Risk Managing Closed And Abandoned Practices


The Kentucky Bar Association Taskforce on Closed and Abandoned Practices has presented the Bar with an outstanding report for management of law practice closures. It addresses the issues from the perspective of the lawyer planning to close a practice and that of the lawyer who has consented to assist in the closing of a law practice.  The KBA describes this report as:

A Guide to Closing a Law Practice

There are many different reasons why a law practice closes, some are planned, for example – retirement, merging firms or entering public office, and others can be unplanned, such as an unexpected disability or death. While no single document or checklist can address all the possible questions or circumstances that will be encountered in the process of closing a practice, these materials attempt to address some of the basic guidelines and recommendations for an effective closure of a law practice.

The Guide is available for download on the KBA Website – click on Resources and then on Closed and Abandoned Practices. We strongly recommend that you include this in your professional reading.

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Disclaimer: The contents of this Web site are intended for general information purposes only and should not be construed as legal advice or legal opinion on any specific facts or circumstances. It is not the intent of this Web site to establish an attorney’s standard of due care for a particular situation. Rather, it is our intent to advise our policyholders to act in a manner which may be well above the standard of due care in order to avoid claims having merit, as well as those without merit. In the event any statement on the Web site differs from a statement in an issued policy the policy will control.