While many firms counsel their clients about the importance of succession planning in their commercial ventures, these issues are less commonly discussed and considered within law firms.  Karen MacKay, in her recent article, Leading Change: Transitioning Partners to Retirement (published in the September/October 2013 issue of Law Practice Magazine) points out that:

A successful generational transition requires generosity, respect and trust. It requires putting the firm and its clients first. The tension between doing what is right for the firm and what is right for the individual is fraught with challenges. It is a delicate balance—but go ahead and take the lead. Begin the dialogue. You can’t duck this one.

There are of course also financial considerations that need to be addressed.  These are outlined in another article, by MacKay and Steven Mabey, Financial Aspects of Succession Planning.

The Canadian Lawyers Insurance Association provides loss prevention information solely for the benefit of CLIA insured lawyers. The content and links provided in Loss Prevention eBytes are intended as resources to qualified lawyers who should exercise due care and their professional judgment in adapting or making use of any content.

Whether it is toner cartridges or petty cash, no firm wants to deal with internal theft.  There are a number of practical steps you can take to avoid this scenario in your firm as outlined in the recent article Preventing Theft and Fraud within Your Law Firm (September/October 2013 issue of Law Practice Magazine), including:

• Implementing accounting software controls
• Establishing a reporting program
• Tracking and monitoring inventory of supplies
• Taking due care in hiring
• Purchasing insurance to cover employee dishonesty

As is frequently the case, a proactive approach to identify and minimize your risk is the best way to address this issue in your office environment.