Tag: family client

How to Sort out the Clients of a Family Office Attorney

Our previous post illustrated ethical quagmires that can result when a staff attorney of a family office tries to negotiate the potentially conflicting interests of the family’s members. This post explains how a well-crafted engagement letter can help an attorney navigate such quagmires through clarity in who is the intended client and who is not. … Continue Reading

Who Is Your Intended?—Defining the Engagement of an Attorney Employed by a Family Office

Family offices continue to multiply and the industry professionals who provide services to them have grown. The typical single-family office has president, a chief operations officer, a chief investment officer and a chief financial officer. In many cases, the office may employ one or more lawyers on staff. Those lawyers may serve the needs of … Continue Reading

Can a Family Office Client Ever Cease to be a “Client;” Can a Non-Family Third Party Ever Become a “Client” of a Family Office?

The Family Office Rule states that a family office cannot have any clients other than family clients. The term “family client” is defined in paragraph (d)(4) of the Family Office Rule to include any family member, any key employee, certain non-profit organizations, certain irrevocable and revocable trusts, and certain wholly-owned companies, all as set forth … Continue Reading

Investing in Private Funds: Conflicting Definitions of “Family”

Family Offices frequently acquire interests in private funds as part of the family office asset allocation process. Private funds have to be certain of the validity of their ability to rely on an exclusion from the definition of “investment company.” The Family Office Rule under the Investment Advisers Act has a detailed definition of “family member” … Continue Reading
LexBlog