RACHAEL STEPHENSON A Partner at Muckle LLP, Rachael is a succession planning expert with a dedication to philanthropic pursuits
Which area of the law do you work in?
I am a Partner in the Private Client Team at Muckle LLP. I specialise in the higher-level succession planning needs associated with more complex family arrangements. This includes cases of vulnerable beneficiaries, second marriages, High Net Worth and Ultra High Net Worth clients and those with cross-jurisdictional estates. My particular areas of expertise include advising on charitable trusts and personal planning for business owners. As a Trustee of several charities and private charitable trusts, I promote philanthropy in all its forms. I am experienced in helping clients to realise their goals, giving as much as they can in a tax-efficient way whilst making the greatest impact to those in need.
Did you always envisage a career in the industry?
From a young age, I was determined to be a lawyer. It stemmed from a childhood of reading crime novels under the covers! I was very fortunate to be offered some early work experience with local firms which sealed my interest, and I have never looked back.
What has been your career path so far?
I studied LLB law and LPC at Northumbria University. Very early into the LLB degree, I applied for a training contract with a prominent firm in Cumbria which supported me with work experience opportunities in my early years. Upon completion of my degree, I was offered a training contract working in various departments and benefitting from an insight into the quality work of excellent lawyers in the firm. It was here that I decided I really wanted to have a career in Private Client law. I then went to work for a niche firm that specialised in estate planning for high-net-worth individuals in London and South Lakes. The role was technically very demanding, and I learnt a lot. After a while, I realised that I missed the Cumbrian mountains and my family. Knowing that North East and Cumbrian clients required bespoke advice too, I relocated back to Cumbria and took a role leading a Wills, Trusts and Probate team. I was offered the opportunity to join the well-respected team at Muckle LLP, I’m looking forward to working together to serve our clients.
What have been the biggest challenges you have faced so far?
Covid-19 has had a profound effect on private client practice. We found ourselves immediately thrown into a world where everyone was talking about death and incapacity. People wanted to make wills and powers of attorney, yet our offices were in lockdown. The Wills Act 1837 still provides that wills have to be witnessed by two people in the presence of the Will maker and of each other and lasting powers of attorney require one witness. The legislation did not envisage global pandemic or a world of digital platforms. We had to be innovative and find novel ways to carry out the work and ensure the safety of our team members and clients – executing documents on car roofs, over hedges and park benches and through letterboxes. This was fine in the glorious sunshine of first lockdown but not so pleasant in Cumbria’s deep, dank winter! Who do you most respect in your industry?
Senior Judge Denzil Lush. He was appointed as Master of the Court of Protection in 1996 and Senior Judge of the Court of Protection in 2007. During his career was a key figure in the creation of the Mental Capacity Act in 2007 and the subsequent implementation of the changes in the legal system that followed. We can all learn from his case law – he always demonstrated the importance of fairness and to be understanding of the complexities that each case demanded. The practitioner texts that he has written are key in our area of practice – always my first point of call when considering tricky technical matters.
Which fictional lawyer would you most like to meet?
Atticus Finch from To Kill a Mockingbird. There are so many lessons we as lawyers could learn from him. For those who haven’t read the book, Atticus doesn’t believe in the mistreatment of African Americans based on race. Because of this, he takes up the legal case of Tom Robinson – a young black man falsely accused of a terrible crime. The novel follows Atticus as he tries to teach morality to his children while defending Tom Robinson in court. Atticus’s personality traits combine to create an impressive man: one who is kind, yet discerning; who is wise yet encourages the minds of his young children; who is firm yet preaches compromise. What is your greatest strength?
I take pride in building trusted relationships with my clients and take time to get to know them, appreciate their concerns and identify their priorities. The Legal 500 described my empathetic approach to the needs of clients as a “breath of fresh air”. I have also been recognised by Chambers and Partners for providing “no-nonsense advice” and being “brilliant at helping clients to understand principles and why things need to be done, without making it overcomplicated”. Recognition that your clients appreciate the time that you take to understand their needs and how their objectives can be achieved is really humbling.
How do you see your industry evolving in the next 10 years?
Private Client lawyers in England and Wales face challenging times due to ever greater presence of unregulated Will Writing and Estate Administration services in the market. Inevitably, this growth will result in an increase in litigated probate disputes and we will see firms expand their contentious private client advice offering. Property price inflation means people increasingly come to rely on inheritance to fund retirement. If it is unexpectedly taken away from them, they are also more inclined to litigate to try and recover it.
Perhaps most fundamentally, the post-pandemic world has shown us all that digital working can be successful with the right infrastructure in place. After an initial bumpy ride, we are starting to see benefits for both practitioners and clients in terms of efficiency, accessibility and streamlining of processes. The Government has confirmed that it is committed to implementing a digital system for Lasting Powers of Attorney and has indicated that it is considering how it might replace witnessing in person with a digital system. If the proposals go ahead, it will raise the question of whether or not the requirement of formal execution in relation to other documents (such as Wills) might be abolished as well. Could this be the end of a practice that has survived almost four hundred years?