’ Litigators More Effective?
When looking for someone to represent them, be it in a divorce or neighbour dispute, people often place an emphasis on finding a lawyer with a fierce reputation, seeking out aggressive lawyers to fight their corner and get results. However, it is helpful to take a step back and consider the ultimate goal and how it can be achieved in the most effective and least damaging way.
What Are Trusted Advisors?
An advisor is said to be ‘trusted’ only when they have acquired time-tested, industry-specific skills and knowledge. They also need strong and longstanding professional relationships, along with a proven track record of furthering the best interests of their clients.
Exploring the Pros and Cons of Pooling Assets
In family law matters, the term ‘asset pool’ refers to the overall net value of a couple’s assets, including financial investments, property, vehicles and personal belongings. Essentially, the asset pool incorporates everything held jointly, as well as all assets held in the individual names of both parties and any items that come under one or both of their control.
Exploring the Differences between Civil Law and Common Law
Civil law and common law are two distinct legal systems that exist in various countries globally. The key differences between them are historical development; emphasis on written law; the role of judges and lawyers; legal terminology and procedure; and the sources of law.
Succession Planning
Succession Planning for Family Businesses
Alarmingly, according to information shared by Business Daily, studies suggest that more than 60% of family businesses do not have a succession plan in place. Even business owners aged 60 plus neglect to take this step, with more than 50% of this demographic lacking a documented plan to pave the way for a smooth transfer of ownership following their exit from the business.
Best Practices for Succession Planning
The first step in successful succession planning is to identify the most appropriate person to take over the leadership role of a business. In many instances, businesses look to their existing workforce, recruiting internally, although this may not necessarily be the case.
The Key to Successful Family Business Succession Planning
The key to successful succession planning is starting early. According to a report from FPM, family businesses form the backbone of the UK and Irish economies (for example), accounting for more than 80% of private companies and providing over 15 million jobs. Thriving for generations, successful family enterprises are innovative, adaptable, entrepreneurial and forward-thinking.
Conflict Resolution
Negotiation Strategies for Conflict Resolution
Conflict is commonly defined as a disagreement between two or more parties based on a perceived incompatibility, difference or violation of a shared agreement. A variety of different factors surrounding the conflict can make resolution an incredibly complex process.
Alternative Dispute Resolution In The Workplace
Workplace disputes can be incredibly disruptive and costly for businesses, particularly if they result in litigation. It is often in both parties’ interests to avoid a legal dispute, except as a last resort. Fortunately, there are a variety of alternative dispute resolution (ADR) methods available.
Mandatory Mediation
Explore the topic of mandatory mediation and how, with a rise in legal disputes in many countries, court systems around the world are increasingly turning to mediation and other alternative dispute resolution methods to help stem the flow of commercial law disputes appearing before the courts.
The Problem of ‘Succession Syndrome’ in Wealthy Families
As the HBO drama Succession drew to a close in May 2023, one of the world’s leading addiction treatment centres warned of a prevalence of ‘succession syndrome’, with successful, wealthy households creating a deep-rooted fear of failure and weakness in children.
Estate Planning
Making the Intentions of Your Will Clear
A well-drafted will makes the intentions of the testator crystal clear, leaving no room for ambiguity, confusion or uncertainty. Conversely, where a will is poorly worded, this can potentially lead to misunderstandings, resentment, disputes and protracted and costly legal proceedings.
The Key to Creating an Effective Estate Plan
Nobody knows what the future holds. However, planning ahead can help to maximise assets passed on to beneficiaries, ensuring that an estate is distributed in line with the benefactor’s wishes following their death.
Key Factors to Consider in Inheritance Planning
Making clear plans and communicating them to heirs is crucial in effective inheritance planning. Although uncertainty over the division and inheritance of estates is not uncommon, it can cause significant and lasting conflict between family members.