What does digital transformation mean for private client services?

Cryptocurrencies promised a revolution. Their decentralised infrastructure was thought to be the future of finance – and by late 2021, they were worth $3tn. Then those values came crashing down. Now the king of crypto, Sam Bankman-Fried, has been found guilty of one of the biggest financial frauds of all time. Continue reading “Foreword: Hunters Law”

Do you have a crystal ball? If you do, then perhaps you can share the outcome of the UK election in 2024. Which election pledges are going to have most impact on private wealth professionals and their clients? Or perhaps you’re reading this in May or November, know who has won and are busy planning around any changes.

At the time of going to press, when it comes to wealth and taxation, there are known knowns, known unknowns, and unknown unknowns, to paraphrase former US Defence Secretary Donald Rumsfeld.

The known knowns are the things we know we know – such as the fact that the probate system has slowed to a crawl. Or that the process for making lasting powers of attorney (LPAs) completely online is likely to become reality.

The known unknowns are the things we know we don’t know. Who will win the election? What will that mean for Capital Gains Tax, non-dom status, Inheritance Tax or more? Until the results are known, it’s hard to plan with any degree of assurance.

As for the unknown unknowns, the things we don’t know we don’t know, even crystal ball owners might struggle to predict the influence of factors such as global strife, economic upheaval or pandemics.

We can, however, safely say that the worst thing to do is to do nothing.

Being alert to possible changes will make planning ahead easier. Keeping up to speed on the pledges and counter pledges of the rival parties is crucial to be prepared for every eventuality.

The focus for firms specialising in wealth management must be on helping clients be prepared and make plans ahead of time, rather than trying to react in the minute.

Whether your clients are UK domiciled or simply have UK interests, it’s crucial to be on top of both the strategic and practical implications of a changing landscape for wealth management. The bonus being that well-prepared clients not only manage risk but are also primed for opportunities.

The things we know we don’t know.

For families and investors in the UK, the outcome of the general election is likely to impact on their approach to managing wealth. Current polls indicate a Labour victory, possibly by quite a large margin. But pollsters have been proven wrong time and again and a week is a long time in politics. The prudent wealth manager will be listening carefully to all sides of the debate.

Non-dom status. Scrapped or just curtailed?

Labour propose to scrap non-dom status and introduce a shorter term scheme for those staying in the UK for up to five years. They say that the extra revenue generated will be channelled into the NHS.

The Conservatives claim that this will drive wealth away from UK shores. And indeed, internationally mobile, high-net-worth individuals may think twice about choosing the UK as an attractive non-dom regime.

But, according to research by Warwick University, past changes have not led to a mass exodus. The chances are that tax is just one factor in your clients’ decision whether to stay or go. Businesses, personal lives, children’s education all play a part.

Planning for school fees

Families with children or grandchildren at school in the UK, have plenty of cause to stay – regardless of the non-dom situation. In which case, changes to school fees may be something your clients need to prepare for.

Although Labour have recently dropped plans to end charitable status for private schools (noting this may be open to legal challenges), they have said they will remove other tax breaks if they win the next election such as charging 20% VAT and ending business rates relief, adding a significant hike to the cost of a private education. Being prepared in this instance might be paying fees up front, ahead of any changes. By getting ahead of the game, any future VAT could potentially be avoided.

Pensions lifetime allowance guaranteed?

The Conservatives have shaken up pensions allowances to allow more tax-free contributions into pensions pots and greater pots overall. On the other hand, Labour proposes abolishing recent changes, but haven’t been specific about what that would look like.

While the Conservative current changes are attractive, there is concern that backdating changes by Labour might result in tax charges levied on contributions that were non-taxable under the present rules.

If this deters clients from putting unlimited amounts into their pensions, another investment vehicle may be needed to help manage their wealth.

A wealth tax has been ruled out. For now.

It wouldn’t be the first time anyone has raised a wealth tax, if Labour were to choose this route to balance the books. France, Germany and Japan after the Second World War and in Ireland after the financial crisis, all used a one-off wealth tax to mitigate major crises.

Rachel Reeves, Labour’s shadow chancellor, has said her party wouldn’t impose a wealth tax. However, the £260bn a 1% wealth tax could raise, might be something a new government could usefully use to fund new initiatives.

The tax would be assessed on a person’s net wealth at a single point in time and payable over a number of years. The UK Wealth Tax Commission have previously recommended a possible net threshold of £1m for households. Clients may want to think about how to restructure their finances to stay near or below this.

