Many jurisdictions require lawyers to keep client records for years after the end of representation. For example, Missouri requires attorneys to keep a client`s file safe for six years after the attorney-client relationship is concluded or terminated. A lawyer may waive this obligation after a written agreement between the lawyer and the client has documented the informed consent. From individual lawyers to large law firms and everyone in between, the benefits of accepting credit cards are undeniable. Now you can start accepting loans. ____ Meet with your accountant to discuss the dissolution of your business, seek tax advice, set the schedule for preparing the final financial statements, determine which state and federal agencies need to be notified, and more. Being able to create clear documentation on when and how you informed your clients of the closure of your law firm will help if clients do not take steps to protect their own interests. Once you are able to choose a future date, the next step-by-step process of closing your law firm will begin. Don`t try to close your law firm immediately. Closing a law firm will likely require several months of action. The advantage of using cloud services like Clio is that they offer monthly contracts.

If you need to close your law firm, it`s easy to terminate your contract with notice. For more information, please see our Terms of Use. And here`s even better news: Lawyers Mutual has compiled a treasure trove of checklists and resources to safely guide you through the process. For example, take a look at this office closure infographic that provides valuable tips at a glance. How do you make sure your business processes are as good as possible? Discover eight ways your business can improve its processes. (Note: This is a summary version only. Click here to download the full checklist.) If this sounds like a bunch of steps to choosing a date, start understanding the scope of activities required when closing a law firm. The risk covered by malpractice insurance doesn`t go away just because your law firm has closed.

Investigation and limitation periods for malpractice claims will continue long after the law firm closes. Some guidelines may be supplemented by a « tail policy ». A tail policy extends coverage for claims related to your current coverage, but does not cover claims against actions taken after your professional liability insurance expires. Most insurance companies refer to tail policies as Extended Reporting Endorsements (USAs). If you hold escrow funds for a client, your closing letter should also discuss the amounts and how refunds are processed. Once you`ve set a date, it`s time to let clients know you`re closing your law firm. It`s important to document the proper communication your business makes for customers. While there are many reasons to close a law firm, there are also many reasons to reopen one.

Tools like Clio will always be ready to help you get back on track in the future. « Of course, while escaping for a vacation has proven difficult in the past, the idea of escaping forever can seem really daunting, » sheila Blackford and Peter Roberts, practice management consultants, write in ABA Law Practice Today. « Ideally, you`ll have defined your itinerary long before the doors actually close. In any case, of course, the interests of your customers must come first. If you`re selling your law firm, entrusting it to a new owner, and/or simply have a plan for unforeseen circumstances, be sure to read our Succession Planning Guide for Law Firms. Before you even start liquidating your law firm, stop taking on new business. Any new client you consult could become a potential conflict if you close your law firm. Talk to other lawyers about recommendations and fee splitting for cases that come your way. Transferring cases could generate revenue even if you start closing your law firm. Common reasons why lawyers close their practice include a medical disability, a desire to retire, a move out of state, or a career change.

While the specific actions to be taken and the time frame can vary greatly depending on the reasons for the closure and the nature of the closed firm, the following checklist covers the basics of what most lawyers should think about. An accomplished lawyer approaches the closure of his law firm as a project. You need to make plans to approach the closure and manage responsibilities after closing. Here we go over the steps you need to follow when closing a law firm. Consider this your checklist for dismantling your law firm. ____ Notify the court. In cases with hearing dates, statements or hearings pending, it is discussed how to deal with each client. Request renewals, continuations, and audience resets if necessary.

Send written confirmation of these changes to the opposing lawyer and your client. Obtain permission to file an application and withdrawal order as a registered lawyer. There are many reasons to close a law firm. Maybe you`re a solo lawyer joining a larger law firm as a new partner, maybe you`ve taken on an in-house position or are retiring. In any case, closing a law firm may seem simple. Turn off the lights and lock the door on the last day.