40 ASIAN LEGAL BUSINESS – JUNE 2024 WWW.LEGALBUSINESSONLINE.COM THE BACK PAGE PREPARING YOUR SENIOR PARTNERS FOR RETIREMENT BY SHARON MEIT ABRAHAMS Many attorneys approaching retirement age find themselves resisting the idea of stepping away from their legal careers, even as most people eagerly anticipate retirement. “Lawyers who have something to look forward to in retirement and realise they have many options ahead, readily plan for it, says Ida Abbott, the author of the book Retirement by Design. “But some lawyers have worked so long, so hard, and so successfully that their work has become their primary source of purpose, value, and identity.” Teresa Rider Bult, administrative partner and general counsel at Constangy, Brooks, Smith & Prophete, concurs, adding that for many lawyers, it may be “daunting to move from practicing 60 to 80 hours a week to doing nothing.” There are four main reasons why lawyers avoid retirement: Loss of identity — Lawyers grapple with the question of who they are beyond their legal roles. Resistance to exit — The thought of not showing up at the office becomes unimaginable. Fears about transitioning — The uncertainty of moving away from a familiar routine looms large. Failure to succession plan — Many attorneys lack a clear roadmap for the next phase of their lives. To guide attorneys toward retirement, it is essential for their law firms to help them grapple with possibilities beyond their legal practice. Michelle Shultz, managing partner at Schulz Trade Law, agrees that the thought of retirement may be difficult for lawyers. “Ageing and retirement are a challenge for anyone regardless of their profession,” she explains. “[For] lawyers, it could be even more difficult because their identities are very much tied to their profession, and it’s hard for them to let go.” What are the options? Many attorneys derive intellectual stimulation from their active law practice and often worry that retirement would entail losing this mental engagement. The key lies in having something to retire to rather than merely a desire to retire from their legal practice. Firms can play a pivotal role in supporting attorneys during this phase by introducing novel and intriguing activities for their post-practice life. Firm leaders should consider the following possibilities for their retiring attorneys: Exploring new careers — Some attorneys may choose to leave their law practice for an entirely different career path. Part-time fun jobs — Working part-time in an enjoyable role can provide a balance between leisure and productivity. Lifelong learning — Returning to school to acquire new skills or simply for the joy of learning is an enriching option. Financial optimisation — Reducing living expenses to sustain retirement through social security, investments, or savings. Wanderlust — Traveling to explore new horizons. Volunteering — Contributing expertise to mentoring organisations or other business-focused agencies. Relocating — Moving to areas or countries with a lower cost of living. Family time — Spending quality moments with family, especially grandchildren. As attorneys approach retirement age, their law firms should encourage them to step back from regular practice and explore alternative ways to leverage their experience. “The practice of law provides great flexibility,” says Michael Downey of Downey Law Group. “Lawyers often appreciate having some way to use their experience, or to continue to earn some money.” He recommends that retiring attorneys consider more pro bono, arbitration, or mediation work. Law firm support Firms can provide valuable support by designating a key leader, external consultant, or coach to engage with senior attorneys as they approach their 60s. These professionals initiate discussions to assess several critical aspects, including: Envisioning retirement — Senior attorneys are encouraged to describe their vision for the first week of retirement and reflect on their emotions associated with this transition. Spousal perspectives — For those who are married or have significant others, understanding their partner’s feelings about retirement becomes essential. Residence considerations — The choice between staying in their current home or relocating to a warmer or colder climate merits thoughtful consideration. Health assessment — An honest evaluation of their current health status also informs retirement planning. Legacy or financial priorities — Attorneys must weigh whether they wish to leave a lasting legacy or prioritise financial security. Navigating retirement can indeed be daunting, and candidates benefit greatly from robust support as they embark on this significant life transition. Sharon Meit Abrahams is a legal talent development expert with more than 25 years of experience helping firms implement and manage DEI and professional development initiatives. A version of this piece was originally published by the Thomson Reuters Institute. Reprinted with permission. Asian Legal Business is seeking thought-provoking opinion pieces from readers on subjects ranging from Asia’s legal industry to law firm management, technology and others. Email ranajit.dam@tr.com for submission guidelines.
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