London and New York to remain top for 10 years

Private Banker International: Global wealth continues to shift to Asia, but London and New York are likely to remain the most important cities for HNWIs for another 10 years, according to a report by Citi Private Bank and estate agents Knight Frank.

Full story: http://www.vrl-financial-news.com/wealth-management/private-banker-intl/issues/pbi-2012/pbi-282/london-and-new-york-to-remain.aspx

Pay-day at the Family Office

CampdenFO: If family offices are considered part of the financial services industry, then how much they are paying their senior managers is arguably the least transparent of the entire sector. That of course suits family offices, which for the most part guard their confidentiality more than most other areas of the financial services sector. But things are opening up.

Full story: http://campdenfb.com/article/family-reward

Law firm partners on £1m to save £42k through Osborne's tax cuts

LegalWeek: City partners earning £1m will save around £42,000 a year as a result of the reduction in the top tax rate announced in Chancellor George Osborne's Budget last week. Osborne's move to cut the top 50p tax rate to 45p from April 2013 means partners under 65 earning £1m each year will see their tax liabilities (including national insurance) for 2013-14 drop to £458,406, compared with £500,553 in 2012-13.

Full story: http://www.legalweek.com/legal-week/news/2163388/law-firm-partners-gbp1m-save-gbp42k-osbornes-tax-cuts

Shackleton faces negligence claim from former client

The Lawyer: Payne Hicks Beach is being sued by a client who claims a mistake by Britain’s highest-profile divorce lawyer Fiona Shackleton cost him £250,000.

Full story: http://www.thelawyer.com/shackleton-faces-negligence-claim-from-former-client/1011944.article

Coutts fined for failings in money laundering controls

BBC News: Private bank Coutts has been fined £8.75m by the Financial Services Authority (FSA) for not taking adequate measures to prevent money laundering.

Full story: http://www.bbc.co.uk/news/business-17512140

Budget ushers in key changes for private client and property lawyers

Legal Week: Private client lawyers are set to see a significant increase in work over the coming months as measures affecting high net worth individuals take centre stage in this year's Budget.

Full story: http://www.legalweek.com/legal-week/news/2162533/budget-ushers-key-changes-tax-private-client-property-lawyers