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Start 2024 By Considering The Synergy Between Retirement and Succession Planning
This past year, I spent time with small firms discussing their future, focusing on the topics of attorneys retiring and succession planning. These critical issues are often overlooked at the management level of law firms. A key question arises: What should come first, retirement or succession planning? Although they go hand in hand, my experience shows that many firms avoid addressing both.
Surprisingly, many attorneys of retirement age resist retiring, a contrast to the general anticipation toward it. I explored what makes attorneys unique in this regard. The author of Retirement by Design, Ida Abbott says, "Lawyers who have something to look forward to in retirement and realize they have many options ahead, readily plan for it. 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." From discussions with firm leaders, four main reasons for this resistance emerged:
- Loss of identity
- Reluctance to leave
- Fears about transitioning
- Failure to succession plan
To encourage attorneys toward retirement, firms should help them grapple with what they will do next. Appointing a key leader, an outside consultant, or a coach to meet with senior attorneys starting around 60 years old can be effective. These individuals should discuss whether the attorney can afford to retire, determine if they are psychologically ready, and, most importantly, if they are emotionally prepared for the next phase. Consider these questions to engage senior attorneys:
- How is your current health?
- If married or with a significant other, how does your spouse/partner feel about you retiring?
- Do you want to leave a legacy or spend all your money?
Retirement can be a daunting transition, so candidates need as much support as possible to move forward.
Envisioning activities like writing a mystery novel or playing tennis daily can make retirement more appealing. Firms can assist their attorneys by introducing them to new and interesting activities they can pursue post-retirement, such as:
- Starting a new career after leaving law practice.
- Relocating to an area or country with a lower cost of living.
- Spending more time with family, especially grandchildren
As attorneys approach retirement age, the firm should encourage them to step back from regular practice and focus on other ways to use their experience. David Ernst, of Ernst + Bernick LLC, retired after 30 years of practice and became a consultant focusing on law firm succession planning, said he decided to "start consulting in this area after completing [his] own succession journey because [he] wanted to help normalize discussions around succession planning in law firms."
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