Life After Law: Succession & Retirement Planning |

Life After Law: Succession & Retirement Planning

Paula Puddy, HBA LLB MBA

"Just remember, when you are over the hill, you begin to pick up speed!" - Charles Schultz

Catherine Phillips of the Law Society of Ontario shared the quote above, and 5 practical tips to create a roadmap for the future should you be unable to practice and need someone to take over.

Tip 1: Get a copy of the LSO’s contingency planning guide.

There are templates, checklists and guidelines to help you create a plan.

Tip 2: Put a Contingency Plan in place!

Follow the steps outlined above in the Contingency Planning Guide. For example, you need both a Will and Power of Attorney for yourself and your practice. That gives the successor lawyer the power to run, sell or shut down your practice.

Tip 3: For sole practitioners, get a second signatory on your trust account.

Tip 4: Keep your house in order.

Think of what you would need to know if you had to step in and take over someone’s practice such as: where is the tickler system, where are the books and records, what are the liabilities or accounts receivable, who are the staff, what do they do, what are the passwords for voicemail, computers etc.

Tip 5: Prepare a document entitled, "Where is What?"

This document contains all of the important stuff outlined above in one place.

This video also contains helpful tax considerations and information on valuing your practice by Mark Harendorf.

Watch the Video

What is your take?

Having watched the video, what are your thoughts? Feel free to contact me and let me know your opinion.

What would you like to see more of?

At CPDonline we serve your learning needs. Is there a topic you would like to learn more about? Please contact me and if we have your topic in our library, I will send you a direct link. If not, we’ll add it to our training wishlist.

Share this Page