Leaders List interview: 60 seconds with Michael Lewis, EY

Date: 17 Apr 2024

Ashleigh John

This week’s 60-second piece is dedicated to Michael Lewis, Partner at EY.

Tell Citywealth readers a bit about your role.

Like many senior professionals, I wear several hats. My primary responsibility lies in leading the 55-person strong US/UK HNW group within EY’s US/UK Cross Border Tax team (the UK’s largest group of tax professionals focusing on US connected clients). My secondary responsibility lies in overseeing and ensuring effective co-ordination across the marketing and business development activities within EY’s UK Private Client business.

What does a typical day look like for you?

What I love about my job is that no day is the same, and while it can be frustrating, I can always be certain that the day will throw many new things at me which are not on my to do list. Juggling and re-prioritising is therefore vital but I love the variety – every day is a mixture of different activities; client relationship management, complex advisory and research, staff management, financial management (client and team), presenting and meetings as part of business development activities, and strategising on marketing are just some of the many things I get pulled into. It’s always fun and dynamic – it would not be possible without the fantastic support I receive from the senior members of my team.

Tell us about some recent, interesting client instructions you have received.

An interesting case I am dealing with actually involves a client whose eldest children will shortly be going to University. He is very concerned about publicly available information about his financial position and the risk this could inadvertently cause to his children. As a trusted advisor, the client came to me to help pull together applicable advisors to consider what actions can be taken to ensure that the casual research does not deliver information which could put his children at risk.

What challenges do your clients face and how are you helping your clients to overcome them?

For my clients, the most biggest item of concern were the changes announced in the recent Budget concern domicile. Clients are very concerned that this could significantly increase their tax obligations and mean they might have to leave the UK. While part of my recent role has involved looking at alternative residence locations and advising how to become resident there (and non-resident in the UK), my primary role has been to reassure clients that there is no need to panic. There is still time to plan which will help mitigate the impact, and whatever happens the UK will likely still remain competitive, and this is especially true for US citizen clients who might be considering NY or CA as alternative locations.

What is your proudest professional achievement?

So many things stand out – from becoming a chartered tax advisor to just recently being accepted as a member of STEP. That said, I think the highlight still has to be being accepted as an equity partner within EY. Soon after starting my career in tax, I set my sights on becoming a big four partner and it was immensely satisfying to see this goal achieved back in 2021.

What do you consider to be the most important attributes for a leader?

There are so many important characteristics of a good leader and I would definitely list empathy being one of the top factors. One item I think is often overlooked is simply the need to be prepared to take a decision – sometimes knowing that you don’t have every piece of information. More often than not, indecision results in business paralysis which turns out to be the worst of all options. Thoughtfulness and good judgement are essential, but ultimately a leader is someone who will make a decision and then take responsibility for it whatever the outcome.

Who do you most admire and why?

While certainly not very fashionable to say nowadays, despite her flaws and despite a number of major mistakes, I have always admired Margaret Thatcher. For me she represents a characteristic in a leader which has been forgotten – that it is sometimes necessary to take decisions you think are right regardless of how unpopular they might be.

Where was the last place you travelled to for work or pleasure?

Most recently I was lucky enough to attend an internal EY conference in Paris to learn and network alongside other EY partners from across the world. Having joined EY during Covid, this was my first opportunity to meet many of my senior international colleagues in person and it was incredible to be in the same room as so many talented people.

If you weren’t in this industry, what else might you be doing?

That is the great mystery – I must admit that when first leaving University, I never dreamed of a life working in private client tax and I just kind of fell into it. That said, having lived and enjoyed this career for over 26 years it is just impossible to think I was meant for anything else. I am still not sure if I found my calling or my calling found me!

How do you relax after a long day?

Actually I like to relax most before the long day! Hitting the gym, going for a run or cycling to work in the morning all give me a buzz which keeps me going through the day.

You can view Michael’s profile on the Leaders List here.