Advice – lawyer Leah Duffield, a partner in the private client team at Muckle LLP. Photo by Mike Smith Photography.
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AND PERSONAL
How business and individual legal support are closely linked
We all know that the Tees Valley isn’ t short on ambition – it’ s rich in heritage, talent and opportunity.
Emerging sectors such as creative and tech are driving huge regional growth, along with the sectors the region is famous for, like construction and manufacturing.
But behind every growing business is a person with their own needs and goals.
For many local business owners, both their commercial and personal affairs are intrinsically linked, meaning that any legal advice should be too.
Here, Leah Duffield, partner at North-East law firm Muckle LLP, explains why commercial and private client law aren’ t so different after all – and why the holistic approach is beneficial for you and your business.
YOUR BUSINESS IS OUR BUSINESS Commercial and private client law might seem very different at first, with one focused on businesses and the other on individuals and their families.
“ Previously, lots of big commercial firms tended to sideline their private client offering in favour of the big-ticket commercial work, but this is such a wasted opportunity,” says Leah.
Having worked as a private client lawyer for over 10 years, Leah thinks that private client law should be a fundamental part of any commercial law firm’ s work.
“ Private client underpins everything to do with commercial law. Behind every corporate company is an individual( or group of individuals) leading that company,” she says.
“ Those individuals need support with succession planning, estate management, wills, powers of attorney and other elements to make sure their business continues to thrive for years to come.”
THINKING AHEAD If you’ re a business owner, it can seem more productive to focus on the immediate or shorter-term priorities, such as the day-today running of the business, rather than the future.
While she understands why this happens, Leah warns against sticking your head in the sand when it comes to planning.
“ We all like to think we’ re invincible and tend to overlook what could happen in the future – but if a person is fundamental to business continuity, it’ s vital that you prepare for anything,” she says.
“ With proper succession planning, you know that if something happened to you, your business could continue to run and even thrive in your absence( whether temporary or permanent).
“ After all this time building up your business, why wouldn’ t you want it to be protected?”
The importance of thinking ahead is particularly pertinent if you’ re based in the Tees Valley.
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