PREPARED
Arctic Obiter - February 2010 - Law Society of the Northwest Territories
Arctic Obiter - February 2010 - Law Society of the Northwest Territories
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PRACTICE MANAGEMENT<br />
GETTING YOUR SUCCESSION PLAN STARTED<br />
Have you planned for what would happen, both<br />
professionally and personally, in the event of illness or<br />
incapacity? In taking time to put a succession plan in<br />
place, you will be protecting your clients, your practice<br />
and your family.<br />
Succession planning is more than just planning for<br />
retirement. In this article I discuss why you also need<br />
to plan for other contingencies, such as long-term<br />
illness, incapacity, or death.<br />
Have you thought about – and planned for – what<br />
would happen, both professionally and personally, in<br />
the event of your sudden long-term illness, incapacity,<br />
or death? If you were diagnosed tomorrow with an<br />
illness that resulted in your being away from the office<br />
for an extended period of time, would you have a<br />
practice to return to upon your recovery?<br />
Succession planning is critical for all businesses, but<br />
especially so, for solo and small firm practitioners who<br />
do not have other partners or associates, who can step<br />
in and share the work in transitioning their practice,<br />
and meeting clients needs on either a short-term or<br />
permanent basis.<br />
Deborah Gillis, QC<br />
Deborah E. Gillis Legal Services Inc.<br />
Bedford, NS<br />
If you have not taken the time to plan for such<br />
contingencies, commit now to taking time to put a<br />
succession plan in place. In doing so, you will be<br />
protecting your clients, your practice and your family.<br />
Without a succession plan in place, you put your<br />
family at significant financial risk and emotional upset<br />
at a time when they are least able to cope. None of us<br />
want that.<br />
GETTING STARTED: DEVELOPING YOUR<br />
OWN ACTION PLAN<br />
As with any project, getting started is often the hardest<br />
part of the process. To start, I suggest that you contact<br />
a colleague or colleagues who are also interested in<br />
putting together a succession plan. Divide<br />
responsibilities for reviewing and reporting on<br />
available resources, including those that might be<br />
available from your law society. Commit to specific<br />
times when you will meet either by phone, via an<br />
online community, or in person to discuss the steps to<br />
be taken, the progress you have made, and<br />
suggestions you might have for each other to keep<br />
your planning process moving forward.<br />
ASSISTING LAWYER<br />
Consider who you might ask to be your assisting<br />
lawyer. An assisting lawyer is the one who will step<br />
into your practice on either an emergency or long-term<br />
basis in the event of your incapacity or death. There<br />
are a number of terms that you and the assisting<br />
lawyer or firm will have to negotiate, some of which<br />
ARCTIC OBITER MAY/JUNE 2013 ■ 11
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