Why Comprehensive Asset Management is Important for Your Business

It’s not often that you find an attorney with expertise in corporate, art, and maritime law. You may wonder: Why does it make sense to have an attorney that specializes in these areas? Well, on a personal note, I’m a corporate lawyer who is an avid sailor, arts advocate and collector. But there is a business reason for my practice areas as well. I’d like to shed light on the logical and strategic connections between these seemingly disparate areas in which I specialize.

My expertise lies in skillfully coordinating asset maneuvers that benefit high-net-worth individuals, families, family offices, and their businesses. For many clients, their assets can be varied, such as businesses, an art collection, a yacht, a private plane, and real estate. They may seem like varied specialties, but when viewed singly as the management of various high-value assets, my specialty begins to come into focus. This often involves devising strategies to enhance wealth through effective corporate legal structures. Essentially, I “devise the most legally efficient way to move assets.” By having a single attorney with expertise in these areas, clients benefit from seamless coordination and holistic legal strategies that consider the entirety of their complex asset portfolios.

Holistic Asset Management

To understand this synergy, it’s essential to recognize that value is built upon a foundation of assets. These assets come in various forms, from intangible to physical. Managing and protecting the whole requires careful consideration and expert guidance, which is precisely where I come into play. This is where the synergy between corporate law, and seemingly unrelated areas like art, aviation, and maritime law becomes evident.

Navigating the High Seas of Maritime Law

Maritime law governs maritime activities and commerce. It encompasses issues such as shipping, navigation, marine insurance, salvage, and even piracy. However, I focus on just one aspect of maritime law. That is the sale and purchase of private yachts. However, corporate law becomes an important factor, for example, where to register a vessel, where to incorporate the holding company, where to obtain financing and ultimately, what law to govern the purchase or sale. Whether it is a US Coast Guard registration or a registration in a foreign jurisdiction, such as Cayman Island or Gibraltar, I have walked clients through these issues before. Knowing the benefits of each option and selecting the right one adds value to the asset.

Art as an Asset: Unveiling the Connection

Art, once seen primarily as a form of cultural expression, has evolved into a significant investment and asset class. Managing and protecting art assets comes with legal intricacies. Ownership, management, and transfers of art often require specialized legal guidance, particularly when the transfer involves the foreign movement, whether for viewing or ultimate ownership. As an asset, art can diversify an owner’s portfolio, making it an essential part of holistic asset management, but it can also be used as collateral for financing the acquisition of more art or the acquisition of other assets.

The Intersection of Art, Maritime, and Corporate Law

Here’s where it gets interesting. There are scenarios in which business owners require expertise in various areas – corporate, art, and maritime law. For instance, in merger and acquisition (M&A), I may navigate corporate transactions that involve the acquisition or sale of businesses, while also addressing the intricate legalities surrounding the international transfer of an art collection, the registration of an offshore yachts, aviation assets, and the acquisition or sale of domestic and foreign real estate. Alternatively, imagine a transaction where art is used as collateral for acquisition finance, for a corporate M&A transaction, for the purchase of a private yacht, or as collateral for the purchase of another asset class. This is where my disparate practice areas come together.

These kinds of transactions are becoming much more common. Certain lenders understand this and have begun to lend more aggressively on these complex transactions. In these examples, an attorney who can provide integrated services to cover corporate, art, and maritime law becomes invaluable. And in many cases, the client may have not considered using their various asset classes this way, but they should!

Benefits of Comprehensive Legal Assistance

The advantages to business owners of integrated legal services are numerous. It opens synergies clients may not be aware of, and it ensures a corporate structure that is more efficient and convenient, taking into account all of the asset classes. Furthermore, it ensures risk mitigation and has the potential to increase returns and most importantly, increase value.

The synergy between corporate, art, and maritime law is a powerful combination to have in one law firm. The ability to be able to speak to one person to cover these seemly disparate areas even more so. If you’re seeking a holistic legal approach to managing your high-value assets and operations, I encourage you to explore the benefits of our integrated legal services.

Feel free to reach out for a personalized consultation. Contact me, and let’s discuss how this comprehensive approach can benefit your business.

Categorised in: News

This post was written by Daniel Novela