Over a third of private client lawyers (38 per cent) have 'several' family offices among their clients, while 39 per cent have 'one or two', according to the  'Wealth Report 2013', sponsored by Global Legal Post in association with Boodle Hatfield. Experts believe that numbers are on the rise.

Growing trend

“Setting up some sort of body - such as a family office or council - is a growing trend,” says Simon Rylatt, private client partner in Boodle Hatfield. “People are recognising that they need some governance structure around the wealth. But it will be imperative that these structures are well-run. Revenue authorities are going to be examining more closely whether the people involved are living by the rules they set at the outset.”