The start of a new year presents a perfect opportunity for attorneys to reflect on 2016 and to make plans for what might come in 2017. An important part of this process is to assess whether a law firm has adequate contingency plans in place to cover the unexpected, including changes in income, staffing and the nature of the firm’s practice.
Many attorneys are choosing to delay retirement, if they retire at all. However, others may choose to abruptly leave the practice of law for a variety of reasons (such as moving in-house) and, unfortunately, there are those who, due to death, incapacity or other health or personal reasons, leave the practice of law unexpectedly. As the boomer generation gets older and considers retirement, the issue of succession planning becomes more important for firms and individual attorneys.
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