The following is an excerpt from a column written by Gene Commander discussing the critical need for solo law practitioners and the founders and leaders of small firms to prepare business succession and personal estate plans. The column was published by Law Week Colorado and the full article can be read here.
It shouldn’t take the sudden death of a friend or colleague to provide the wake-up call we sometimes need to take care of business. Yet even when the unthinkable happens, the lessons that should be taken to heart are too soon forgotten. It’s difficult to watch family members, friends and business colleagues mourn the loss of someone who played a special role in their lives. But the loss is even more troubling when the deceased is a solo practitioner or the founder and leader of a small law firm and there is no written succession plan to deal with his or her practice and ownership interest in the firm. The professional, financial and legal uncertainty of these precarious situations cause can be devasting for those who must tie up the loose ends.