Succession planning is not just part of retirement planning. Although uncomfortable to think about, succession planning is essential for unexpected events like sudden illness, incapacity or death. If the pandemic taught us anything, it was that it is never too early to address succession planning.
The Office of the Bar Counsel (OBC) has released a comprehensive article addressing the ethical considerations and importance of succession planning, Dealing with Disruptors Succession Planning for Solo Practitioners and Small Firms. This article is a must read for Massachusetts Lawyers.
The article addresses what should be included in a succession plan, as well as the responsibilities of the “Affected Attorney” and the “Assisting Attorney.” The Affected Attorney is a lawyer who experiences a disruption in their practice. The Assisting Attorney is a lawyer designated by the Affected Attorney “to guide the lawyer’s practice through a transition should a disruption occur.” Disruptors are events such as “family or personal health emergency, a temporary or permanent disability, a substance use disorder, bar discipline, or the ultimate disruptor—death.”
According to the OBC, a basic succession plan should include:
- The name of an Assisting Attorney who will implement the plan if a disruption occurs; the event(s) that would trigger the implementation of the plan and the responsibilities of the Assisting Attorney once the plan goes into effect.
- Basic information about office management.
- Financial operations of the practice.
- Standard documents used during transitions.
LCL can assist Massachusetts lawyers throughout the succession planning journey; from online resources to consults with clinicians and law practice management advisors. You can access our succession planning online resources here. You can also schedule a free and confidential consultation with a clinician, a law practice management advisor, or both!
RELATED RESOURCES:
Succession Planning Resources (LCLMA)
Free & Confidential Consultations:
Lawyers, law students, and judges in Massachusetts can discuss concerns with a licensed therapist, law practice advisor, or both. Find more on scheduling here.
