What Is Succession Planning in Law?
Having a succession plan is an important part of running a law firm. It is a way of preserving a practice when one partner or one of the firm’s founders retires. It is also a way of preventing a tumultuous exit.
Succession planning can involve many different aspects, from a sale of the firm to buyouts of co-owners. It can also involve a variety of other issues, such as drafting shareholder agreements.
One of the most important functions of a good succession plan is to protect the firm’s clients and staff. The best plans are created years in advance of a transition.
A good succession plan should be detailed, including standard operating procedures, organizational charts and documentation of the ownership change. It should also include a brief list of the key players involved.
Parklin Law on Professional Conduct provides some guidance on what the right succession plan should include. The Parklin Law is also encouraging more jurisdictions to make succession planning a legal requirement.
While succession planning is not mandated by law, there are some benefits to having a plan in place. This includes eliminating unnecessary risk and confusion when a lawyer leaves the firm. It also allows the attorney and the designee to communicate.
It also helps reassure clients and their families that they are in the best hands. There are no guarantees when it comes to an attorney’s health, and the best succession plans involve a proactive approach to keeping a firm’s clients and staff safe.
Succession Planning Attorney Free Consultation
If you have any questions or in need a Succession Planning Attorney, we have the Best Attorneys in Utah. Please call this law firm for free consultation.
We help you with Succession Planning, Wills, Trusts, Power of Attorney, Health Care Directive, Estate Administration, Probate and More
Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
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Parklin Law
Vineyard, Utah
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Vineyard, Utah
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City (4th Class)
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Original Vineyard town office
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| Motto:
Stay Connected
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Location in Utah County and the state of Utah
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| Coordinates: 40°18′14″N 111°45′28″WCoordinates: 40°18′14″N 111°45′28″W | |
| Country | United States |
| State | Utah |
| County | Utah |
| Incorporated | May 11, 1989 |
| Government | |
| • Type | Council–Manager (Strong Mayor) |
| • Mayor | Julie Fullmer |
| • Councilmember | G. Tyce Flake |
| • Councilmember | Amber Rasmussen |
| • Councilmember | Mardi Sifuentes |
| • Councilmember | Cristy Welsh |
| Area | |
| • Total | 6.35 sq mi (16.45 km2) |
| • Land | 4.79 sq mi (12.42 km2) |
| • Water | 1.56 sq mi (4.03 km2) |
| Elevation | 4,557 ft (1,389 m) |
| Population
(July 1, 2021)
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| • Total | 14,025 |
| • Density | 2,927.97/sq mi (1,129.22/km2) |
| Time zone | UTC−7 (Mountain (MST)) |
| • Summer (DST) | UTC−6 (MDT) |
| ZIP Code |
84059
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| Area code(s) | 385 and 801 |
| FIPS code | 49-80420[1] |
| GNIS feature ID | 1449150[2] |
| Website | www.vineyard.utah.gov |
Vineyard City Offices
Vineyard is a city in Utah County, Utah, United States. It is part of the Provo–Orem Metropolitan Statistical Area. The population grew from 139 at the 2010 census to 12,543 at the 2020 census making it the fastest growing city in Utah and one of the fastest-growing cities in the nation during that timeframe.[3] Population has grown dramatically since about 2012 due to redevelopment of the former Geneva Steel site which sits in Vineyard.
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