Browse Archives | Subscribe | Home

LawBiz® TIPS – Week of February 13, 2018

Retiring from Law? Ask Yourself 5 Very Important Questions

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 truly ready to let go?

How do these questions resonate with you?



Retiring from Law? Ask Yourself 5 Very Important Questions

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



"I felt 'stuck,' but I didn't know how to market myself to clients or to other firms. Ed provided a solid rounding of me to evaluate my current situation and a platform from which I could start growing my own practice."

San Francisco, CA

"I look at Ed as my business partner now—my once a week essential business meeting to take the pulse of my practice. During our one-hour phone conversations, we hash out the larger and smaller business challenges of my law firm. I always come away from those conversations enlarged, challenged, and sometimes even quite shaken, but with the tools necessary to move forward down the path he and I are constantly redefining for me and my firm."

Northern California


Ed Poll, LawBiz® Management   |   |   |   |


©2018 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: