Do you or does your firm have a written business succession plan?
What is a succession plan?
A basic succession plan involves having written instructions designating another competent lawyer to temporarily assume the responsibilities of your practice and notify clients in the event that you become disabled or die. Comment  to ILRPC 1.3 Diligence instructs sole practitioners to have a contingency plan in place as follows:
 To prevent neglect of client matters in the event of a sole practitioner’s death or disability, the duty of diligence may require that each sole practitioner prepare a plan, in conformity with applicable rules, that designates another competent lawyer to review client files, notify each client of the lawyer’s death or disability, and determine whether there is a need for immediate protective action. See Illinois Supreme Court Rule 776, Appointment of Receiver in Certain Cases.
To learn more about succession planning:
ARDC CLE Seminars CLICK HERE
Succession Planning: Contingency Planning for
Sole Practitioners (posted June 2017)
(0.5 Hr. MCLE/PRCLE Credit in Illinois –
available until June 27, 2019 or until further notice.)
Succession Planning: Preparing Your Firm for a Smooth Transition (posted December 2016) (1 Hr. MCLE/PRCLE Credit in Illinois – available until 11/14/2018 or until further notice.) CLICK HERE
Succession Planning and the Duty of Diligence (Jan. 2011, 99 Illinois Bar Journal 46) reprinted with permission of the Illinois State Bar Association CLICK HERE
The Basic Steps to Ethically Closing a Law Practice (Rev. February 2017) CLICK HERE
· ARDC video overview
Resources on creating a succession plan:
American Bar Association (ABA)
website (www.americanbar.org) includes form succession plans at:
· ARDC publication, The Basic Steps to Ethically Closing a Law Practice (Oct. 2012) on the ARDC website at :http://www.iardc.org/Closing_a_Law_Practice.pdf.
Coming this Fall the ARDC co-sponsored with the ISBA a one-hour recorded webcast on succession planning. Check the ARDC website at https://www.iardc.org/CLESeminars.html in the coming weeks.