Estate planners routinely advise clients on legacy and succession, yet many practices remain underprepared for their own transitions. W&P Legal’s Steina McKenna explains what estate planners need to think about to protect the future of their own businesses.
Estate planners understand better than many the importance of forward planning. However, across the profession, many firms have yet to formalise their own succession strategies.
A significant proportion of practitioners are approaching retirement age, particularly within smaller firms and sole practices. For many, will writing is often a second career and, either due to lack of time, uncertainty around valuation or the absence of obvious successors, there is little consideration given to structured plans for leadership and ownership transition.
In a sector built on trust, long-term relationships and continuity of service, this gap presents a growing challenge.
A profession built on trust
The estate planning landscape is evolving, with increasing regulatory scrutiny and more complex client needs. Continuity in knowledge, process and compliance is essential, particularly during periods of transition. Many practices are heavily reliant on individual advisers. Where relationships are not transferred effectively, there is a real risk of client loss, especially in personality led firms.
The barriers to effective succession planning are myriad. The demographics of the community, an ageing professional base and fewer new entrants are creating a potential bottleneck in ownership transition.
Without early planning, firms may face limited options when principals choose to exit. Many firms are sole practitioners or sole directors with few internal candidates ready to step into leadership roles. Founders, who are often personally attached to the business, may delay planning due to their reluctance to step back.
The value of will writing businesses, particularly where so much is done on trust and personality, can be difficult to measure for acquirers and, as with most of us, the day job simply gets in the way of long term planning.
Reframing succession
Overcoming these barriers requires reframing succession as an ongoing strategic process rather than a one-off event.
There are broadly three options for business owners. One, identify a future leader in the organisation and nurture them. This can be a good way of maintaining continuity and culture but requires early planning and investment in training and responsibility-sharing.
The second option is to sell the business, or merge with another practice. Herein are two further options: an asset sale involving buying or selling specific physical and intangible items like equipment, inventory and intellectual property belonging to a business or an equity sale, which involves the buyer purchasing the shares or ownership stakes of the company itself from the existing shareholders. There are benefits and drawbacks to both, and success depends on alignment in client service standards and professional values.
A third option is a phased transition, or handing over relationships and responsibilities in a controlled way to third parties. This can help maintain client confidence while supporting knowledge transfer. These can sometimes be in the form of locum and continuity arrangements; reciprocal agreements between practitioners which provide a structured contingency plan in the event of illness, absence or unexpected incapacity, ensuring that client work can continue without disruption.
For sole practitioners in particular, having a trusted professional who can step in, whether temporarily or as part of a longer-term transition, can safeguard client outcomes while preserving business value. These arrangements can also operate independently of a full succession plan, offering flexibility where a permanent exit route has not yet been determined.
Start now
For practices yet to formalise a plan, the key message is to start now. The earlier succession is addressed, the more options are available. A multi-year approach allows for smoother transitions and stronger outcomes.
Starting enables you to understand where client relationships and operational knowledge sit. Where there is heavy reliance on one individual there are vulnerabilities. Start working to plug those gaps. Succession discussions can be sensitive but are necessary. Engaging early with team members, partners or external advisers can unlock viable pathways forward.
In the interim, firms should consider more immediate protections. Locum agreements, documented procedures and access to key information can all ensure continuity in unforeseen circumstances. A clear, structured plan provides certainty and direction. It should outline timelines, roles, and contingency arrangements.
Succession planning should not be treated as a future consideration or a last-minute decision. Instead, it should form part of a firm’s broader strategic planning framework. Estate planners are uniquely placed to understand the consequences of failing to plan ahead. Applying these same principles to their own practices not only protects business value but also ensures continuity for clients and stability within the sector.
As the profession continues to evolve, those who approach succession proactively will be better positioned to navigate change secure the long term future of their business.
About the author
Steina McKenna leads the Client Engagement team at W&P Legal, focusing on building meaningful relationships and making estate planning accessible and straightforward for individuals and families. She works closely with clients and referral partners to ensure they understand the value of wills, probate and legacy planning. Steina develops partnerships with organisations and professionals to expand access to legal services and supports community initiatives such as bereavement cafés and awareness events. She has a particular focus on succession planning, helping businesses look beyond assets to consider who will take on key roles and their responsibilities.
