Sole Practitioner Succession Planning
Succession planning for sole practitioners can give rise to the implementation of procedures that are of immediate benefit. Deborah Gillis Q.C. writes in the latest CBA e-newsletter in a piece called "Getting Your Succession Plan Started" about the considerations that should be made for any sole practitioner considering transitioning their practice. There is good practical advice of interest to anyone in private practice, regardless of whether the motive is succession planning. Some highlights:
- Identify what Gillis calls an "assisting lawyer." According to Gillis, "An assisting lawyer is the one who will step into your practice on either an emergency or long-term basis in the event of your incapacity or death....What is expected of the assisting lawyer or firm will probably be different, in relation to a long-term illness from which you hope to recover, as opposed to your incapacity or death."
- Develop a list of duties that you would expect of your assisting lawyer "so that you can begin discussing a plan that would ensure that he /she will have enough information and authority, to step in when needed, to do what is necessary to protect your clients and your practice."
- Gillis recommends maintaining a "central calendaring system that is detailed and updated daily, so that whoever steps into your practice can quickly determine filing deadlines, meetings and appearance dates."
- Get and keep your files in order to make any transition easier: "Well documented files and well-developed records management systems are critical to the orderly and cost efficient transition of your practice."
- Develop an office policy and procedures policy manual, an "extremely important resource for your assisting lawyer when transitioning your practice."
.David M. Smith - Click here for more information on David Smith.
