Succession planning is a crucial aspect of the legal profession. As lawyers, we devote our careers to serving clients and providing expert legal counsel. However, it is equally important to plan for the future and to ensure a smooth transition for our clients and law practices when either the time comes to pass the baton or in the unexpected situation when we are no longer able to continue practicing law due to incapacity or death. Law firm succession planning is particularly important for solo or small firms to ensure a smooth transition of the lawyer’s practice in the wake of an unexpected circumstance.
It is hard to believe, much less think about the possibility, that we might be involved in a life event that renders us incapable of practicing law whether for a period of time or permanently. Examples of these types of unexpected life events include loss or suspension of your law license, the onset of a life-threatening illness, suffering a disability that makes the practice of law impossible, involvement in an accident that results in temporary or permanent incapacity, a family emergency that requires an extended leave of absence, or the sudden loss of life. Unfortunately, these events happen, and we as lawyers need to make sure we have a solid succession plan in place just in case.
Recently, our firm was contacted by a woman who called in a panic. She was the daughter of a lawyer who slipped, fell, and hit his head rendering him incapable of practicing law. She was desperately reaching out to us as she did not know what to do with his law practice. She had researched other resources online, but none of those resources provided her with the assistance or detailed plan she needed to wind down and close her father’s
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