Something for you and your practice

by Frank C Kraemer

It’s a new year and time to think about doing new things, both for yourself and your practice. In this column, I would like to outline more information for you about the new CBA RRSP plan and information to help you and your firm plan for and deal with potential disasters.

First, allow me to speak about the RRSP.

CBA, together with the Canadian Bar Insurance Association have incorporated CBA Financial Services Corporation. It is through this corporation that financial services will be made available to members. One of the first services to be made available is a registered retirement savings plan. That plan is now available to you as a member, your family and your law firm staff. Existing amounts in RRSPs can be rolled over into the plan and, of course, new contributions can be made.

CBA Financial has entered into an arrangement to have the plan managed by Manulife Financial. CBA Financial has been able to negotiate very competitive management fee rates - 1 per cent less than current market rates. There are no front or backend loads or charges for joining or leaving this plan.

Manulife Financial is offering a broad range of investments to meet the diverse investment needs and desires of members. Account and investment information and ability to perform transactions are available 24/7 online and members can obtain answers to account, investment and retirement planning questions by phone during the day.

You can enroll in this plan online or through our CBIA representative, Mass & Company Financial Planning Inc. 604.688.8790 or toll free 1.888.477.5630. For further information visit www.cba.org/bc and click on the RRSP link.

The second topic I want to cover is law firm disaster planning. As you know, in the last year we have witnessed events such as the SARS outbreak, mad cow disease, a massive electrical failure in eastern Canada and the US, extensive forest fires in many parts of B.C. as well as floods. These horrific events that we once thought highly unlikely, now seem to be becoming almost common place.

In the same way, electrical failure, computer viruses, fires and floods can all cause very serious disruption to your practice. You cannot get a guarantee that a catastrophic event will not occur, but you can take preventive steps to reduce its impact and have a plan that will help you through it.

Recently, former National Treasurer Robert Patzelt, General Counsel and Group Risk Manager for Scotia Investments Ltd., delivered an online presentation entitled “Surviving Chaos In Times Of Crisis: Disaster Recovery For Small And Medium Size Law Practices.”

The presentation provides detailed information on steps to take to prevent disaster and how to develop plans for dealing with it should it occur. The full text of the presentation is available online through Practice Link at www.cba.org. The paper contains many useful suggestions and checklists and is well worth your consideration.

Finally, having just entered a new year, I would like to extend to each of you my best wishes for a happy, healthy and prosperous 2004. I look forward to working with you in the coming year.

This article was published in the February 2004 issue of BarTalk. © 2004 The Canadian Bar Association. All rights reserved.