Succession planning and preparing to exit practice
All lawyers and law firms must maintain – and review annually – a succession plan for their practice (Regulation 4.6). Succession plans ensure every lawyer’s practice will be covered according to their wishes if they become unable to practice. Clients need to be looked after promptly.
The requirements are similar for succession planning and for preparing to retire or change to non-practising membership status. Good planning means your practice will be more attractive to potential successors.
Succession planning toolkit
As the regulator of Nova Scotia’s legal profession, the Nova Scotia Barristers’ Society (NSBS) exists to uphold and protect the public interest in the practice of law. To meet this public interest mandate, it works to ensure lawyers deliver competent and ethical legal services in accordance with the professional standards of the legal profession.
Main tools
Clear trust accounts and return client property
General succession planning aids
Template plans for sole & small practices: With trust account or Without trust account
Note: you don’t need to use a template, but your plans should be in writing, known and consented to by your successor, and accessible in case of need. A partnership agreement typically contains much succession planning.
Estate documents
These template documents are meant to be adapted using your skill and judgment and adopted at your own risk. Contributed by Tim Hergett, Hergett Law.
Download the Enduring Power of Attorney Template
Download the Gatekeeper Agreement Template
Recruiting a successor
Legal Services Support & Schulich School of Law partnered for a very successful regional practice showcase/recruitment event in 2023, likely to be repeated in subsequent years. Schulich’s Career Development Office also held an event for small-med firms. If you want to be involved in future events, make your wishes known through us at lss@nsbs.org or the law school at career.development@dal.ca Recruitment is often pitched at 2nd year students, so planning helps, as does posting summer or articling jobs.
Questions or support?
Contact the Society’s Legal Services Support to discuss your circumstances and needs.