Lawyer Portal Careers Contact Us

Law Society of Alberta

  • Who We Are
    • Indigenous Land Acknowledgements

      Indigenous land acknowledgements to recognize the traditional territories that the Law Society of Alberta serves.
      • About Us
      • Executive Leadership Team
      • Board & Committees
        • Board Directory
        • Board Meetings
        • Committees and Task Forces
        • Other Bodies
      • Key Initiatives
        • Indigenous Initiatives
        • COVID-19 Updates
      • Engagement with Public and Profession
      • Affiliations
      • Annual & Financial Reports
      • Strategic Plan
      • Awards & Scholarships
        • Distinguished Service Awards
        • Recognition of Service
        • Scholarships
      • Frequently Asked Questions
  • For the Public
    • Complaints

      Find out more about the types of complaints the Law Society can or cannot help you with and how to file a complaint.
      • Find a Lawyer
      • Complaints
      • Finding Files & Wills
      • Public Resources
      • Financial Claims
      • Notices
      • Careers
  • Lawyers & Students
    • COVID-19 Updates

      An archive of announcements, information and resources.
      • Become a Lawyer
      • Membership Services
      • Forms & Certificates
      • Making A Payment
      • Trust Accounting & Safety
        • Responsible Lawyers
        • Filing Requirements
        • Anti-Money Laundering Model Rules
      • Professional Development
      • Fraud & Loss Prevention
      • Practice Advisors
      • Practice Management Consultations
      • Approved Legal Services Providers
      • Complaints
      • Equity Ombudsperson
      • Alberta Lawyers Indemnity Association
        • Report a Claim
        • Group Policy
        • ALIAlerts
        • ALIAdvisories
  • Resource Centre
    • Newest resource:

      Understanding and Avoiding Law Society Complaints
      • Learning Centre
      • Student Resources
      • Public Resources
      • Disaster Planning and Recovery
      • Upcoming Events
      • Media Room
      • eBulletins
      • Latest News
      • Lawyer Programs
        • Mentor Connect
        • Mentor Express
        • AdvisorLink
        • Locum Connect
        • Practice Management Consultations
        • SoloNet
        • Assist
      • Key Resources
        • Client Relationships
        • Communication & Research
        • Equity & Diversity
        • Ethics & Professionalism
        • Practice Management
        • Substantive Legal Knowledge
        • Trust Accounting & Safety
        • Wellness
        • Webinars
  • Regulation
    • Act, Code & Rules

      The Law Society of Alberta derives its authority from the Legal Profession Act and sets out standards through its Rules and Code of Conduct.
      • Act, Code & Rules
      • Hearings
        • Schedule
        • Decisions & Outcomes
        • Complaint Dismissal Appeals
        • Adjudicator Directory
        • Tribunal Office
      • Notices
        • Custodianship
        • Disbarment
        • Reinstatement
        • Resignation
        • Suspension
      • Unauthorized Practice of Law
  • Find a Lawyer
Resource Centre
  • Learning Centre
  • Lawyer Programs
    • Mentor Connect
      • Mentor Moments
    • Mentor Express
    • AdvisorLink
      • AdvisorLink Online Request
    • Locum Connect
      • Locum Listing
      • Locum Opportunity Listing
    • SoloNet
  • Key Resources
    • Client Relationship Management
    • Communication, Analytical & Research Skills
    • Ethics & Professionalism
    • Equity & Diversity
    • Practice Management
      • Leaving the Practice of Law
      • Returning to Practice
    • Substantive Legal Knowledge
    • Trust Accounting & Safety
    • Wellness
    • Webinars
      • Approved Legal Services Provider Webinar
      • Respectful Workplace Model Policy Webinar
  • Disaster Planning and Recovery
  • Student Resources
  • Public Resources
  • Upcoming Events
  • Media Room
  • eBulletins
  • Latest from the Law Society
  • Home
  • Resource Centre
  • Key Resources
  • Practice Management
  • Tips for Successful Succession Planning
Tips for Successful Succession Planning

Succession planning is something that should be relevant to all lawyers in active practice, regardless of the stage that they are at in their career.  All lawyers need to have a plan in place to ensure that client interests are protected in the event of their sudden illness, death, incapacity or impairment.

In addition to circumstances beyond their control, lawyers can decide to wind down their law practice for any number of reasons: change of career, pursuit of non-legal opportunities, retirement, moves to in-house counsel positions, judicial appointment, or parental leave. It is important to have a plan in place to deal with these career transitions in a systematic way and to allow sufficient time to cover the necessary steps.

Essential information relating to client matters and the ongoing obligations of the practice must be able to be interpreted by an assisting lawyer regardless of whether that is a partner, associate, friend or formal custodian.  For a lawyer in a small firm setting or sole practice, it is particularly important to have arrangements in place for another lawyer to step in and ensure that clients are not prejudiced and that your staff and family are not placed in an overwhelming position.

