Blog

July/August 2024

Law firms that call me to discuss partner retirement and succession processes almost always ask about “best practices.” Because there has not been much interest or activity regarding partner retirement until recently, there are no clear answers. I tell them about various firm policies and practices that I consider excellent, and also suggest how they can create their own. But for me to advise firms on how they can best help their lawyers retire in a way that satisfies the needs and interests of both the retiring lawyers and the firm, I would like to know what my readers are thinking and doing in this area.

Many of you are retired, retiring or planning to retire in the next several years. And even if you’re not, you likely know other lawyers who are. So, I have created a brief survey to ask about your experience – how you’re approaching retirement and client succession, if and how your firm is supporting you, and what you would like your firm to do. It will take no more than 10 minutes to respond. Feel free to send the survey link to any lawyers you know, in your firm or elsewhere, who might want to participate. Here’s the survey link.

Please note that this survey is confidential. You do not need to provide your name unless you want me to follow up with you or to send you a summary of the…

Have you noticed that retirement has become a popular topic of books, articles, webinars, and other media? The attention is warranted – and urgent- because more people are reaching what we think of as “retirement age” than ever before in history: more than 4.1 million Americans each year, or more than 11,200 people every day, are turning 65. (This period is actually trademarked “Peak 65.”) And since people are also living longer, healthier, more active lives than ever before, they may spend 30 or more years in retirement. So as a society – and as a profession – we are beginning to talk very openly about redefining what retirement means, including what will have to change to accommodate new approaches to work and retirement.

The demographics of the legal profession make the need to reconsider retirement even more imperative.  Nearly 14% of lawyers, or about 1 in 7, are over 65. That’s double the percentage of all US workers over 65 (7%). The median age of lawyers is 46.3, which mean that more than half of all lawyers are over that age; in fact, 67% of lawyers are 40 or older.

This makes it likely that most law firms have a substantial number of lawyers in their 60s, 70s or older. In fact, one demographic analysis found that in 2022, 36% of partners at Top 200 law firms were past or nearing 65 and 6% of partners were 71-88 years of…

In the last few weeks we have witnessed this question play out on the national stage. The events that led to President Biden’s decision not to seek re-election was a lesson for law firm partners of any age about the need to accept and plan for retirement. I have written and spoken frequently about how to approach the question of timing, since the situation is unique for every individual. (See, e.g., The Right Time to Retire: How Do You Know?) But here are a few thoughts that might be helpful to some of you.

• Pay attention to your mind and body. Some people advise leaving practice while you’re “on top.” But a lawyer’s career arc spans decades, and you may stay in top form for a long time after you’ve peaked. The key is to be honest with yourself about where you are on the downward curve of that arc. When your performance starts slipping, or you don’t have the energy or enthusiasm you used to have for work, it’s time to start developing plans for a post-career future.
• You be the one who decides. If you want to be one who decides your retirement date, then set one. The last thing you want is for others to tell you it’s time to go; at that point, you have held on too long and your options may be reduced. You want to make your retirement decision…
  
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