Do you have a contingency plan in place?
Lawyers and paralegals with no contingency plan leave their clients extremely vulnerable in the event of a major illness or other unexpected practice disruption. Yet most practitioners have no plans in place.
This is particularly problematic given that 95 per cent of law firms and 97 per cent of paralegal firms in Ontario are sole proprietorships or small firms, and over the course of the next 15 years, approximately 40 per cent of lawyers and approximately 25 per cent of paralegals in these firms will reach age 70.
“Succession and contingency planning are important components of sound practice management. Ensuring lawyers and paralegals have plans in place is a priority for the Law Society,” says Diana Miles, Director, Professional Development & Competence.
The Law Society’s newly released Contingency Planning Guides for lawyers and paralegals are designed to assist you in making plans to ensure your clients are protected and to give peace of mind to your employees and loved ones.
The Guides were developed with the assistance of focus groups and contain several resources to help with planning, including:
- key steps for lawyers and paralegals practising as a sole proprietor
- sample Continuing Power of Attorney forms
- sample Last Will and Testament clauses
- sample Practice Coverage Agreement between the planning and the replacement practitioner
- practical checklists, and more.
The Law Society is also offering a free live webcast on Contingency Planning on Monday, October 28, 2013 at 12:00 p.m. to 1:30 p.m.