Withers, the global private tax planning firm, announced that it has opened a practice in Texas to advise clients on a range of tax issues.
The London-based firm began with a virtual office in Houston last March when it hired tax and trust and estates attorney Kevin Keen from Winstead PC, a large business law firm in Texas. Keen told Bloomberg Law that Withers is waiting to establish a brick-and-mortar presence until it has completed a round of hiring that is under way.
The firm, which began operations in late 19th century Britain to represent wealthy land owners, is particularly interested in the Austin and Dallas markets. The firm has long wanted to locate in the Texas market to serve clientele involved in cross-border transactions, according to Keen.
Withers advises family offices, who manage personal wealth earned or inherited by individual, and their investments. Keen said the firm’s clients include businesses and individuals moving to Texas from California and elsewhere.
“At least half of our clients are non-U.S. citizens or domiciled abroad in 35 or 40 jurisdictions,” he told Bloomberg Law.
Last June, the Bloomberg Billionaires Index found that the 500 people are worth $5.5 trillion, a group that includes Amazon’s Jeff Bezos, Microsoft’s Bill Gates and luxury goods tycoon Bernard Arnault. Huge amounts of wealth have been amassed in the United States in the past two decades by tech and other entrepreneurs.
Withers’ clients include the Novak Djokovic Foundation, Kession Capital, Singapore Airlines, and makeup brand Charlotte Tilbury, according to its website.
Kirkland &Ellis, Akin Gump Strauss Hauer & Feld, and BakerHostetler are among Big Law firms that offer private wealth banking and investment services.