Business Succession Planning for Attorneys: Disaster Plan
In San Diego, all business succession plans for attorneys should include a disaster plan. This is an emergency manual in the event of death or disability of the attorney or other disaster. Considerations for this disaster plan include information in the disaster manual, tactics and key questions for attorneys.
Information to include in the disaster plan should include the following and should be reviewed annually for any changes: location of checkbooks and other financial information; passwords for the computer and all accounts; who will be making the decisions on client matters; who will be making the decisions for the business; where important legal documents are kept such as trusts, wills and trust for nomination and appointment; list of the succession attorney[s] and business managers as appropriate and a list of persons to call when disaster strikes.
Some tactics to consider in your disaster plan in the business succession plan include the following: which vendors can you contact to assist with contacting clients and colleagues as necessary; what will happen if the power is out and the phones and internet do not work; is there a location from where the practice can continue if the current location is not usable due to disaster such as earthquake, fire or other and establishing points of contact for technology, communication and others.
Considerations for disaster can include the following: does your professional liability and/or business and/or disability and/or death policies cover the disaster; what would occur if you were not able to work for weeks or months or pass away; where would you relocate if you location was destroyed and uninhabitable for your office for weeks, months or years; what is your plan for loss of revenue in the event of disability, death or disaster; how would you maintain contact with clients and employees; how is your computer data backed up and how would you access if you could not get to your office; who is maintaining your computer system and many others.
As none of us know when death, disability or disaster will strike, contact us today to begin your business succession plan and disaster plan. Do not wait until it is too late.