Succession Planning for Your Law Practice

Succession Planning for Your Law Practice. Did you know that some legal malpractice carriers require that lawyers provide arrangements for the disposition of client matters in the event of the insured lawyer’s death or disability? If your carrier has such a requirement, ask the carrier for any available resource tools. If the malpractice carrier does not require succession planning for the law practice, it is still prudent to do so; and for solo practitioners, it is required. Another resource for succession planning is ABA Formal Op. 369 (protection of the client’s interests, maintaining the viability of the legal interests, safekeeping of trust moneys and confidentiality of information) or contact a consultant on law practice management.

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