Closing a law firm can be a daunting task.
There are many considerations attorneys must take into account, and the process itself takes time due to obligations to protect client information as well as the interest of the clients.
The ISBA’s Closing a Law Firm Consideration Checklist provides a breakdown of the basic framework and issues to consider when closing a firm, including the following:
- Client lists
- Firm’s files and records retention information
- Insurance policies
- Designating another attorney to close the practice in the event of death or incapacitation.
The checklist is one of many member resources available at Practice HQ, the ISBA’s one-stop microsite for practice management and technology information. Organized by the life cycle of a law practice, Practice HQ can help you start a firm, build, manage, protect, or wind down. Practice HQ content is members-only; you must log in to the ISBA website for full access.