» Attorney Retirement

If there was ever a wake-up call for solo and small law firm owners to create their succession plans, it is now. COVID-19 is a serious health risk that, as I write, is showing no signs of when it will go away.

One retirement exit strategy often considered by solo practitioners and small law firm owners is the "recruit your successor" one. The idea behind this strategy is to find a young, inexperienced lawyer who is then groomed to take over the practice.

I was recently reading the business section of my local newspaper and came across an article on the importance of having a will. The focus of the article was on how to prevent people from delaying getting the task accomplished. The writer asked several financial planners for the best strategies they use to help their clients complete this task.

Last month, I went out to dinner with some friends. One friend announced to the group that, after working for a large telecommunications company for more than 25 years, he was being offered an opportunity to retire early with some very nice incentives. He further informed us that he had intended to retire within the next year. So, the offer was not going to change his planned retirement date in any significant manner.

More lawyers are working well into their 70s. Indeed, I am no longer surprised when I meet lawyers still practicing in their 80s. What’s behind this growing trend of aging attorneys?

For most lawyers, the decision of when to retire is rarely black and white. Instead, the choice comes with lots of gray (that goes along with your gray hair!). To help you answer the question, “is it time to retire?”, think about these questions: Do you still have the fire in your belly? Are you still excited about going into the office, or do you dread the thought? Have you been on the receiving end of subtle or not-so-subtle suggestions from family, friends or colleagues that perhaps it’s time to slow down? How do you feel physically? Is your mental edge still there? How often do you have “senior moments?” How healthy are your parents? Will you need to help them through their own sunset years? How is your spouse’s or s…