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

HBO comedy-drama succession There is a strong incentive for family-owned businesses across America to consider who will be responsible for the owner’s death or retirement. That issue is the basis of today’s story, which begins with an email from “Robin” about how ethical issues in the law business can affect his firm’s success plans.

Robin wrote, “Mr. Beaver, I am the director of our family owned marketing/marketing company. At some point, I would like to hand over the reins to our twin sons, both recent college graduates in the elementary program. They seemed very excited to be lawyers. They told us how great it would be to be a lawyer, described lectures by their teachers and guest speakers who were lawyers and painted a rosy picture of the legal profession. As We need constant consultation with legal counsel, I suggested to them: ‘I will pay for your legal education. After passing the bar, get work experience in a law firm like ours. Dole handles the cases, and then become our firm’s lawyers, and when I retire, you take over. They agreed, but then I brought up an issue they hadn’t considered.



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