60-second interview: Fiona Smith

Why did you join Forsters?

The firm was founded in 1998 and I arrived in 2000 as a partner. I came with a team from Masons, as it was then. I'd realised that it was developing into a large commercial construction firm and I decided I wanted to go somewhere where private client was absolutely core to the business.

Anyone who's really serious about doing private client work wants to work in one of the firms with a reputation for it. You really don't want to go into a firm where private client is seen as a service department and doesn't have credibility.

When I qualified in 1988, a lot of firms sought to reduce or close their private client departments. It was a trend in the '90s when business was booming and everybody thought corporate work was more appealing and profitable.

I know some firms in the City have tried to get back into private client. However, they will struggle to make any impact, largely because of their prohibitive fees.

What's your new remit as head ?of private client?

The department has seen a lot positive changes over the last five years including a number of lateral hires and promotions. Our strategic aim is to build on our reputation and expand areas where ?we're seeing significant growth. A key area is offshore.

At the year-end of March 2008, the percentage of our offshore work accounted for about 23 per cent of private client turnover in fees. By March 2013, it was nearly 40 per cent.

My role is to help those partners who specialise in offshore to realise the potential, equip them for going out and getting further business in that area, and enable them to develop their own paths.

At the same time, landed estates sector has changed significantly over recent years as people can't rely on rolling acres anymore. We are seeing our clients diversifying their interests. This involves developing businesses and having more commercial arrangements. This is an area Forsters will be focusing on by aligning the private client teams more closely with the corporate department.

Another priority for the department will be developing our reputation and client base within the hedge funds market, which is fast becoming a new specialist area for us.

What are clients talking to ?you about?

On the offshore side, there's a lot of concern about the new property tax and trying to streamline structures that have been used for a number of years without controversy. The government said this was all about stamp duty land tax avoidance (SDLT) - it's not.

Forsters' clients are worried about the fact that a lot of these changes are driven by politics, the sound bite and how it looks to the public, and not by considered policy. They are concerned that you can't rely on the government's word as they might change it next ?week. This was very much the case ?when all the remittance basis rules ?came in because they were retrospective, which came as quite a shock to a lot of our clients.

Does succession planning fit into your recruitment strategy?

Definitely. At the moment Forsters' private client department comprises 11 partners and 21 fee earners, with succession at junior partner level being a core part of our vision for the department over the coming years.

We like to take at least one newly qualified every year and one will be joining the private client department in September. Our aim is to recruit and increase our gearing over the next one ?to two years.

New recruits have to be bright, ambitious and client focused. They've also got to be personable with a ?sense of fun.

What's the best piece of advice you've received?

I had a wonderful mentor when I was newly qualified. I sat in with the senior partner, whom I was very intimidated by at the time, but he was the loveliest man.

I made a tiny error on a deed and I was very worried about it, but he said until you've sold the same piece of ?land twice to different purchasers, you haven't made a mistake. Get your mistakes in perspective, learn from ?them and move on.

Fiona Smith is head of private client at Forsters

Jennifer Palmer-Violet is acting editor of Private Client Adviser

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