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When I started practicing law as a Baby Boomer, I rarely, if ever, thought about retirement. I was too consumed with meeting billable hour goals and avoiding malpractice. On those rare occasions when I overheard colleagues discuss retirement, only three visions seemed possible. First, you died at your desk; second; you were physically present at your firm, but had mentally “checked out”; or third, your law firm forced you out at a seemingly arbitrary age. None seemed particularly attractive.
If you ask most attorneys whether they have planned for their retirement, most would answer “of course.” However, for the vast majority that answer would be very misleading. Sure, many have carefully thought about how much money they will need for retirement, but very few have thought about, let alone planned, how to transition from full-time work and what they will actually do when they retire.
Sooner, Rather Than Later
President John Kennedy once said, “The time to put on a new roof is when the sun is shining.” In other words, when it comes to retirement, you need to plan. Too many lawyers assume that their professional development should wind down at the same pace as their practice. Quite the contrary; in order to achieve a successful transition into retirement, one’s focus on professional development should be no less than it was when building your practice.
Why? First, whatever your retirement goal is, the chances are very good that it will require a few years to lay the groundwork to successfully make the change. Second, your colleagues may need to make some adjustments in how they manage their practices. Third, transitioning your clients will go smoother. With proper planning, you can determine and accomplish the most appropriate professional development objectives that you and your colleagues need to achieve.
Is It Time?
The first component of any retirement plan is “when.” The answer is never simple. Think about:
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