But I Might Die Tonight . . . What Happens to Your Law Firm If You Do?
Sorry to be morbid ( that’s a great Cat Stevens’ song, though ) — but do you know what will happen to you r law firm if you die or become disabled? Here ’ s hoping that doesn’t happen; but, if it did, are you ultimately placing the unenviable task of winding down your law firm upon your family? Over my years of consulting, I’ve seen a number of solo and small law firms fall apart, and then shutter, upon the unexpected death or disability of a founding or managing partner. In that case, family members are often called upon to try to close a business they have no idea how to manage and aren’t even licensed to run. Oftentimes, other lawyers don’t (or can’t) help, because there’s no revenue incentive to do so — always in solo offices, and especially for small firms, the death or disability of a partner means the end of new business. So, if you’re operating without a succession plan, or a wind-down program, for your law firm, you’re potentially driving ...