Succession Planning Unlocked: Mastering the Transition From Leadership to Legacy

This is a practical and comprehensive look at the many and various factors and risks which must be considered when the practicing attorney is contemplating retirement. This presentation examines the realities faced by the potential retiree as well as the hopes and desires that the retiree has concerning his or her upcoming retirement. Some of the realities addressed are issues such as the risks involved in winding up a law practice, malpractice insurance, and how health and finances will impact your decision. Some of the desire issues relate to whether it is the right time to retire, how it will impact your family, and how do your personal interests factor into the question of when.

This presentation takes a broad view and asks not only how to achieve a rewarding retirement but how to avoid the many pitfalls one may face in the transition. This presentation also examines the possible activities which will be available to you after retirement. It is an insightful, thoughtful and thorough tour de force of the multi-faceted issues and risks facing the attorney who is considering retirement in today’s complex world.

Topics covered include:

Legal Ethics Law Firm Management Law Practice Solo Practice & Small Law Firms

Agenda:

Introduction

Consequences of failing to have a plan

The Day Will Come When...

Recognizing age-related challenges and tips on how to address them
The importance of growing old gracefully
The necessity of naming a successor/backup attorney

RPC 1.3 Diligence

Steps to take in the event a successor attorney must step in

Succession/Retirement Planning Starts With When

Identifying realities and desires
(For firms of 2 or more attorneys) Don’t dismiss Rule 5.1 We are our partners’ keepers

Putting What Comes Next Into Perspective

Preparing starts with asking the right questions

The Critical Question
- Identifying Options – Stay connected to the profession or time for something new
Closing a Practice
- Thorough discussion of the process
Gradual Transitions (Of Counsel) and Tail Coverage
- What Of Counsel relationships are and aren’t
- What tail coverage is and isn’t
- How to avoid tail coverage missteps
File Retention and Destruction Issues
- Where to keep, how long, and who to contact
Attorney Departure Concerns for Firms
- Managing the transition, preventing the loss of intellectual capital, and preserving revenue
You Can Sell a Practice
- Identifying the ethical issues that must be addressed
Questions & Answers (as time permits)

Duration of this webinar: 90 minutes

Originally broadcast: May 16, 2025 11:00 AM PT

Webinar Highlights

This webinar is divided into section summaries, which you can scan for key points and then dive into the sections that interest you the most.

00:00 Introduction

Mark Bassingthwaighte, a Risk Manager with ALPS, has extensive experience in law firm risk management. Mark shares his experiences with succession planning and the importance of having a plan in place. He recounts stories of lawyers who lacked succession plans, leading to difficulties for their families after their passing. Mark emphasizes the need for preserving records and addressing active matters in the absence of a succession plan.

05:27 Succession Planning Challenges

Mark discusses the challenges of succession planning, particularly for solo practitioners. He highlights the ethical implications when a lawyer dies without a plan, leaving their spouse overwhelmed and without guidance. Mark shares a story of a lawyer who proactively addressed aging and competency issues by instructing colleagues to monitor his mental state. He emphasizes the importance of planning for unexpected events like illness or accidents that can affect a lawyer's ability to practice. Mark advises lawyers to embrace aging and make necessary adjustments to maintain competency and extend their health span. He stresses the significance of having a backup attorney and a successor to ensure continuity and protect clients' interests.

12:09 Adapting to Aging

Mark shares personal experiences of dealing with age-related changes and encourages lawyers to adapt to these changes. He advises lawyers to use tools like checklists and larger screens to mitigate risks associated with aging. He discusses the importance of maintaining physical and mental health to ensure a healthy practice of law. Mark emphasizes the need to acknowledge clients' aging and ensure they understand legal advice and decisions. He introduces Rule 1.3 and Comment 5, which discusses preparing a succession plan.

18:30 Practical Precautions

Mark discusses the importance of having a successor attorney and the responsibilities involved in winding up a practice. He advises lawyers to include a statement in their fee agreements about having a backup attorney to protect clients' interests. Mark suggests creating an instruction manual for successor attorneys to ensure smooth transitions. He emphasizes the need to keep systems and files updated to prevent mistakes and ensure continuity. Mark warns about the financial implications of not having a plan, citing a case where significant costs were incurred. He advises lawyers to share key information with trusted individuals to facilitate transitions in case of unexpected events.

37:00 Planning for Retirement

Mark discusses the transition from leadership to legacy and the importance of planning for retirement. He shares personal experiences and encourages lawyers to consider their physical health and financial readiness for retirement. Mark advises lawyers to think about their desires and realities when planning for retirement. He emphasizes the importance of having a successful retirement by being defined by future opportunities rather than past achievements. Mark encourages lawyers to explore new experiences and consider how they want to be remembered. He suggests leveraging intellectual capital in retirement through activities like teaching, mentoring, or pro bono work.

55:30 Winding Down a Practice

Mark outlines the steps involved in winding down a practice, including assessing active matters and notifying staff and clients. He advises against taking on new matters and emphasizes the importance of client notifications. Mark discusses the ethical obligation to inform clients of the status of their matters. He highlights the importance of closing trust accounts and preserving financial records. Mark advises on handling future contact problems and reviewing malpractice insurance policies. He introduces the concept of of counsel relationships and the need for tail coverage in retirement. Mark advises against practicing in retirement without coverage and highlights the risks of reducing policy limits. He explains the benefits of a free tail for solo practitioners who have been consistently insured.

Please note this AI-generated summary provides a general overview of the webinar but may not capture all details, nuances, or the exact words of the speaker. For complete accuracy, please refer to the original webinar recording.

Continuing Legal Education (CLE) Credits

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California CLE

Status: Approved

Credits: 1.50 Legal Ethics

Earn Credit Until: June 30, 2026

South Carolina CLE

Status: Approved

Credits: 1.50 Legal Ethics/Professional Responsibility

Difficulty: All Levels

Earn Credit Until: December 31, 2025

North Carolina CLE

Status: Approved

Credits: 1.50 Ethics

Earn Credit Until: February 28, 2026

Texas CLE

Status: Pending

Credits: TBD

Earn Credit Until: TBD

This presentation is approved for one and a half hours of Legal Ethics CLE credit in California, one and a half hours of Legal Ethics/Professional Responsibility CLE credit in South Carolina (all levels), and one and a half hours of Ethics CLE credit in North Carolina. An application for accreditation of this activity has been submitted to the MCLE Committee of the State Bar of Texas and is pending.

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Speaker

Mark Bassingthwaighte Risk Manager
ALPS Insurance

Since 1998, Mark Bassingthwaighte, Esq., has been a Risk Manager with ALPS, the nation’s largest direct writer of lawyers’ malpractice insurance. In his tenure with the company, Mr. Bassingthwaighte has conducted over 1200 law firm risk management assessment visits; presented over 650 continuing legal education seminars throughout the United States; and written extensively on risk management, ethics, and technology. Mr. Bassingthwaighte is a member of the State Bar of Montana as well as the American Bar Association where he currently sits on the ABA Center for Professional Responsibility’s Conference Planning Committee.