Forsters and Withers have topped the list of global law firms with the most partners named in Legal Week's ranking of the world's leading private client and trust lawyers.

They are among 11 firms with five or more partners in this year's Private Client Global Elite, alongside the likes of Macfarlanes, Charles Russell Speechlys, Boodle Hatfield and top-tier offshore firms Conyers Dill & Pearson, Mourant Ozannes and Ogier. Just over 250 lawyers made it into the elite ranking, with a further 100 'ones to watch' to be revealed soon.

Reflecting a greater commitment to diversity, five out of Forster's eight featured partners in this year's directory are female, including head of dispute resolution Emily Exton and head of family Joanne Edwards. Half of Withers' eight ranked lawyers are also female, including the joint CEO of its private client and tax division, Justine Markovitz.

New names on the elite list include Daniel Dochylo, partner and national chair of estate, trust and family litigation at Borden Ladner Gervais in Toronto; James Dickinson and James Gleeson, co-founders of Jersey practice Dickinson Gleeson; Edward Mackereth, global managing partner at Ogier; and Meir Linzen, senior partner at Israeli law firm Herzog Fox & Neeman.

Also featured are Maurice Turnor Gardner senior partner Clare Maurice (pictured) and Sullivan & Cromwell's Basil Zirinis, who will both once again be co-chairing Legal Week's International Private Client Forum at Lake Como in November.

The 2018 ranking was created by ALM's editorial team and its research arm, ALM Intelligence, and will be celebrated at a gala dinner at Two Temple Place in London on 4 October.

This year's ranking comes at a mixed time for the private wealth industry. Private Client Global Elite member Anthony Poulton, a partner at Baker McKenzie, said that while there is significant opportunity for global wealth creation, that is pitted against a backdrop of increased government scrutiny as authorities bolster their tax and regulatory regimes.

"That means that the private wealth industry is very buoyant but simultaneously facing enormous challenges in relation to new and existing wealth-holding structures," he said.

Fellow elite-ranked lawyer Rupert Ticehurst, a partner at Bryan Cave Leighton Paisner, said Brexit remains the overarching theme that would impact the UK economy during the next decade, albeit to varying degrees.

"Private clients possibly will be affected less than others – people working in industries that exported across Europe will face an uncertain future, whereas there may be some benefits for those working in more nimble entrepreneurial sectors," he said. "Some people will see the disruption caused by Brexit as a crisis but others will see it as an opportunity."

Some offshore firms expect to see further consolidation in the fiduciary market during the next year, as regulatory demands and fiercer competition put pressure on trust companies to grow in order to maintain profits.

Ogier's Private Client Global Elite member Gavin Ferguson said: "At the same time, and due at least in part to this consolidation, I expect to see a rise in the number of family offices being established. I would also anticipate an increase in the use of professional protectors in trusts – partly down to the implications of the Common Reporting Standard, but also a growing awareness of the benefits of professionals over laypersons."