Law firms close for any number of reasons, not just when a lawyer reaches a certain age and decides to retire. Firms may merge, lawyers can go in-house on the corporate side and close their practice, and death or disability can shut a firm’s door unexpectedly, as well.
If your practice closes, especially unexpectedly, have you thought about how your clients will be taken care of if you are no longer available? More importantly, have you thought about what happens with malpractice claims that may be made against you after your firm has closed?