Are You Prepared for Your ‘Second Season’?

Published September 1, 2010

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In a recent article I wrote about the need to create an “estate plan” for the solo or small firm law practice. Such a plan has both public and personal significance. On the public (client) side, it addresses the practical and ethical importance of ensuring that client matters are effectively transitioned to a successor lawyer or firm when you are no longer able or willing to handle them. On the personal side, an estate plan for the practice is perhaps the most important element in your financial estate plan as a lawyer — ensuring a proper valuation for a practice sale so that you and your heirs get the benefit of years of service to thousands of clients.

State bar associations are taking the issue seriously. As our previous article noted, the State Bar of California is considering a requirement for lawyers to have an “estate plan for the law practice” providing for succession in the event of a lawyer’s death or disability. In 2007 the Indiana Supreme Court approved Rule 23, which encourages solo lawyers making their annual registration with the state bar to designate another lawyer to act as an “attorney surrogate” in the event of death or disability. The New York State Bar Association has developed a book, Planning Ahead: A Guide for Solo Practitioners, describing how an attorney can establish an exit plan, while the Missouri Bar regularly offers a workshop, “Stepping Up, Stepping Out,” with a similar focus.

Categorized in: Uncategorized

Audience type: Administrators, Associates, Large Law Firms, Small Law Firms, Sole Practitioners