ISBA Mutual Lunch and Learn: Here Today, Gone Tomorrow: Succession or Disaster
Where: Mt. Vernon, IL
What: Lunch and Learn: Here Today, Gone Tomorrow: Succession or Disaster
The choice lawyers make to plan (or not) succession in their firm impacts stakeholders in their lives. Case examples provided insight on how clients, the family, profession and insurance aspects are affected. Only 16% of solos and 24% of small firms have prepared a written succession plan.
What you will learn:
- The ARDC process for closing a practice when there is no plan in place
- The 4 biggest hardships in closing a practice without a plan
- The role of tails (extended reporting periods) in a succession plan
- Elements of a written succession plan
- Choosing the right successor
- Financial considerations
- The role of your insurance carrier in your succession plan
- Executing the plan
1.0 hour of approved MCLE credit, including 1.0 hour of professional responsibility MCLE credit.
- Jeff Strand, President & CEO, ISBA Mutual Insurance Company
- Brian Olson, Director of Member Services, ISBA Mutual Insurance Company