Succession Planning

Be Proactive About Succession Planning

Life is unpredictable, so it’s important to have a succession plan in case unexpected events like disability or death prevent you from practicing law and managing the day-to-day operations of your law firm. While lawyers are not required to have a succession plan, they are strongly encouraged to do so. Planning ahead protects your clients and your family and provides guidance to your staff in a time of uncertainty.

 

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PLANNING AHEAD: A GUIDE TO PROTECTING YOUR CLIENTS’ INTERESTS

 IN THE EVENT OF YOUR DISABILITY OR DEATH

 

The KBA created the Planning Ahead handbook to help members fulfill their ethical obligations to protect their clients' interests in the event of death, disability, impairment, or incapacity. Although it is hard to think about events that could render a lawyer unable to continue practicing law, freak accidents, unexpected illness, and untimely death do occur. Following the suggestions in this handbook will help to protect the clients' interests and will help to make the law practice a valuable asset to the attorney’s estate. In addition, it will simplify the closure of the law office - a step a lawyer’s family and colleagues will very much appreciate.

 

SAMPLE FORMS IN MICROSOFT WORD

 

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Acknowledgments & Reprint Permission
This handbook was adapted from the Oregon State Bar Professional Liability Fund handook Planning Ahead: A Guide to Protecting Your Clients’ Interests in the Event of Your Disability or Death, Copyright 2014 and the Idaho State Bar Handbook and Forms, Planning Ahead: A guide to Protecting your Clients’ Interests in the Event of Your Disability or Death, 2016. All rights are reserved except that members of the Knoxville Bar may use this material for assistance with their own law practice or to help another attorney close his or her office. This material may also be reproduced for classroom instruction or for use by a not-for-profit organization, provided that such use is for informational, non-commercial purposes. Any reproduction of the handbook or portion thereof acknowledges original publication of the handbook by the Oregon State Bar Professional Liability Fund and must state the material was adapted with permission of the Oregon State Bar Professional Liability Fund. For reprint permission, contact the Oregon State Bar Professional Liability Fund.

Disclaimer
This handbook is designed to minimize the likelihood of you or your estate being sued for legal malpractice in the event of your death, impairment or incapacity. The material presented does not establish, report or create the standard of care for attorneys. The material is not a complete analysis of the topic and readers should conduct their own appropriate legal research.

 

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• CLE Programs 

Now is the Time: Succession Planning for Solo and Small Firms

• DICTA Articles

Succession Done Well - Building for the Future: Advice on Succession Planning (December 2021)
Life (And Your Practice) is Fragile - Building for the Future: Advice on Succession Planning (November 2021)
The Time to Start Planning is Today -  Building for the Future: Advice on Succession Planning (August 2021)
Planning for the Day Your Practice Ends -  Building for the Future: Advice on Succession Planning (May 2021)

• Websites

Resources for When an Attorney Becomes Unable to Continue the Practice of Law - Tennessee Board of Professional Responsibility
Senior Lawyer Resources Lawyer Assistance Programs, American Bar Association
Lawyers in Transition-Resources related to end-of-career issues  Center for Professional Responsibility, American Bar Association
National Institute on Aging US Dept of Health & Human Services
Retirement Planning & Security US Dept of Health & Human Services
 

• Succession Planning

5 Retirement Planning Mistakes to Avoid Michael W. Yee, Generations Magazine
5 Musts for an effective succession plan Edgar W. Pugh, Senior Lawyers Division of the American Bar Association
Careers—Turning Your Hobby into Your Job B Cheryl Rich Heisler,  Senior Lawyers Division of American Bar Association
The Art of Client Succession Planning Stephanie Hood, Esq. Hemenway & Barnes, LLP
Succession Planning Preparing your Law Firm's Future David French, Esq., D. French Advisors, LLC, Tim Eigo, M.A., J.D, Arizona State Bar Association
When to Start Receiving Social Security Jane Yamamoto-Burigsay, Social Security Affairs Specialist,  Generations Magazine
Common Misconceptions about Medicaid Daniel Bonilla,MedData, Generations Magazine
Don’t Wait to Save for Retirement Michael W. K. Yee, Financial & Certified Financial Planner, Generations Magazine

