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