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Client Succession Guide for Retiring Partners
“Succession planning is essential to every lawyer’s practice, proactively protecting clients and colleagues in the event of the lawyer’s disability or death”, is the opening sentence in an American Bar Association (ABA) article on succession planning. A list of Model Rules follows which accentuate the necessity for attorneys and their firms to have succession planning. And finally, the ABA page has a link to a document that lists each state’s requirement related to succession planning.
If you are considering retiring in 2025 then this is a roadmap for you.
What Is Succession Planning?
Plain and simple, a succession plan identifies which attorneys will transition into your client relationships. Once the potential replacements have been identified, these attorneys are groomed to take over the relationship. This grooming should include client meetings, case/matter discussions, understanding the client’s goals, everything related to managing the relationship.
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