Section Newsletters

Articles on Succession Planning

Solo Lawyer Back-Up Plan By G. Timothy Leighton Law Office Management and Economics, Standing Committee on, May 2024 Advice for solo attorneys who need to plan for life events, such as becoming disabled, incapacitated, or dying.
Succession Planning: Good for You, a Must for Your Clients By Bob Downs, Leonard Amari, Eugenia Hunter, John H. Maville, & Raquel Martinez Law Office Management and Economics, Standing Committee on, March 2024 The Senior Lawyers Section Council recently charged a committee with looking into succession planning.
Succession Planning: Good for You, a Must for Your Clients By Bob Downs, Leonard Amari, Eugenia Hunter, John H. Maville, & Raquel Martinez Elder Law, March 2024 The Senior Lawyers Section Council recently charged a committee with looking into succession planning.
Succession Planning: Good for You, a Must for Your Clients By Bob Downs, Leonard Amari, Eugenia Hunter, John H. Maville, & Raquel Martinez Senior Lawyers, February 2024 The Senior Lawyers Section Council recently charged a committee with looking into succession planning.
Law Firm Succession/Exit Strategies: Succession & Transition Plan By John W. Olmstead Elder Law, June 2021 A case study of a nine-attorney law firm whose three founders wanted to retire and needed a succession and transition plan.
Law Firm Succession/Exit Strategies: Succession & Transition Plan By John W. Olmstead Trusts and Estates, April 2021 A case study of a nine-attorney law firm whose three founders wanted to retire and needed a succession and transition plan.
Tangential relationships for the ‘winding down’ attorney: co-counsel, of counsel, referring attorney, tenant, etc. By Leonard F. Amari Senior Lawyers, May 2019 Oftentimes, a lawyer who is ready to quit the practice of law elects to downsize rather than completely shutdown, often entering into an agreement with another firm or lawyer. These relationships, however, create the very real risk of vicarious malpractice liability.
Succession planning: The proposed Supreme Court Rule 781 By John T. Phipps Senior Lawyers, January 2019 At the June 2018 ISBA Annual Meeting, the ISBA Assembly approved the proposed Illinois Supreme Court Rule 781, which was drafted by the ISBA Special Committee on Succession and Transition Planning and is awaiting review by the Illinois Supreme Court Professionalism and Rules Committee.
Committee approved final draft (042718): Approved by the ISBA Board of Governors and ISBA Assembly June 2018 General Practice, Solo, and Small Firm, November 2018 The final draft of Rule 781, which was approved by the ISBA Board of Governors and Assembly at the Annual Meeting in June 2018.
Law firm succession/exit strategies: Succession & transition plan By John W. Olmstead Law Office Management and Economics, Standing Committee on, November 2018 A case study of a nine-attorney law firm whose three founders wanted to retire and needed a succession and transition plan.
Succession planning: The proposed Supreme Court Rule 781 By John T. Phipps General Practice, Solo, and Small Firm, November 2018 At the June 2018 ISBA Annual Meeting, the ISBA Assembly approved the proposed Illinois Supreme Court Rule 781, which was drafted by the ISBA Special Committee on Succession and Transition Planning and is awaiting review by the Illinois Supreme Court Professionalism and Rules Committee.
Emergency planning for lawyers By Lisa M. Nyuli Family Law, July 2018 Creating a succession plan is critical in preparing for life events that result in the closure of your law practice. 
What’s your succession plan? By Kerry M. Lavelle Law Office Management and Economics, Standing Committee on, December 2017 There are basically four strategies to consider for a law firm succession plan: sell to colleagues; sell to a third party; liquidate the business and move on; or transition the business to family members.
ISBA takes on lawyer succession and transition planning By Corey J. Tallent & Evan W. Schanerberger General Practice, Solo, and Small Firm, September 2017 The ISBA's Special Committee on Succession & Transition Planning is seeking materials, comments and feedback from ISBA members to help draft a Transition Lawyer rule. Please read this article, then send comments and materials to ISBASuccession@gmail.com
Don’t forget yourself By Philip E. Koenig Law Office Management and Economics, Standing Committee on, September 2015 Some suggestions for lawyers as they consider updating their own estate plans.
Law firm succession & exit strategies—Firm size and impact upon strategies By John W. Olmstead Law Office Management and Economics, Standing Committee on, June 2015 A look at how the size of the firm can impact the experience it will likely face during retirement succession, transition, and exit challenges.
Law firm succession and exit strategies: Coming to terms with aging By John W. Olmstead Law Office Management and Economics, Standing Committee on, June 2015 Retirement means identifying and having more time to do what you love most. This article provides some ideas for making the difficult transition.
Law firm succession & exit strategies—Transitioning client relationships and management roles By John W. Olmstead Law Office Management and Economics, Standing Committee on, April 2015 A look at transitioning clients and managerial roles—the two critical components of any succession/exit plan.
Editor’s column: It’s a new year! Have you reviewed and updated your succession plan for your firm? More importantly, do you even have one? By John T. Phipps General Practice, Solo, and Small Firm, March 2015 Newsletter Co-editor John Phipps shares why having a succession plan in place is so important. 
Limited liability companies, life insurance and business succession development planning By Randall H. Borkus Elder Law, April 2013 Transitioning ownership of a business to the next generation can be pretty complex stuff for many business owners so we really need alternatives to offer our business clients.
Should you merge with another law firm? By John W. Olmstead Law Office Management and Economics, Standing Committee on, December 2012 Successful mergers are based upon a sound integrated business strategy that creates synergy and a combined firm that produces greater client value than either firm can produced alone.
The need and methods behind a valuation By Dr. Bart A. Basi Business Advice and Financial Planning, December 2007 Along with deciding to engage in business succession planning and finding a successor, it is necessary to value the business.
Realistic business succession planning for family businesses By Leonard S. DeFranco Business Advice and Financial Planning, May 2007 Some suggestions that will enable the practitioner to steer the business owner to think realistically and plan successfully.
Sell your company and pay no tax! By Richard M. Colombik, JD,CPA Business Advice and Financial Planning, February 2007 Your business has matured, or your real estate has appreciated, time to cash out and sell.
Realistic business succession planning for family businesses By Leonard S. DeFranco Federal Taxation, January 2007 The business lawyer, in my experience, usually gives short shrift to the myriad of issues that confront succession planning in a family-owned business.

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