Who will take over your law practice? Wisconsin lawyers can name a successor on new registry
Lawyers in Wisconsin will be able to designate a successor to continue their law practice after their death or disability as a result of vote by the state bar’s board of governors on Wednesday.
The board of governors approved a succession planning registry that will be developed by staffers with the State Bar of Wisconsin, according to WisBar News.
The board also approved a recommendation that the bar pay for professional liability insurance coverage for successor counsel for a reasonable period of time.
Lawyers wouldn’t be required to participate in the registry. But a state bar working group that recommended its creation has suggested the board may want to consider a mandatory registry in the future, according to the WisBar News article.
ABA Journal: “Death of a Practice: After lawyer dies, her friend is faced with closing down her firm”
ABAJournal.com: “Would your practice be prepared if something happened to you? (podcast with transcript)”