Browse Archives | Subscribe | Home

LawBiz® TIPS – Week of November 8, 2016

Retiring Minds Want to Know . . .

When should you retire? There is no “should” about it. The answer will vary depending on the person.

In the mid-1930s, with the passage of the original Social Security Act, the country needed to select a retirement age. The age of 65 was chosen because it reflected the average life expectancy at the time. In fact, according to one estimate, only about 2 percent of the population lived past age sixty-five. Today, however, the average life expectancy is approaching 80 years of age.

Consequently, many individuals—including lawyers—are ready, able, and willing to work past the traditional retirement age. In witness of that, according to one study by legal management consultant Altman Weil, the closer to retirement a lawyer gets, the more likely he or she is to oppose mandatory retirement ages. Interviews with a number of aging lawyers suggest that they don’t want to retire at the typical age, although they may want to work part-time only.

After all, with advances in modern medicine, we live longer and our quality of life is better. At the same time, owing to the effects of the Great Recession, if we retire, our finances may seem too tenuous to support our usual, or desired, lifestyle. Thus, many Baby Boomers are wondering when they should retire from the practice of law.

When coaching lawyers who want to leave the practice, I typically start with several questions that set the stage for all further deliberations:

  • Why do you want to leave your practice?
  • What do you want to do with your life once you leave the practice?
  • Do you want to quit working and retire, or do you want to start a new adventure?
  • Can you achieve the same objective without leaving the practice of law?
  • Are you really ready to let go?

How do these questions resonate with you?



Retiring Minds Want to Know . . .

Check out this month's special!

LawBiz® Registry: Buy or Sell Your Practice

Ed Poll on YouTube

Buy or Sell Your Practice 

Twitter Facebook Linked In YouTube
New Life After Law Coaching Program



"Ed's command of the podium and his connection and interaction with the audience were outstanding. His skills enabled us to successfully implement a new culture into the organization without damaging our relationships with outside counsel."

Torrance, CA

"When I had my own private practice as a solo practitioner, I wanted to run my office as efficiently and profitably as possible. I researched business coaches and discovered that most had "passive" models as their basis for coaching, i.e. they would promise all the things they would do for my practice without my having to invest time and energy into the process. I'm so glad I chose Ed Poll instead, for he had an "active" model, i.e. how much I got out of the coaching was directly dependent upon what I put into it. Over a period of six months, Ed conferenced with me and gave me weekly assignments for structuring my practice as well as giving me tips on how to work with clients from the initial interview through to the end of the case. After working with Ed, I didn't have a single outstanding account receivable over $500. The time I spent working with Ed was invaluable and I would recommend him to any attorneys interested in improving the quality and profitability of their practices."

Los Angeles, CA


Ed Poll, LawBiz® Management   |   |   |   |


©2016 LawBiz® Management. All rights reserved.

This LawBiz Tips E-Zine is categorized for the following audience(s):

This LawBiz Tips E-Zine is listed under the following categories: