Leaders List interview: 60 seconds with Stuart Adams, Mishcon de Reya

Date: 28 Jun 2023

Ashleigh John

This week’s 60-second piece is dedicated to Stuart Adams, Partner at Mishcon de Reya.

Tell Citywealth readers about your role.

I am a Partner in the Tax and Wealth Planning team at Mishcon de Reya LLP helping international and domestic clients to preserve, grow and pass on their wealth in addition to giving wide-ranging tax advice. A significant proportion of my practice is focused on clients originating from Latin America in addition to advising clients with significant exposure to cryptocurrencies, digital assets and blockchain technology.

What does a typical day look like for you?

A mix of client, intermediary and internal meetings, discussions with members of the team about matters/projects we are working on, implementing business planning, impromptu catchups with colleagues (often non-work related), emails, emails and more emails!

Tell us about interesting client instructions.

One of my South American clients is embarking on the set up of a global wealth holding structure to steward his wealth and business interests for future generations. In addition to many discussions with the client about his wishes for his family and the legacy he wants to leave, this involves a wholescale review of relatively complex operational business structures across multiple industries and jurisdictions to better understanding the nature of each. At the same time, this client is buying a very substantial estate in the South of England which has seen me call up members of our real estate, employment, planning and real estate tax teams to handle the various workstreams. It is fast paced and exciting to assemble and work with a team of top lawyers all focused to getting the job done for the client. I have also been promised a trip out the estate in the client’s helicopter which never gets old!

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

One of the big talking points at present with clients of all political persuasions is the potential consequences of a left-wing Labour government. Many recent surveys stemming from the private wealth arena identify a change in government and changes in tax rates as the primary concerns relating to individuals’ financial wellbeing. While not all clients see a change of government as their primary concern, or even a concern at all, they are very interested to know what changes, principally tax-geared, that a Labour government might wish to make, their prospects of doing so, and what actions I think they should be taking, if any, to maintain their financial wellbeing, come what may. As is typical of any opposition party, Labour has kept its cards close to its chest when it comes to the finer details, and we are maintaining a watching brief and developing our views and expectations as policy details emerge.

What is your proudest professional achievement?

I had the opportunity to act pro bono for individual who was very badly injured in the Manchester Arena bombing and whose partner was tragically killed. Following the tragedy, they found themselves implicated in a difficult and emotionally charged estate and succession dispute. It was a genuine team effort at Mishcon, but we were able to guide them through the proceedings and attain a very favourable outcome for them. Their injuries were lifechanging and beyond the legal work, they have been an inspiration as they powered through their recovery from the smallest of steps to regaining a lot of personal independence.

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

Naturally, a leader possesses many attributes, but I consider accountability a key attribute. You need to be answerable to the actions and decisions made by you, as well as the actions and decisions of those who report to you. Practically, you must establish clear goals and targets and assess progress and outcome against those, but you must be willing own up to the inevitable mistakes that you and your team will make. Taking responsibility for mistakes and reflecting on how they came about shows the team that they can be honest and learn from your mistakes. On the flip side, a leader gives the credit where it is due. 

Who do you most admire and why?

In my earlier years, I was lucky to be championed by Chris and Lesley Lintott, two titans of the London private wealth industry. Beyond the benefit of their technical legal expertise and general private wealth experience, they both took the time to understand my strengths and interests and what motivated me as a private wealth lawyer. They generously gave me so many opportunities, whether in the form of speaking engagements, writing opportunities, management projects at the firm, intermediary introductions etc. They championed my successes, and they helped me bounce back from setbacks.  I will not be alone in my experience with the Lintotts and the fact that so many people were fortunate to have had their support tells you all you need to know about how selfless and generous they were and are. My ability to progress as a lawyer has been the product of investment from a great many people and includes many I now proudly sit around the Mishcon partner table with, but Chris and Lesley will always stand out for me as lawyers and leaders that I have admired and seek, in many ways, to emulate. 

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

I have just returned from a three-week business trip to São Paulo, Brazil. There I met with clients and intermediaries and co-hosted and spoke an event “Immigration and asset protection in the time of perpetual change“.

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

I used to want to be a vet, but I didn’t think I could face the heartache that would come with the job.  However, it would ideally be something which advances my passion for the natural world.

How do you relax after a long day?

A good meal with my wife, who is also tax and wealth planning lawyer; we don’t talk about tax out of the office!

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