Succession Planning: It’s Good for Business [VIDEO]Share this Video
Practice Tips on File Destruction
October 21, 2024Practice Tips on File DestructionShare this PostIntroduction In Texas, there is no bright line rule that states when a client file can be destroyed. Thes practice tips are based on the Texas Disciplinary Rules of Professional Conduct and the guidance provided in a few ethics opinions. Applicable Rules and Ethics Opinions Ensure that the destruction of a client file does not violate the following rules or ethics opinions: Texas Disciplinary Rules of Professional Conduct: Rule 1.05: Prohibits disclosure of confidential information of current or former clients except in certain circumstances set forth in the rule. Rules 1.09 and 1.10: Prohibit a lawyer from taking adverse action against a former client related to the matter in which the lawyer represented the client. Rule 1.14: States client funds and property must be kept separate from lawyer’s own property in a trust account and records of the account shall be maintained for 5 years after termination of the representation. Rule 1.15 (d): A lawyer must take reasonable steps to protect a client’s interest when representation ends, including giving reasonable notice to the client, allowing time for the client to hire another attorney, returning documents or property to the client, and refunding any unearned fees. A …
Checklist for Closing Your Own Practice Without a Successor
Checklist for Closing Your Own Practice Without a SuccessorIt is important to create a transition plan with a timeline for closing your practice when you do not intend to sell your practice or transfer it to a successor attorney or firm. The following checklist outlines some of the issues to address when creating your plan and to protect the interests of your clients. A series of rules that may be implicated when you close your practice, of which you should be aware. are listed below. If you formed an entity through the Secretary of State, such as a professional corporation or a limited liability company, you must also dissolve the entity. See Section B, Dissolving the Professional Entity of a Sole Practitioner, for information on how to do so. Checklist for Closing Your Own Practice Without a Successor Choose an Exit Date It is best to choose a target date for when you want to stop practicing law and create a plan of action. Some attorneys prefer to slowly transition by wrapping up cases and not accepting any new matters with the intention that there will be few, if any, client matters in need of closure or transition to …
Opening a Small or Solo Law Firm in Texas: Choosing an Entity Structure and Other Requirements
Opening a Small or Solo Law Firm in Texas: Choosing an Entity Structure and Other RequirementsThe State Bar’s Law Practice Management Department often receives questions about starting a small or solo law firm in Texas. The most common questions include whether there are specific requirements for opening a law practice in Texas, what entity type to choose, and whether a law firm from another state can open a law office in Texas if the owners do not live and are not licensed in Texas. Are there any specific requirements for opening a small or solo law practice in Texas? If you’re licensed and in good standing in Texas, technically, no. However, keep a few things in mind when opening a law practice in Texas: IOLTA Account: An attorney who handles client funds must open and maintain an IOLTA (Interest on Lawyers’ Trust Accounts) account and participate in the IOLTA Program, which was established by the Supreme Court of Texas in 1984 as a mechanism for funding civil legal services to low-income Texans by collecting interest on client trust accounts. Rule 1.14 of the Texas Disciplinary Rules of Professional Conduct is often called the “trust account” rule as it governs the …
Succession Planning: What Does a Custodian Attorney Do? [VIDEO]
Succession Planning: What Does a Custodian Attorney Do? [VIDEO]About the VIDEO Host Greg Sampson is a Board-Certified Estate Planning and Trust Attorney. He is a Member at Gray Reed & McGraw, P.C. and is the 2023-2024 Law Practice Management Committee Incoming Chair.Greg focuses his practice on the areas of estate planning and administration. He has extensive experience with Law Practice Management with a special interest and focus on succession planning. In this video, he identifies the value of succession planning and why it is now more important than ever. Sampson outlines what custodian attorney’s responsibilities are and how they can be executed using the new Law Practice Management Succession Planning Toolkit. Prepare for the unexpected by designating a custodian attorney. The process is fast and easy, taking less than three minutes. Follow this link to designate a custodian attorney today.Resources by TopicStarting A PracticeLearn what you need to know before you begin. →Maintaining a PracticeNurture your budding practice with our collection of resources. →Growing a PracticeTips to take your practice to the next level. →Succession Planning and PreparationIf you can’t be certain, you can at least be ready. →Closing a PracticeVital information for those winding down a practice for themselves or others. → Practice TechnologyLearn …
