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ARE
YOU
PREPARED
FOR
THE
FUTURE?
As attorneys we are called on from time to time to professionally and competently advise and
advocate for clients’ needs and also to anticipate items they may not be thinking about in the road
ahead for them in life or business. Many attorneys will also advise those same clients, businesses
and individuals on contingency and succession planning they should consider if certain events
should happen. Solid advice and the implementation handled by that attorney and other advisors
on behalf of the client can work perfectly. The client gets to walk away knowing they have a great
contingency plan in place and things will be alright upon disability, death, retirement and many of
the other curveballs life could throw their way.
How about your plan? Have you been through the same level of planning with your team of
advisors that you recommend to clients? Have you spent the time, money and effort on your own
personal contingency plan? Make sure you aren’t projecting “Do as I say not as I do” as it applies
to the succession plan for your law practice and for you personally.
Follow these next steps to get prepared for your future:
1. Stop
Procrastinating! – No seriously, stop putting it off! Set aside some time to get
out of the office and start considering the ‘what-ifs’ for you as a person and how those
situations will impact your practice.
2. Schedule
Those
Meetings – Not with your clients, you are the client now. Reach out
to your financial advisor, your trusted attorney, your CPA and a law practice consultant or
broker to start the discussion. No idea who to start with? Anyone. Make a list. The key is
to start and the pieces will begin to fall into place.
3. Document
Everything– You are an attorney after all so make sure you are taking
notes and preparing a war chest of information, goals, ideas, disaster planning info and all
those other items you or someone else would need to complete your succession plan. It
could be helpful to create an organized list of where all your important documents are
stored as well.
4. Get
Informed – Talk to your advisors. Open up about what your goals are and what
your personal and financial needs are so that you can lay out a plan that truly works for
you.
5. Address
the
Contingencies – Have you heard of a Will? Do you have one? How
about one for your law practice? It’s called an assumption, buy-sell or partnership
succession agreement. Some form of agreement should be in place so that your practice,
your clients, your family and most of all your professional legacy is not lost by just a
winding down and shuttering of the client matters.
The
Law
Practice
Exchange
aims
to
curb
the
lack
of
knowledge
in
the
profession
on
law
practice
transitions
by
educating
and
advising
attorneys
on
the
number
of
different
options
available
in
the
legal
marketplace
and
also
serving
as
a
confidential
broker
and
advisor
to
seek
and
provide
connections
for
those
right
opportunities
between
an
exiting
attorney
and
a
growth-­‐focused
attorney
or
firm.
Find
out
more
at
www.TheLawPracticeExchange.com.
©
2015
The
Law
Practice
Exchange,
LLC.
Reproduction
in
whole
or
in
part
is
strictly
prohibited.
The
information
and
advice
provided
in
this
publication
is
intended
as
general
guidance
only
and
is
not
necessarily
specific
to
your
individual
situation,
objectives
or
other
needs.
Make
sure
you
seek
a
qualified
expert
opinion
before
proceeding
with
your
transition
objectives.