Ethical Issues in the Law Business Affect Family’s Succession Plans

Johnnie Pratt

The HBO comedy-drama Succession has been a highly effective impetus for family-owned companies throughout America to get them to take into account who will consider more than upon the demise or retirement of the operator. That issue is the foundation of today’s tale, which started with an e-mail from “Robin” about how moral challenges in the law business enterprise could impact his company’s succession options.

Robin wrote, “Mr. Beaver, I am president of our spouse and children-owned marketplace analysis/marketing and advertising organization. At some time, I want to go the reins to our twin sons, both of those the latest faculty graduates who had been in a prelaw program and appear pretty jazzed on turning out to be attorneys. They advised us about how good becoming a law firm would be, describing lectures from their lecturers and guest speakers who were lawyers that painted a rosy photograph of the legal occupation. As we will need frequent consultation with lawful counsel, I designed them this provide: ‘I will spend for your authorized schooling. After passing the bar, get some expertise working in a law business that handles our forms of scenarios, and then turn into our organization attorneys, and when I retire, you just take about.’ They agreed, but then I raised an issue they experienced not thought of.

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