As the age demographic of the profession shifts, the potential for more lawyers to find themselves in a position where they are forced to leave practice suddenly is also increasing.  When a lawyer does make a sudden exit from practice, and there is no succession plan in place, the plan is incomplete, or no arrangements have been made relating to access to the trust account, the costs to the practice and the risks to the clients can be significant.

Where the exit plan includes the sale of a law practice, prior planning can greatly impact the value that stands to be realized.  Good practice management over the life of a practice (or at least the last five years) can go a long way toward creating an asset that someone is willing to purchase.  There are both ethical and financial considerations that affect the sale of a practice and ultimately a great range in the values that are placed on these. It is important to be realistic in terms of what a lawyer stands to recover, and to allow sufficient time to adequately prepare and find the right person to take over the practice.  This is not something that happens overnight and not every practice is salable.

The following checklists have been provided to serve as a starting point in developing a succession strategy for a law practice:

  • Planning for the Unexpected
  • Selling Your Law Practice
  • Closing Down Your Law Practice

Written by: Jocelyn Frazer, Practice Advisor

Printed from https://www.lawsociety.ab.ca on January 16, 2021 at 3:05:02 AM
Law Society of Alberta ©2021 Law Society of Alberta.
  • Latest
  • Contact Us
  • Privacy
  • Sitemap
  • Careers
©2021 Law Society of Alberta.
  • Who We Are
    • Back
    • About Us
    • Executive Leadership Team
    • Board & Committees
      • Back
      • Board Directory
      • Board Meetings
      • Committees and Task Forces
      • Other Bodies
    • Key Initiatives
      • Back
      • Indigenous Initiatives
      • COVID-19 Updates
    • Engagement with Public and Profession
    • Affiliations
    • Annual & Financial Reports
    • Strategic Plan
    • Awards & Scholarships
      • Back
      • Distinguished Service Awards
      • Recognition of Service
      • Scholarships
    • Frequently Asked Questions
  • For the Public
    • Back
    • Find a Lawyer
    • Complaints
    • Finding Files & Wills
    • Public Resources
    • Financial Claims
    • Notices
    • Careers
  • Lawyers & Students
    • Back
    • Become a Lawyer
    • Membership Services
    • Forms & Certificates
    • Making A Payment
    • Trust Accounting & Safety
      • Back
      • Responsible Lawyers
      • Filing Requirements
      • Anti-Money Laundering Model Rules
    • Professional Development
    • Fraud & Loss Prevention
    • Practice Advisors
    • Practice Management Consultations
    • Approved Legal Services Providers
    • Complaints
    • Equity Ombudsperson
    • Alberta Lawyers Indemnity Association
      • Back
      • Report a Claim
      • Group Policy
      • ALIAlerts
      • ALIAdvisories
  • Resource Centre
    • Back
    • Learning Centre
    • Student Resources
    • Public Resources
    • Disaster Planning and Recovery
    • Upcoming Events
    • Media Room
    • eBulletins
    • Latest News
    • Lawyer Programs
      • Back
      • Mentor Connect
      • Mentor Express
      • AdvisorLink
      • Locum Connect
      • Practice Management Consultations
      • SoloNet
      • Assist
    • Key Resources
      • Back
      • Client Relationships
      • Communication & Research
      • Equity & Diversity
      • Ethics & Professionalism
      • Practice Management
      • Substantive Legal Knowledge
      • Trust Accounting & Safety
      • Wellness
      • Webinars
  • Regulation
    • Back
    • Act, Code & Rules
    • Hearings
      • Back
      • Schedule
      • Decisions & Outcomes
      • Complaint Dismissal Appeals
      • Adjudicator Directory
      • Tribunal Office
    • Notices
      • Back
      • Custodianship
      • Disbarment
      • Reinstatement
      • Resignation
      • Suspension
    • Unauthorized Practice of Law
  • Find a Lawyer
  • Lawyer Portal
  • Contact

Email: AdvisorLink

Fill in the form below to get in touch with AdvisorLink
  • 1. AdvisorLink (operated by the Office of the Practice Advisors) and the Advisors accept no liability whatsoever arising from assistance given to lawyers or to any persons claiming through or under them.
    2. Lawyers are obligated to independently verify statements of law, procedure or fact made to them by the Advisor, before relying on them.
    3. AdvisorLink must not be used as a substitute for the lawyers’ own thorough research and analysis or for the lawyers’ own professional judgment.

Email: Accounting

Fill in the form below to get in touch with Accounting
  • Drop files here or
      Text, PDF, MSOffice, and Images only. Max size 20 MB.

    Email: Customer Service

    Fill in the form below to get in touch.
    • Drop files here or
        Text, PDF, MSOffice, and Images only. Max size 20 MB.

      Email: General Feedback

      Fill in the form below to get in touch with General Feedback
      • Drop files here or
          Text, PDF, MSOffice, and Images only. Max size 20 MB.

        Email: Communications and Media Relations

        Fill in the form below to get in touch with Communications and Media Relations.
        • Drop files here or
            Text, PDF, MSOffice, and Images only. Max size 20 MB.

          Email: Indigenous Initiatives Liaison

          Fill in the form below to get in touch with Andrea Menard
          • Drop files here or
              Text, PDF, MSOffice, and Images only. Max size 20 MB.

            Email: Membership Services

            Fill in the form below to get in touch with Membership Services
            • Drop files here or
                Text, PDF, MSOffice, and Images only. Max size 20 MB.

              Email: Manager, Membership Services

              Fill in the form below to get in touch with Tina McKay
              • Drop files here or
                  Text, PDF, MSOffice, and Images only. Max size 20 MB.

                Email: Elizabeth Aspinall

                Fill in the form below to get in touch with Elizabeth Aspinall
                • Drop files here or
                    Text, PDF, MSOffice, and Images only. Max size 20 MB.

                  Email: Jesse Mackenzie

                  Fill in the form below to get in touch with Jesse Mackenzie
                  • Drop files here or
                      Text, PDF, MSOffice, and Images only. Max size 20 MB.

                    Email: Allan Guty

                    Fill in the form below to get in touch with Allan Guty
                    • Drop files here or
                        Text, PDF, MSOffice, and Images only. Max size 20 MB.

                      Email: SoloNet

                      Fill in the form below to get in touch with SoloNet
                      • Drop files here or
                          Text, PDF, MSOffice, and Images only. Max size 20 MB.

                        Email: Practice Management

                        • Drop files here or
                            Text, PDF, MSOffice, and Images only. Max size 20 MB.

                          Email: Nancy Bains

                          Fill in the form below to get in touch with Nancy Bains
                          • Drop files here or
                              Text, PDF, MSOffice, and Images only. Max size 20 MB.

                            Email: Inform Trust Safety

                            Fill in the form below to get in touch with Inform Trust Safety
                            • Drop files here or
                                Text, PDF, MSOffice, and Images only. Max size 20 MB.

                              Email: Trust Safety

                              Fill in the form below to get in touch with Trust Safety
                              • Drop files here or
                                  Text, PDF, MSOffice, and Images only. Max size 20 MB.

                                Email: Information Management

                                Fill in the form below to get in touch with Information Management
                                • Drop files here or
                                    Text, PDF, MSOffice, and Images only. Max size 20 MB.

                                  Email: Election

                                  Fill in the form below to get in touch with Election
                                  • Drop files here or
                                      Text, PDF, MSOffice, and Images only. Max size 20 MB.

                                    Email: Justicia Project

                                    Fill in the form below to get in touch with Justicia Project
                                    • Drop files here or
                                        Text, PDF, MSOffice, and Images only. Max size 20 MB.

                                      Email: Locum Connect

                                      Fill in the form below to get in touch with Locum Connect
                                      • Drop files here or
                                          Text, PDF, MSOffice, and Images only. Max size 20 MB.

                                        Email: Mentor Connect

                                        Fill in the form below to get in touch with Mentor Connect
                                        • Drop files here or
                                            Text, PDF, MSOffice, and Images only. Max size 20 MB.

                                          Email: Mentor Express

                                          Fill in the form below to get in touch with Mentor Express
                                          • Drop files here or
                                              Text, PDF, MSOffice, and Images only. Max size 20 MB.

                                            Email: Indigenous Law Student Summer Employment Program

                                            Fill in the form below to get in touch with Indigenous Law Student Summer Employment Program
                                            • Drop files here or
                                                Text, PDF, MSOffice, and Images only. Max size 20 MB.

                                              Email: ALIA

                                              Fill in the form below to get in touch with ALIA
                                              • Drop files here or
                                                  Text, PDF, MSOffice, and Images only. Max size 20 MB.

                                                Email: ALIAlert fraud alerts

                                                Fill in the form below to get in touch with ALIAlert fraud alerts
                                                • Drop files here or
                                                    Text, PDF, MSOffice, and Images only. Max size 20 MB.

                                                  Email: Equity Ombudsperson

                                                  Fill in the form below to get in touch with Elizabeth Aspinall
                                                  • Drop files here or
                                                      Text, PDF, MSOffice, and Images only. Max size 20 MB.

                                                    Email: Tribunal Office

                                                    Fill in the form below to get in touch with Tribunal Office
                                                    • Drop files here or
                                                        Text, PDF, MSOffice, and Images only. Max size 20 MB.

                                                      Email: Custodianship

                                                      Fill in the form below to get in touch with Custodianship
                                                      • Drop files here or
                                                          Text, PDF, MSOffice, and Images only. Max size 20 MB.