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Succession Planning

In 2013, the North Carolina State Bar examined succession planning for what may be recognized as the “Dreaded D’s” – death, disease, disappearance and disbarment. Any of these four “D’s” result in the need to either close or transition a practice. The State Bar staff is re-working its Trustee’s Handbook, while TLC is working on voluntary succession planning.

The impact of any of the Dreaded D’s can be lessened by preliminary planning in terms of how a practice is to be shut down in the event of an unanticipated circumstance. Lawyers Mutual and TLC are working in concert on this process with assistance and input from the State Bar. The State Bar is not opposed to considering a voluntary succession planning contractual model whereby a lawyer designates another lawyer to act in much the same manner as a trustee or “inventory lawyer.” 

Below you’ll find several helpful resources from Lawyers Mutual: