"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.
There are templates, checklists and guidelines to help you create a plan.
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.
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.
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.
Having watched the video, what are your thoughts? Feel free to contact me and let me know your opinion.
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*see individual programs and jurisidictional allowances for accredited hours/requirements for Canadian law societies.