Today, we unpack the private wealth angle of Taylor Wessing’s merger with Winston & Strawn. Partners Gabriel Estevez and Nick Warr explain how the firm defines private wealth as a holistic, multi-service offering built around high net worth individuals and families, rather than a narrow private client practice.

They discuss how the market has evolved, with clients becoming more international and more sophisticated in how they structure and invest their wealth. Today, the vast majority of clients operate across multiple jurisdictions, and the rise of second and third-generation wealth is driving a more institutional approach to decision-making.

The conversation also touches on the migration of wealth out of the UK, with hubs like Milan and Dubai gaining traction. While recent tax changes have accelerated the trend, the shift has been underway for years - and for globally positioned firms, it often creates more complex, cross-border work.

Finally, they look ahead to the Winston Taylor combination, with private wealth set to be a core pillar of the new firm. The ambition is to build a genuinely integrated US-UK offering - something the market has so far struggled to deliver at scale.

The Non-Billable Podcast is sponsored by Legora. To find out more about Legora, visit: https://legora.com/

Today’s episode is also supported by Definely. To find out more about Definely, visit: https://www.definely.com/nonbillable

Chapters

00:01 Introduction

01:30 Private wealth vs private client: what’s the difference?

02:54 How the private wealth market has evolved

04:37 The rise of international, mobile wealth

06:27 Are high net worth individuals really leaving the UK?

09:32 What private wealth lawyers actually do day-to-day

14:10 How Taylor Wessing positions its private wealth practice

20:10 Winning clients in a relationship-driven market

23:48 What the Winston Taylor merger means for private wealth

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The private wealth opportunity behind Taylor Wessing’s US merger

The Non-Billable Podcast

The private wealth opportunity behind Taylor Wessing’s US merger