Planning for succession – we can help
by Timothy E. McGee
The prospect of winding down a law practice can be daunting, to say the least. This issue of Benchers’ Bulletin features the Law Society’s Practice Coverage and Succession Planning program, which was recently updated and enhanced to address a significant need.
Available on our website, the Law Society has developed a range of tools, model letters and other resources designed to help you create an effective succession plan and take the necessary steps to wind down your practice.
Why is this something that the Law Society wants to highlight now? The answer is that providing useful tools to help lawyers transition from active practice to retirement benefits everyone, lawyers and clients alike. But this is also part of a reality check when you consider the changing demographics of the profession in BC. The average age of practising lawyers has risen over the years and is now 48, with nearly 20% being 60 years of age or older. This trend will continue for some time and is widely known as the “greying of the profession”.
From a practical perspective, the trend is impacting sole and small firm practitioners more than those in larger law firms. However, the potential impact on clients who are seeking continuity of service and representation remains the same. The Practice Coverage and Succession Planning program helps the public stay connected to the legal services needed during the transition of a lawyers’ practice — a small contribution to the larger access to legal services issue, but an important one nonetheless.
I hope you will take a few minutes to read about the program in this issue and to mention it to colleagues who may be interested. As always, we appreciate your ideas and feedback. You can contact me at email@example.com.