 

• Closing A Law Practice

Use Succession Planning as a Risk Management Tool Camille Stell, ABA Law Practice Today
Guidelines for Closing a Law Practice Jay Foonberg, Esq. State Bar of California, Yvonne Shinmura, Esq., Office of Disciplinary Counsel
Guidance on Closing Your Office Jay Reeves, Esq., Lawyers Mutual Inc. North Carolina Bar Association
Why Everyone Needs A Firm Emergency Plan Warren Savage, Esq. Bailey and Dixon, North Carolina Bar Association
Plan Ahead For Closing A Law Practice Lawyers Mutual Insurance Company, North Carolina Bar Association
How Does Your Capital Look? Stephanie Hood, Esq. Hemenway, & Barnes, LLP
Insurance and Retirement Planning for Solos, Michael Broad, ABA Solo and Small Firm and General Practice Division

 

• Ethical Considerations

Ethics of Law Form Dissolutions James W. Ozog. Esq., Michael P. Luongo, Esq., Seth L. Laver, Esq., Goldberg Segalla
How to Handle Files upon Retirement Carol Richelieu, Esq.

Chart – State by State Caretaker Rules When Lawyer Disappears, Dies, or Is Declared Incompetent ABA Center of Professional Responsibility Standing Committee on Client Protection.2015
ABA Formal Opinion 03-429 - Obligation with Respect to Mentally Impaired Lawyer in the Firm ABA Commission on Ethics and Professional Responsibility. June 11, 2003

ABA Formal Opinion 03-431 - Lawyer's Duty to Report Another Lawyer Who may Suffer from Disability or Impairment   ABA Standing Committee on Ethics and Professional Responsibility. August 8, 2003
ABA Formal Opinion 92-369 -Disposition of Deceased Sole Practitioner’s Client Files and Property. Comment ABA Standing Committee on Ethics and Professional Responsibility

ABA Policy on Advance Designation of Caretaker or Surrogate Lawyer ABA House of Delegates . August 14, 2007
ABA Model Rules for Lawyer Disciplinary Enforcement, Rule 28 (Appointment of Counsel to Protect Clients’ Interests When Respondent Is Transferred to Disability Inactive Status, Suspended, Disbarred, Disappears, or Dies) ABA Center of Professional Responsibility

Solos and Small Firms need to prepare for death and disaster, Amanda Robert, ABA Journal

 

• Health and Well-Being

Out of Focus: Lawyer and Firms Can No Longer Ignore Dementia Christine Simmons-American Lawyer
Running Past Landmines-The Estate Attorney’s Dilemma: Ethically Counseling the Client with Alzheimer’s Disease Joseph Karl Grant, Florida A & M University College of Law
A Gentle Landing: LAPs, Cognitive Impairment Robert J. Derocher, Esq. Journalist, ABA Bar Leader Contributor, American Bar Association Division of Bar Services
10 Tips for Guardians of Older Adults, David Godfrey, ABA Senior Lawyers Division
A Wellness Guide for Senior Lawyers and their Families, Friends and Colleagues  State Bar of California, Solo & Small Firm Section
How Lawyers Can Avoid Burnout and Debilitating Anxiety Leslie A. Gordon, Esq. Law Offices of Leslie A. Gordon, ABA Journal, American Bar Association
Aging, Adiversity & Resilience  Margaret A. Perkinson, Ph.D, Center on Aging Director, UH Manoa, Generations Magazine
Home Healthcare: Buyer Beware  Eileen Phillips, RN,  Generations Magazine
Senior Discounts Aug-Sept 2017, Generations Magazine
Gray But not Retired: Ways to Stay engaged in the Law, Charlie  T. Hvass, Donna Law Firm, American Bar Association News

 

• Videos

Lawyer Resilience and Grit: How to thrive as a Lawyer Dr.Larry Richard., LawyerBrain, LLC. American Bar Association Legal Career Central Career Advice Series
The Stress Performance Link: Strategies to Increase Resilience and Avoid Burnout Paula Davis Laack and David N. Shearon
Turning Out The Lights Video Series Transitioning Lawyers Committee, North Carolina Bar Association