LAW FIRM SUCCESSION PLAN LAW FIRM NAME Street Address City, State and Zip webaddress.com Version 0.0.0 00/00/0000 LAW FIRM SUCCESSION PLAN

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SUCCESSION PLAN TABLE OF CONTENTS

1.	CURRENT SOLE PROPRIETOR / PARTNER(S)	3

2.	RATIONALE	3

3.	GOALS AND OBJECTIVES	3

4.	SUCCESSORS	4

5.	ESTATE PLANNING	4

6.	CONTINGENCY / RISK MANAGEMENT	5

7.	LAW PRACTICE STRUCTURE AND TRANSFER METHOD	6

8.	BUSINESS VALUATION	6

9.	EXIT STRATEGY	6

10.	IMPLEMENTATION AND FOLLOW UP	6

Current sole proprietor / partner(s)

rationale

Provide the purpose of the succession plan and the plan’s objectives in the event of a planned or unplanned absence.

goals and objectives

Consider the acceptable income, level of future involvement, goals, buying intention, and ability of all interested parties. Also, use key client relationships to gauge the impact of the following factors on the practice: ownership transfer/sale, partnership changes, or sole proprietor departure.

SUCCESSORS

Identify successors based on assessed suitability, commitment, skills, and experience. Discuss training and handover processes, and provide a time frame.

estate planning

Discuss the transfer/sale, financial, and tax implications.

CONTINGENCY / RISK MANAGEMENT

SUCCESSION RISK	LIKELIHOOD	IMPACT	CONTINGENCY
What could go wrong? What is the potential impact?	• Highly Unlikely • Unlikely • Likely • Highly Likely	• Low • Medium • High	Should the risk occur, what is the contingency plan?

LAW PRACTICE STRUCTURE AND TRANSFER METHOD

BUSINESS VALUATION

EXIT STRATEGY

IMPLEMENTATION AND FOLLOW UP

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