Lawyer: First heal thyself...The Necessity of Law Practice Estate Planning


Do you have an estate plan for your law practice? A proposal now before the State Bar of California Bar Board of Governors would require lawyers to have an "estate plan for the law practice" providing for succession in the event of a lawyer's death or disability. Leaving aside the merits of the proposal, it is yet another indication that the law is an aging profession. Karen Mathis, when chair of the American Bar Association several years ago, often emphasizedthat 400,000 lawyers of the Baby Boom generation and older will likely retire in the next 10 years, a number equal to the entire membership of the ABA.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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