Russell Warren, Head of Tax at King & Spalding — On Private Capital, Tax Law and Building a Personal Brand

In this episode, Russell Warren, Tax Partner at King & Spalding, explains why tax sits at the heart of private capital transactions and shares how the role of a modern tax lawyer extends far beyond advising on legislation. Russell begins by explaining his practice, advising private equity, private credit, infrastructure, real estate and other alternative investment funds throughout the entire investment lifecycle. From raising capital and structuring funds to acquisitions, portfolio management and exits, he explains why tax lawyers play a central role in helping private capital businesses achieve their commercial objectives. The conversation explores the rapid growth of private capital over the past decade, including the expansion of private credit and the increasing number of investment strategies available to institutional investors. Russell explains why long-term confidence in private markets remains strong despite short-term liquidity challenges and economic uncertainty. A major focus of the discussion is how tax lawyers collaborate across law firms. Rather than working in isolation, Russell explains why tax specialists sit alongside corporate, funds and finance lawyers, becoming involved from the earliest stages of transactions to identify risks, improve structures and deliver better commercial outcomes for clients. Russell also reflects on the culture at King & Spalding and why collaboration was one of the main reasons he joined the firm. He discusses how successful legal teams depend on genuine cooperation between different practice areas and why clients increasingly expect integrated advice rather than isolated technical expertise. The episode also explores one of the biggest recent developments in UK tax law: the reform of carried interest taxation. Russell explains how government consultations shape legislation, why tax rules continue to evolve and how advisers help clients navigate complex regulatory changes while remaining firmly within the boundaries of acceptable tax planning. The conversation examines the changing nature of tax advice over the past two decades, including the increasing focus on anti-avoidance legislation, commercial substance and the responsibilities placed on professional advisers. Russell explains the difference between legitimate tax planning, aggressive avoidance and criminal tax evasion, highlighting how the profession has changed significantly throughout his career. Beyond technical law, Russell shares why personal branding has become an increasingly important part of professional life. After joining King & Spalding, he began writing consistently on LinkedIn to demonstrate expertise, maintain relationships and show clients the human side of legal practice through stories, humour and practical insights. The discussion explores why building a network should begin from the earliest stages of a legal career. Russell argues that today's trainees, junior associates and clients often become tomorrow's business leaders and work providers, making long-term relationship building one of the most valuable investments any lawyer can make. Finally, Russell shares practical advice for aspiring lawyers: start building your personal brand early, nurture genuine relationships throughout your career and remember that technical excellence may win respect but authenticity, collaboration and trust are what build lasting client relationships. 00:00 Introduction   00:20 Meet Russell Warren   01:00 What Does a Private Capital Tax Lawyer Do?   03:00 Private Equity vs Private Credit   04:00 Liquidity & Long-Term Investment Trends   05:00 Where Tax Fits Within a Law Firm   06:00 Why Collaboration Matters   08:00 Tax Lawyers as Commercial Advisers   10:00 King & Spalding's Collaborative Culture   12:00 Carried Interest Explained   15:00 Tax Planning vs Tax Avoidance   18:00 How Tax Law Has Changed   20:00 Building a Personal Brand on LinkedIn   22:00 Why Lawyers Should Post Earlier   24:00 Long-Term Relationship Building   27:00 Final Advice for Aspiring Lawyers