Illinois State Bar Association Assembly Approves Proposed Rule on Succession Planning
The Illinois State Bar Association Assembly approved a proposed rule on succession planning for lawyers during the 2018 Annual Meeting.
It would require all Illinois licensed private practice lawyers to name a designated representative on their ARDC registration documents or certify that they have made a similar designation in a succession plan or other valid document. The designated representative would have the authority to take limited fiduciary action in the event that the designating attorney dies, becomes disabled, disappears, or abandons the practice.
The aim is to provide a temporary safety net for the designating attorney’s practice and his or her clients until a permanent response can be implemented.
A number of ISBA section councils and standing committees commented on the proposal. Many of these comments were incorporated into the rule debated by the Assembly. Several Assembly members spoke in favor of the proposed rule, focusing on potential hardships on a lawyer’s family and clients, but also on a need to provide some protection for lawyers stepping in to help address a difficult situation.
The proposed rule will now be sent to the Illinois Supreme Court for consideration.
Member Comments (2)
Just one more add-on requirement that may just force me to full retirement instead of a limited practice. As a solo practice attorney with a now limited practice due to preparation for retirement, I find this requirement cumbersome and an overreach of bureaucratic oversight authority.
We recently have seen the inclusion of new CLE requirements, which I also find unnecessary. What's next?
I spoke and voted in opposition at the Assembly. Not every good idea should be a legal requirement. Such planning should be encouraged, and could be the subject of an ISBA bylaw encouraging best practices. Maybe the Supreme Court will see it that way, too.