As national debt is 100% of GDP now, and becoming more expensive with rising interest rates, a wealth tax, however distant, remains a possibility.

More likely than a wealth tax though are changes to Capital Gains Tax.

Capital Gains Tax

Capital Gains Tax (CGT) in the UK is at a historically low 20%. The Conservative government has already reduced levels with the allowance set to halve again to £3,000 in April 2024.

While the shadow chancellor has said she has no plans to align income tax and CGT rates, higher and additional rate taxpayers could see a significant increase in rates of up to 40% or 45% on both assets and property, if such changes are introduced.

Now might be an opportune time for clients to review investments and think about realising gains while CGT rates are still low.

The Office of Tax Simplification has also recommended removing the CGT uplift on death in certain circumstances. The uplift effectively resets the clock on gains for CGT and provides an opportunity to save tax. If the uplift is removed, then the CGT payable by the recipient of the asset could be payable at the historic base cost paid by the original owner.

Inheritance Tax: will it stay or go?

Inheritance Tax (IHT) is a headline issue in the UK, despite raising less than 1% of the government’s revenue with only 3% of estates paying IHT in the last tax year.

The amount of revenue is set to rise though as more properties fall into the threshold and a proposed increase to the nil rate band takes place.

While the Chancellor Jeremy Hunt did not touch on IHT in his recent Autumn Statement, there is still speculation that the Conservatives will consider making abolishing IHT a manifesto pledge in a bid to win over voters at the next general election.

The Institute for Fiscal Studies estimates scrapping IHT would cost the Treasury around £7bn a year and disproportionately favour wealthier householders.

Conversely, in line with recommendations in the IFS report, Labour may look at aspects of IHT that are seen to favour the wealthy such as agricultural and business reliefs.

Landowners investing in farming may find their estates no longer qualify for the reliefs that made them an attractive purchase.

Scrapping Business Property Relief might be more contentious as families rely on the relief to avoid breaking up a business – and Labour have pledged to invest in homegrown industries.

Business owners looking to Business Property Relief as part of succession planning may want to take advice on structuring business activities as tax efficiently as possible.

The known knowns. The things we know (almost)

The impact of digitisation on contemporary life is indisputable. Wealth planning is no exception. And, as with any new technology, the challenge is to make sure the opportunities it presents aren’t outweighed by any unforeseen downsides.

Digitising wills, the LPA system or applying for probate online should make things happen faster and allow clients to check on progress.

New digital assets and cryptocurrencies have created exciting new opportunities for investors. But how should they be incorporated into estates? How should the law treat these new assets?

A slow probate system

It’s no secret that the UK probate system has slowed to a crawl. The delays are such that, on average, paper applications take five months to process. Critical delays can happen if an application is ‘stopped’ by HM Courts and Tribunal Service (HMCTS). This can be up to seven months in the case of paper applications.

Online applications can speed this up to two months on average. But even with a faster digital service, delays are still frequent and applicants should be careful not to fall into one of the following traps where an application is ‘stopped’:

• supporting documents are missing;
• applications have been submitted too soon after sending the IHT return to HMRC;
• executors of an estate are missing/not accounted for; and
• there is a query about the condition of the will.

As well as being months faster, online applications have the advantage that clients can monitor progress on the MyHMCTS dashboard. Which means they can deal with issues sooner rather than later (as opposed to waiting to hear from HMCTS which can often take time).

It pays to think ahead during probate. Forward-thinking investment decisions that acknowledge the slow pace can help mitigate taxation. For example, the value of investments in the estate may fall during probate. While IHT relief can be claimed on shares if they are sold within 12 months of death, this claims window can prove difficult given the delays awaiting probate. In some cases, the investment manager might be prepared to sell the shares before probate is obtained but requirements vary and it is worth checking at an early stage.

LPAs made faster

Probate isn’t the only service to benefit from digitisation. The Power of Attorney Act 2023 received Royal Assent in September 2023 and paves the way for bringing the existing paper-based LPA system completely online.

While the number of people using an LPA has risen considerably over the years, the process of making an LPA has hardly changed. The new reforms, when introduced, will make the system quicker, easier to access and more secure. In particular, parties will be able to choose whether to sign the LPA digitally or on paper and there will be new identification requirements in order to help prevent fraud.

