Ellen Hambly
Posted on 18 Feb 2022

How can you focus your training contract within the Private Wealth sector?

Life as a trainee can be overwhelming, particularly when deciding how to progress in your training contract and, ultimately, your career. I have been fortunate at Michelmores to have received plenty of advice and support from my colleagues to help me navigate tough decisions such as seat rotations.

My time in Asset Protection has been thoroughly enjoyable and has sparked my interest in the Private Wealth sector. Here's more information on how this has influenced my upcoming seat choices.

What is Private Wealth?

Private Wealth is a lot broader than the traditional view of it being synonymous with private client work. It captures all the work that we do in relation to privately held wealth. This includes corporate advice for private companies, real estate advice for privately held investment funds, regulatory advice for private banks, day-to-day work for wealth management firms and their clients, and more complex private client work for wealthy individuals. This often includes international aspects.

How can you have a varied training contract within this sector?

Unlike many firms offering training contracts, Michelmores has a leading Private Wealth practice meaning that as a trainee, you can experience seats across the private client, real estate and business departments within the same Private Wealth sector and really understand which area is your preferred choice on qualification. As a trainee it is great because it means you can get involved in Private Wealth work across the Firm such as: drafting wills or nuptial agreements, advising clients on landed estates, drafting shareholders agreements for new business ventures, or litigating a trust dispute.

I am considering options ranging from non-contentious advisory seats such as Tax, Trusts and Successions to litigious seats such as Family, Contentious Probate or Commercial Litigation. A good Private Wealth lawyer will be well-versed in the range of their client's assets, meaning a seat in areas like Corporate or Real Estate can be very useful.

Does that restrict choice of office locations?

No, it doesn't. We offer the key seats needed to be a Private Wealth lawyer in our Exeter, Bristol and London offices, meaning trainees at Michelmores have the unique opportunity to develop their skills in a variety of locations.

What support is available?

At the heart of our ethos is our commitment to maintaining a supportive and collaborative environment. I have been able to turn to all of my colleagues and mentors, no matter what their role, to seek their advice about my development. If I need help, I receive regular feedback sessions with my supervisors and training principals as well as the trainee MiVoice network. I'm not yet sure where my training contract will take me, but I am confident that with the support of my firm and peers, I will be well-equipped to choose the seats to suit me.