2024 Retirement Best Practices Survey

July/August 2024

Law firms that call me to discuss partner retirement and succession processes almost always ask about “best practices.” Because there has not been much interest or activity regarding partner retirement until recently, there are no clear answers. I tell them about various firm policies and practices that I consider excellent, and also suggest how they can create their own. But for me to advise firms on how they can best help their lawyers retire in a way that satisfies the needs and interests of both the retiring lawyers and the firm, I would like to know what my readers are thinking and doing in this area.

Many of you are retired, retiring or planning to retire in the next several years. And even if you’re not, you likely know other lawyers who are. So, I have created a brief survey to ask about your experience – how you’re approaching retirement and client succession, if and how your firm is supporting you, and what you would like your firm to do. It will take no more than 10 minutes to respond. Feel free to send the survey link to any lawyers you know, in your firm or elsewhere, who might want to participate. Here’s the survey link.

Please note that this survey is confidential. You do not need to provide your name unless you want me to follow up with you or to send you a summary of the results.

Also in this Issue:

  • When’s the right time to retire?
  • Demographics explain why law firms need to plan – and help partners plan – for retirement
  • Upcoming programs
  • Recent programs now available as recordings
  • In the News

When’s the right time to retire?

In the last few weeks we have witnessed this question play out on the national stage. The events that led to President Biden’s decision not to seek re-election was a lesson for law firm partners of any age about the need to accept and plan for retirement. I have written and spoken frequently about how to approach the question of timing, since the situation is unique for every individual. (See, e.g., The Right Time to Retire: How Do You Know?) But here are a few thoughts that might be helpful to some of you. Read more: When’s the right time to retire?

Demographics explain why law firms need to plan – and help partners plan – for retirement

Have you noticed that retirement has become a popular topic of books, articles, webinars, and other media? The attention is warranted – and urgent- because more people are reaching what we think of as “retirement age” than ever before in history: more than 4.1 million Americans each year, or more than 11,200 people every day, are turning 65. (This period is actually trademarked “Peak 65.”) And since people are also living longer, healthier, more active lives than ever before, they may spend 30 or more years in retirement. So as a society – and as a profession – we are beginning to talk very openly about redefining what retirement means, including what will have to change to accommodate new approaches to work and retirement.

The demographics of the legal profession make the need to reconsider retirement even more imperative. Read more: Demographics explain why law firms need to plan – and help partners plan – for retirement

Upcoming programs

Aging Solo: Empowering Women for a Fulfilling Future. August 22, 2024, Nancy Combs, Judith Droz Keyes and I will discuss one of the fastest growing demographic groups in the US: women over 50 who are aging solo. Sponsored by the National Association of Women Lawyers (NAWL) Women Revolutionizing Retirement Affinity Group.

The National Legal Mentoring Consortium‘s next virtual conference is Thursday, October 24, 2024. The conference will feature Oregon Supreme Court Justice Meagan Flynn discussing how Oregon is using mentoring and apprenticeships as an alternative to the bar exam. Other important topics will cover the intersection of mentoring and AI, civility, and technology. Registration, agenda and additional information can be found here.

Recent recorded programs

In the News

Thomsen Reuters published a 2-part series on “Practice Innovations” regarding partner retirement and succession planning. Both articles were written by Sharon Meit Abrahams and cited my work.

Looking for guidance or assistance? 
If you or your firm would like to discuss how I might be able to help you address retirement and succession issues, or if you’re looking for a speaker on this subject, please get in touch with me.