Digitisation will also speed up registration time by picking up errors earlier and allowing them to be fixed online rather than having to wait for documents to be posted back and forth between the applicant and the Office of the Public Guardian.

Wills set to modernise

Another candidate for digitisation is the making of wills. At the time of going to press, the Law Commission is consulting on allowing electronic wills.

It’s time for wills to move beyond wax, quills and red ribbons. A permanent change to allow electronic wills could bring will-making into the 21st century but comes with inherent risks.

During the pandemic, several countries, including the UK, allowed paper wills to be witnessed virtually. Since then, some countries have introduced permanent reforms to enable electronic wills, which can be created digitally using an electronic signature and without a paper version being needed. The Commission is seeking views on whether a new Will Act should permit these types of wills, either immediately or by allowing them to be introduced later. Any provision for electronic wills would need to ensure that they are as secure as paper wills.

Predatory marriage on the rise

The Commission is also seeking views on whether marriage or civil partnership should continue to revoke a will.

Predatory marriage where a person marries a vulnerable person (often someone who is elderly or lacks mental capacity) in order to inherit from their estate, is becoming of particular concern with our ageing population. Under the current law, any existing will the victim has made will be revoked following the marriage or civil partnership meaning that the potential abuser could inherit most, if not all, of their estate in the absence of a new will.

The consultation will determine how often this form of financial abuse takes place and whether wills should continue to be automatically revoked by marriage or civil partnership.

Cryptocurrency and digital assets

Our digital world has given birth to new forms of trading, art and more. As with anything new, the law needs to accommodate how they should be treated and accounted for.

The Law Commission report on Digital Assets in June 2023 made a number of recommendations for the reform of English law relating to digital assets. Encouragingly the report champions the existing flexibility of English common law to provide much needed clarity and consistency of outcomes.

Digital assets were felt to be accommodated within existing laws and it was more practical to minimise change.

However, while the report offers valuable insights and is a major step forward, there are still issues to address around taxation and regulation. More guidance will be needed from HMRC and the FCA in this respect.

In the meantime, clients with digital assets should make sure their wills are as flexible as possible in order take advantage of available tax reliefs.

Conclusion

We live in uncertain times. Political, social or technological upheavals all present their challenges.

For lawyers and the private wealth sector, certainty might not be absolute, but knowledge is power. Keeping abreast of changes, envisioning potential outcomes, and always looking for opportunities will help our clients make informed decisions.

What made you decide to become a lawyer and, once you’d made that decision, why did you choose family law?

I wanted to be an actress, a journalist or a novelist, not a lawyer at all. I got interested in law spending time with my lawyer aunt in New York during my gap year, but still went to Cambridge to read English Lit. But I found that more of a crash course than an exploration, and felt that I might as well switch to the intellectual attractions of law. After a term I realised that studying law is terribly dull, it was the last thing I wanted as a career and I didn’t apply for any law jobs. I went straight to the BBC when I graduated. But then a scholarship that I’d forgotten I’d even applied for came through to study for a masters in European law in the French-speaking university in Brussels. I remember at the time my boyfriend told me: ‘Just because you get an opportunity it doesn’t mean you have to take it.’ But the BBC was supportive and I wanted the voyage of discovery offered by this exciting international frolic.

I had an incredible year in Brussels mostly clubbing, dancing on tables and falling in and out of love, and when I came back to England I was just looking, in rather a shallow way, for the job most likely to get me abroad again; hence Linklaters, at which I trained and worked in London and Moscow in the nineties. So I came to a career in the law by wanting to live abroad, which may come from some deep identity challenges within me (a whole other story) rather than through liking law especially.

I came to family law through my own divorce in 1999 – after I’d done some homework on my own case, my divorce lawyer, Raymond Tooth, hired me to work for him at Sears Tooth. I found family law was more interesting than any other law I’d done, and combined all the things I loved – people’s stories, things that really mattered to them – sex, love, children, home, money, their future, their past… they needed someone to understand them, speak for them, write for them and fight for them. Someone to take them from ground zero and despair back into a positive future. I have a very low boredom threshold and family law is the only area of law, for me, that is endlessly interesting and fulfilling, hence having my own firm now for almost two decades.

What have been your top three career highlights ?

