What resources are out on the web when it comes to planning the succession of your practice or lawyers in the firm?

  • April 01, 2015
  • David J. Bilinsky

Here is a selection:

Law Society of BC

(lawsociety.bc.ca)

The Law Society has a host of documents, materials, precedents and information on their succession planning pages on their website. This is your first stop to building a succession plan and arranging practice coverage for your practice by starting with the precedents and due diligence necessary to arrange an orderly transition of your practice.

CBA’s PracticeLink

(cba.org/cba/practicelink/solosmall_people/successionplan.aspx)

CBA’s PracticeLink has a great article on how to get your succession plan started by Deborah Gillis. Her advice starts now with having great file organization and notes that allow for an orderly and hopefully inexpensive transition of your files.

Lawyers Assistance Program of BC (LAP)

(lapbc.com/nature-of-the-profession/refirement-energizing-the-best-part-of-your-life/)

Screenshot of LAP website

The LAP has a great article on their LAPBC Blog entitled Retirement: Energizing the Best Part of Your Life. They quote an intriguing statistic: “A recent study of Oregon lawyers reveals some interesting retirement plans: 11% do not plan to ever retire, only 18% of lawyers plan to retire completely at 65 and 40% plan to work at least part-time past 70!” This article has some very engaging advice about changing the story about yourself and looking at the process of retiring as a way to re-energize and redefine yourself.

The American Bar Association

(alanet.org/careers/articles/Law_Offices_Re_-_Examine_Traditional_Retirement_Model.pdf)

The American Bar Association has a great article aimed at law offices and managing partners in terms of re-examining the traditional retirement model. This article looks at the firm as a whole and prompts the firm to consider retirement from an overall perspective. In particular, it looks at the transfer of knowledge of retiring lawyers in order to capture and retain the technical and business acumen, rainmaking skills, social capital, economic capital and, not the least of which, the professional contacts of seasoned lawyers. They outline a series of steps for the firm to develop strong succession plans.

CNBC.com

(cnbc.com/id/100755294)

CNBC.com has an interesting article entitled The $1 Million Retirement Nest Egg Myth. While American in focus, the advice is independent of any country. It is important in terms of saying that one should not trust any headline that promotes cracking the wealth riddle in X steps. Your steps to retirement (at least financially) have as much to do with what you are doing now than trying to match Wall Street practices.

© 2015 David J. Bilinsky