By Paul Luvera
Retirement is an issue all attorneys must consider at some point in their professional life. The decision can be difficult. Theologian William Barclay’s book of daily meditations, Day by Day recounts that when he was considering retiring as pastor at his Scottish church, he discussed it with a member of his congregation. His friend advised him: “It’s a wise man who knows when to lay down the wheelbarrow.” Knowing when and how to quit is a gift. Having the wisdom to know when to make a change can be difficult, but clearly “when the fire goes out” it’s time to make a change.
Some lawyers say they will never retire, but, at some point, most, lawyers grow tired — tired of the endless demands of clients; tired of the nonstop requirement of billables, receivables, and collectibles; tired of the endless routine of business development; tired of trying to explain to newbie lawyers why their “great case” isn’t so great, and why the case needs to resolve. At some point, retirement is the logical decision in almost every lawyer’s life.
Factors Involved in Deciding Whether to Retire
1. Fearing Their Loss of Identity
For many lawyers who have reached retirement age, one of the most significant factors is fear of losing their professional identity. Building a successful law firm takes many years, and it’s hard for them to step away from their profession and success. This fear can easily be alleviated as you approach the age of retirement by taking an inventory of your personal life. This will help you find fulfilling replacements for legal work that will include intellectual stimulation, creativity, physical activities, and social life. These activities all give you a sense of purpose and usefulness that can be as fulfilling as the law.
2. Fear Feeling Irrelevant
A fear of feeling irrelevant after retirement is not unnatural among lawyers. During a legal career, law practitioners face some challenging issues and legal representations. The satisfaction of successfully representing clients’ needs is both daunting and exciting, the type of satisfaction that is not easy to find. The concern of leaving this behind is perhaps best served by staying relevant. Your knowledge and experience can prove helpful in many ways within your community, whether you decide to volunteer, take on freelance work, become an activist, or even take pro bono cases on your own or through legal services.
3. Fear of Change
Change causes anxiety in most people, but it can only be reduced if addressed. So, think about why you fear the changes retirement will bring and replace it with a bucket list of exciting experiences your obligations have denied you.
4. Financial Anxiety
Even very successful lawyers can be concerned about income unpredictability after retirement. Attorneys are accustomed to controlling their financial future. Retirement means relinquishing that control, which can produce apprehension.
5. Emotional Attachment to Clients and Causes
Many Attorneys see their work as a moral mission—standing up for people who have been harmed, representing people who need help and solving legal issues in client’s lives. Retirement means abandoning that role or leaving unfinished work. Finding substitutes for providing the same services should be researched as part of the retirement planning.
Factors to Consider When Retiring
1. Plan the Timing Carefully
Attorneys often remain effective well into later years, but retirement should ideally occur while the attorney is still respected and competent, not after declining stamina or health forces the decision. Questions to consider: Do I still enjoy the work? Do I have the energy for the demands of trial preparation? Am I practicing at the level my clients deserve? Leaving while still at the top of one’s reputation preserves a lifetime of professional credibility.
2. Transition Active Cases Responsibly
Attorneys can be involved in long-term representation of individual clients. Ethical retirement requires protecting client interests; informing clients about any transition; associating competent successor counsel and clearly documenting fee arrangements under the rules of professional conduct.
3. Choose and Mentor Successors
Successful practice usually includes knowledge, case strategies, and client relationships developed over decades. Retirement becomes more meaningful when a lawyer mentors younger attorneys and helps transfer skills and institutional knowledge. Also, one should introduce successors to referral sources and colleagues.
4. Choose a Gradual Withdrawal
Instead of stopping without planning, organize a gradual procedure for retirement. Think about shifting roles. In a trial practice, this can involve moving from lead trial counsel to advisor; accepting fewer new cases; focusing on case evaluation or strategy and acting as a mentor. A gradual approach helps maintain purpose while easing the transition.
5. Preserve the Legacy of Practice
An attorney’s reputation often reflects decades of legal work and service to clients. Retirement planning may include such things as organizing files and records and documenting firm procedures. This allows the lawyer’s influence to continue even after active practice ends.
6. Create a Meaningful Next Chapter
The practice of law often consumes most waking hours. Successful retirement requires replacing that structure with purposeful activities, such as teaching or lecturing; writing articles or memoirs about the law; mentoring young lawyers; and public service, philanthropy, or pro bono work. The goal is not merely to stop practicing, but to redirect experience and wisdom in new ways.
Legal work as an attorney involves physical and mental strength and endurance. It can be tiring, stressful, and intense. The advantage of experience, savvy, and skills learned can only compensate for the required work, stress and involved time involved with aging. When it is apparent the logical choice is retirement, develop a plan to do it correctly.
Paul Luvera is the retired founder of the Luvera Law Firm. He is past president of the Washington Trial Lawyers Association and a fellow of the American College of Trial Lawyers. He can be contacted at paul@luvera.org.