Obviously Radmacher v Granatino [2010] was incredible – I fought day and night for three years to change the law in favour of my client, to make prenuptial agreements work, when law said they were against public policy and bad for women, and the rest of the profession was saying I was deluded. I went deep into the historic case law to show the way was open to this change; I set out a shift in the zeitgeist in an era of gender equality, and I laid out the ways in which the existing approach was paternalistic and patronising to women, as well as out of step with rest of the world and contrary to individual autonomy. I did press, I did interviews – I felt what I needed was to create a fresh perspective on an area that everyone thought was done and dusted. And I was so proud that I was able to achieve that, with eight out of nine judges in the Supreme Court agreeing, and an historic win for my client. More than just making prenups work, the case has become the benchmark for the principle of autonomy versus state control in marriage.

On a human level, though, my happiest career moment was when we won Y v A Healthcare NHS Trust [2018]. A husband was in the course of fertility treatment with his wife to give their child a sibling when he was fatally injured in a road accident. The paperwork required by law to get his sperm for posthumous conception wasn’t there, though everyone believed it was what he would have wanted. Working with the brilliant Michael Mylonas KC, we came up with the plan that the Court of Protection could sign it for him. We were able to give that widow and her child the opportunity to have the second child from her husband that they had so wanted. That sense that we had been involved in the creation of a life, and in a family’s future at such a profound level – that meant more to me than anything.

Another highlight was Chai v Peng [2017], in which we won the biggest-ever court award of its time for the former Miss Malaysia, Pauline Chai. If the case had gone forward in Malaysia, as the husband contested it should, she would have got nothing at all. One of the reasons the Malaysian court said it had jurisdiction is that a wife is not allowed by law to have a domicile that is different from her husband’s, which obviously riled me. We had to fight so hard to show that Mrs Chai had made her home in England, with her Alpacas and a shoe collection that ended up in evidence. At one point we had the whole firm, from receptionists to partners, going through thousands of emails into the small hours with pizza deliveries at dawn to prove that a housekeeper was lying about Madame not sending her many emails about the English house. The affidavit we produced was cited in the judgment as probative and we won. I’m proud that I run a firm where everyone cares enough to pull together and get results like that.

What has been your biggest professional challenge and what did you learn from it?

Covid was hell. Not because the clients stopped coming, but because it trashed our community. The market insecurity, not knowing whether work would keep coming in; it all meant that as a prudent organisation we had to ‘trim the fat’of excess cost in the business, while the atrocious WFH phenomenon broke what had been such a fun, deeply bonded, mutually supportive community. People stopped learning from each other, in what had always been a hugely collaborative, apprenticeship culture. People languishing at home with no-one to bounce stress off or laugh with were dropping like flies with mental health issues. Work was there but people weren’t doing it and we were heading for oblivion.

I took the very hard decision to say no, this is not who we are. We’re an elite firm and we want the best people; people who are committed to their work and their community and want the fast lane, the best work and will go the extra mile for it. And only those people. So we need to get back into the office and work as a community again. It was very tough, as I lost people who had got used to working from home – people that I valued. But then I gained brilliant, dynamic people who shared my vision and my work ethic. And thank God it has all now come together, with our community happy and laughing and thinking and debating all day together; the juniors supervised, the seniors supported, one great, bonded community again the way it used to be. It was worth it, and one of the upsides was it got me personally full-on back into the day-to-day frontline client work, which has been really great, both for the firm and for me personally, but God I never want to go through anything like Covid again.

What has been the biggest change you’ve seen in your market since you’ve started practising and has it made it better or worse?

WFH trashed intellectual collaboration in our field and the mental health of our practitioners – praise the Lord it is dying a death now and will, I hope, end up consigned to history like the social isolation after Spanish flu. People need to be physically near each other, hear each other’s voices, feel each other’s chemistry. Otherwise everything is just cold and dry and boring.

What advice would you give to those who want to get to where you have?

Know your stuff, then make your own decisions, and don’t let anyone discourage you. Fortune favours the brave.

What do you think is the most important change that needs to happen in family law in the UK?

We need to codify the principles so we’re not dependent on case law, which varies so much from judge to judge that evaluation for settlement purposes is like a turn at roulette – presently it all depends which judge you get allocated to.

What do you think is the biggest challenge facing your clients right now?

We work with the ultra-high-net-worth community and for them, the biggest risk would be a government that messes with the ‘res non dom’ flat tax scheme which would make them all move to Dubai.

And finally – what was your favourite childhood book and why?

The God Beneath the Sea by Leon Garfield – I was obsessed with Greek mythology; indeed with all ancient religions – Egyptian, Norse, Chinese. Or The Horse and His Boy from the Narnia series – it had horses, obviously, and also a feisty Arabian princess with whom I secretly identified. I was an only child and I read a lot. Books were my friends. Maybe that’s why I feel so strongly about the value of a living community now that I’m in a position to create one.

What made you decide to become a lawyer and why private client?

My parents divorced at an early age, and I became very interested in how the law dealt with people and their relationships. That grew into an interest in law generally and how it could be used to solve problems. Having an interest in people and problem-solving meant private client work was a natural choice for me. It combines dealing with individuals’ personal issues, when they are often in a stressful or difficult situation, with helping solve their problems for them so they can move forward. Private client just seemed a natural and interesting choice for me.

What have been your top three career highlights?

On a personal level, it was certainly making partner and winning ‘lawyer of the year’ twice at the Citywealth Magic Circle Awards in 2012 and 2017. On a client level, it has been heading up Baker Mckenzie’s wealth management practice. The firm’s global reach and brand has enabled me to work for some of the most interesting and influential families in the world, as well as to be at the cutting edge of some of the key developments in personal tax and dispute work that have happened during my time in the legal profession.

What has been your proudest moment of your professional career?

Interestingly, this was right at the beginning of my legal career, when I helped a family take back care of their child, who had been taken into care by the local authority. Years later, the family was still so grateful for the difference I had made to them, and it was excellent to see how they had stayed together and were happy.

What has been your biggest professional challenge – and what did you learn from it?

My biggest professional challenge has been when I have had to lose members of my team that I didn’t want to lose. My team is very important to me, and the way everyone pulls together and interrelates makes the difference between people being happy at work or not. Ultimately, that is my responsibility. Being a partner and the head of a group means managing people and their career aspirations, as well as client work. What I have learnt is that you have a great responsibility to manage and help people’s careers as much as you can.

You also head Baker McKenzie’s Middle East practice – what sparked your interest in this area of the wealth management sector?

One of the main aspects of Baker McKenzie that I love is its international work and client base. I love the different cultures and types of people we work with. I find it incredibly interesting trying to piece together the different legal and practical differences between countries’ legal systems and cultures to find a solution for a client. The Middle East is one of the most fascinating parts of the world, with amazing people and an incredibly deep and varied culture. It also has lots of issues, particularly in how private wealth and business are held by families – with all of the advantages and disadvantages this can bring. It makes for a fascinating area to specialise in as a private client lawyer.

What has been the biggest change in the private client market since you started practising? Has it made things better or worse?

Regulation. This has been a massive change not only in terms of the rules and requirements that each jurisdiction imposes on wealthy families, private banks and funds, but also in terms of Know Your Customer (KYC) and Customer Due Diligence (CDD), which are totally different than when I started practice.

Overall, while there are clearly areas of over-regulation which inhibit business and families, my view is that this is outweighed by the very positive changes there have been in the development of fuller and more exacting KYC/CDD. One of the biggest problems that high-quality advice and advisers had in the past was being undercut by poor advice from advisers in jurisdictions which didn’t have such a high standard of advice and KYC/CDD due diligence as London. The world has changed considerably since I started practising, and many jurisdictions are now far more focused on ensuring clients receive high quality advice: clients and lawyers are held to high professional and ethical standards.

What do you think is the biggest challenge facing your clients right now?

For the UK the biggest challenge is undoubtedly about to happen, with the potential abolition of the UK res/non-dom regime. We are obviously entering an election year and the main opposition has pledged to abolish the UK’s special tax regime for foreign domiciles. If this happens, it will have a very dramatic effect on both clients and the private client industry for many firms in the UK.

What advice would you give to those who want to get to where you are?

Don’t give up. I have spent most of my life being told that I won’t achieve anything and have frequently not succeeded at my first or second attempt. So, don’t be put off and just keep going and chances are that something will go right in the end (hopefully).

Would you recommend a life in City law to your younger self?

Yes, definitely. For me, a huge part of my enjoyment is international work and City law is the best platform to experience working with lots of different people and jurisdictions. It gives you a global perspective and reach that few careers can match.

Ashley Crossley is London head of wealth management at Baker McKenzie

What made you decide to become a lawyer and why practise family law?

I’m naturally a problem solver, and I’ve always wanted to make a difference. Family law makes a real difference to people’s lives. We can help make a bad situation better, create calm in an emotional storm, and save children from the turmoil by early intervention. I’m motivated by providing solutions that are creative, rather than those that are formulaic.