A Closer Look at the Succession Planning Toolkit [VIDEO]
A Closer Look at the Succession Planning Toolkit [VIDEO]About the VIDEO Host E. Steve Bolden is the chair of the State Bar’s Law Practice Management Committee. He is also partner at Locke Lord in Dallas, TX.Steve Bolden (Chair of the State Bar of Texas Law Practice Management Committee) highlights the Succession Planning Toolkit and the importance of succession planning for young and older attorneys. Prepare for the unexpected by designating a custodian attorney today. The process is fast and easy, taking less than three minutes. Follow this link to begin the process.Resources by TopicStarting A PracticeLearn what you need to know before you begin. →Maintaining a PracticeNurture your budding practice with our collection of resources. →Growing a PracticeTips to take your practice to the next level. →Succession Planning and PreparationIf you can’t be certain, you can at least be ready. →Closing a PracticeVital information for those winding down a practice for themselves or others. → Practice TechnologyLearn new efficiencies. Leverage technology. → COVID-19 ResourcesInformation relevant to Texas attorneys practicing during the pandemic. →
Succession Planning: The Importance of Designating a Custodian [VIDEO]
The Importance of Succession Planning – Designate a CustodianABOUT THE HOST Laura Gibson is the 2022-2023 State Bar of Texas President. She is a Houston-based partner in Denton US and the head of the Texas Employment & Labor Group. Gibson was the 2018-2019 chair of the State Bar Board of Directors and has served on numerous State Bar committees.Gibson has worked to promote succession planning as one of her primary initiatives. Her mission is to encourage every lawyer in the state of Texas to designate a custodian attorney. In 2018-2019, the bar created a Succession Planning Workgroup that developed an online custodian designation portal on the bar’s website. The new Texas Rule of Disciplinary Procedure 13.04, which was approved by referendum, adopted by the Texas Supreme Court, and became effective July 1, 2021, enables lawyers to name a custodian to wind up and close their practice in the event of sudden cessation. Rule 13.04 provides the custodian attorney with the same protection as a court appointed custodian, which protects her from liability except for intentional misconduct or gross negligence. For emergency management and client protection, the State Bar of Texas urges members to designate in advance one or more custodian …
The Arc of a Lawyer’s Law Practice
The Arc of a Lawyer’s Law Practice The pace of change continues to accelerate. The profession can expect cessations issues as part of the fallout. The discipline of law practice is changing. In Texas, regional offices of the Chief Disciplinary Counsel encountered an increase in demand to address situations in which lawyers had died or were otherwise “absent” from law practice. The development echoed findings of the ABA National Task Force on Lawyer Wellness. The trends are not unique to Texas; the scope of the issue is national. Texas centralized calls to CDC Special Projects and formed a pilot program. In time, patterns emerged. The most difficult scenarios involve sudden cessations and “prospective cessations.” Some lawyers intended to cease practice; others didn’t. Some lived through personal crises; others didn’t. Lawyer suicides left scores of matters pending, with no lawyer. In 2019, the State Bar formed a Succession Planning Workgroup to confront these issues. Considering the experience of the pilot program, it became apparent that the challenge of cessations is not so much an issue for classic lawyer discipline, as it is for the discipline of law practice. Most calls involve deceased attorneys, and in those cases, the grievance system affords …
How To Protect Your Clients and Firm in the Event of Death, Disability, Impairment, or Incapacity
How To Protect Your Clients and Firm in the Event of Death, Disability, Impairment, or Incapacity This information is designed to help you protect your clients’ interests in the event you are suddenly rendered unable to practice law. With some advanced planning, you can ensure a smoother transition for your clients and allay potential ethical pitfalls. Successor Attorney If you suddenly become unable to practice law, someone will need to review your case files to ascertain if there are pending or upcoming filing dates, contact clients to return or transfer files, handle the firm’s financial affairs, and deal with other issues that may need immediate attention. Due to the content contained in the files, and the need to be able to spot legal issues, the best person to do this is presumably an attorney, or “successor attorney.” By determining in advance who will serve as your successor attorney, you offer better protection for your clients and a faster transition out of law practice. Once you have found a suitable attorney who agrees to wind down your practice, it is important to discuss what duties the successor attorney will need to perform, the scope of their responsibility, what event will trigger the …
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