Is your Practice in Compliance
with Rule 16-119?
What does the rule say?
The New Mexico Supreme Court has mandated that all attorneys practicing law in the State of New Mexico have a written succession plan, either alone or as part of a firm plan specifying the steps to be taken in the event of an attorney’s extended incapacity from practicing law or in the event of the attorney’s death.
What does this mean for your practice?
You must have a plan in place that includes the provisions outlined by the NM Supreme Court. Specifically — notice, plan, communication with clients, and Certificate of Compliance registered with the State. Your plan must not only be created, but updated as needed and as circumstances change.
Business Law Southwest is here to help.
Business Law Southwest has a turn-key solution ready to ensure you are compliant with this requirement. We will draft a Business Succession Plan with all the elements listed in Rule 16-119. Moreover, we offer package options that can include ongoing maintenance to your plan, as well as plan execution.
Customized Services
The monthly subscription provides for an annual consultation from BLSW to ensure the plan still works for your practice. It includes any changes that need to be made in the plan and the drafting of new documents for the plan as needed. BLSW will also keep you in the loop with any future communication (or requirements) from the Bar related to this Rule.
In New Mexico, a Succession Plan requires the designation of an “Assisting Attorney” [as defined in Rule 19-116(A)(1)], who must be an actively licensed New Mexico attorney.
Our Assisting Attorney Option allows for BLSW to act as your Assisting Attorney in the event the plan needs to be executed. This means BLSW would be taking care of the required client contact and referral of open business to new attorneys to move forward with existing matters — according to your directives.
This is great for solo practitioners who don’t have an Assisting Attorney.
In addition to having the monthly subscription service, the Plan Readiness Service involves BLSW pushing an up-to-date complete Business Succession Plan Package to your Assisting Attorney. Included in this package are current client lists, pre-drafted client contact communication, and updated Succession Plan Content.
This is a great option for solos or small firms, who wish to designate a competitor as their Assisting Attorney, yet don’t want to “turn over the keys to the kingdom” so to speak. The critical and secure information of your firm stays with Business Law Southwest, unless and until your Succession Plan needs to be executed. Then, BLSW will provide the relevant information and assist your Assisting Attorney.
Call Us Today
consult with an experienced Business Succession Planning Attorney