What have been your career highlights?

My first case involved an Iranian client and a property in France. I had to use my French and litigate in France. It was a complicated case, with many millions of pounds being held in complex structures. It was a baptism of fire and I’m not entirely sure how I got through it!

Much more recently, I had a client whose child had been alienated from him. After 22 hearings (which was a personal record), we managed to have the child’s living arrangements transferred temporarily to the father, combined with therapeutic input. Ultimately, the child was able to enjoy positive relationships with both parents and now spends time equally with each of them. It was an incredibly difficult and lengthy process, but very much worth it.

What has been your biggest professional challenge and what did you learn from it?

I once had a two-week trial at the Old Bailey with Helena Kennedy QC on a kidnapping case. The jury was discharged and there was a retrial. I was a newcomer to criminal law, which meant I was always on my toes, but it was an amazing learning curve.

What has been your proudest professional moment?

I recently had a client from the Middle East who had been duped by her husband into leaving her country of residence and taking the children to the UK. Once here, her husband blocked her from returning to her home country, stopped her from accessing funds and accused her of alcoholism and neglect. Over a period of two years, we succeeded in helping her return to her home country with the children and further obtained a financial award for her that was sufficiently sizeable to permit her to live in the manner she had become accustomed to for the rest of her life.

What has been the biggest change you’ve seen in your market since you started practising and has it made it better or worse?

A watershed moment for most family lawyers in 2000 was the decision of the House of Lords (as was) in White v White. Before then, the financially weaker party to the divorce (almost always the wife) was awarded her ‘reasonable requirements’, with the husband keeping the rest. The House of Lords considered that approach discriminated against the non-financial contributions that wives make to a marriage – often through raising children and looking after the home. They introduced the ‘yardstick of equality’, which developed in time to the more modern concept of sharing assets. It was a huge overnight change in the way financial applications on divorce were dealt with and while it was a positive change in terms of recognising the huge work that many spouses carry out in respect of caring for the family, it also led to London becoming the divorce capital of the world, as wives flocked to this country to take advantage of a more generous financial provision than they might otherwise get.

Would you recommend a life in family law to your younger self, and why?

I’ve had the most incredible career. It’s been fascinating, rewarding, and challenging. I’ve had the opportunity and privilege of meeting clients from all walks of life and learning about their businesses, professions, and aspirations. I have been fortunate enough to have operated at the cutting edge of family law, with cases I have acted on creating precedent and I have represented the most high-profile clients in the media, with the most complex problems. I have worked alongside and opposite many of the greatest legal talents in the country and developed lifelong friendships. I couldn’t have wished for a better career.

What advice would you give to those who want to get to where you have?

I would say be creative and proactive, not reactive. Listen to your client – listen to what they are actually saying, rather than what you might expect them to say. Learn how to read non-verbal signs. Always think about what the other party might be doing in the circumstances. Be firm but fair. And enjoy the challenges – however difficult they may seem at the time – they often end up being the best education.

What is the most important change that needs to happen to family law in the UK?

There needs to be a real change as to how disputes are resolved. Far too many cases end up litigating in court, where they might have been resolved by out-of-court dispute resolution, had the parties engaged in that process earlier on. Too often mediation is an afterthought, and considered too late, after the parties’ positions have already become entrenched. The voice of the child also needs to be brought to the heart of a family dispute, rather than being weaponised or, all too often, ignored.

What is the biggest challenge facing your clients right now?

There are huge problems being caused by the length of time that cases take to be resolved through the court process – sometimes several years, but frequently over a year. The economic landscape can change significantly over the course of a year (as we have seen this past year) and in financial cases, this can mean that assets need to be revalued and reconsidered, leading to additional cost and often yet more delay. An offer that might have seemed unpalatable at the outset of proceedings can be attractive by the end, and vice versa, due to macroeconomic events completely out of the parties’ control.

In cases involving children, if the relationship between a child and one parent at the outset of proceedings is precarious, by the time there is a final resolution, that relationship can be completely ruptured. While there are several initiatives to try and reduce delays and steer parties to out-of-court resolution, many families continue to suffer due to significant delays.

And finally – what was your favourite childhood book, and why?

I’d say the Narnia series by CS Lewis – a departure from reality!

Sandra Davis is a partner in Mishcon de Reya’s family department.