What Is Succession Planning In Law?

Having a succession plan is an important part of running a law firm. It is a way of preserving a practice when one partner or one of the firm’s founders retires. It is also a way of preventing a tumultuous exit.

Succession planning can involve many different aspects, from a sale of the firm to buyouts of co-owners. It can also involve a variety of other issues, such as drafting shareholder agreements.

One of the most important functions of a good succession plan is to protect the firm’s clients and staff. The best plans are created years in advance of a transition.

A good succession plan should be detailed, including standard operating procedures, organizational charts and documentation of the ownership change. It should also include a brief list of the key players involved.

Parklin Law on Professional Conduct provides some guidance on what the right succession plan should include. The Parklin Law is also encouraging more jurisdictions to make succession planning a legal requirement.

While succession planning is not mandated by law, there are some benefits to having a plan in place. This includes eliminating unnecessary risk and confusion when a lawyer leaves the firm. It also allows the attorney and the designee to communicate.

It also helps reassure clients and their families that they are in the best hands. There are no guarantees when it comes to an attorney’s health, and the best succession plans involve a proactive approach to keeping a firm’s clients and staff safe.

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If you have any questions or in need a Succession Planning Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.

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Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

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