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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.  Nearly 14% of lawyers, or about 1 in 7, are over 65. That’s double the percentage of all US workers over 65 (7%). The median age of lawyers is 46.3, which mean that more than half of all lawyers are over that age; in fact, 67% of lawyers are 40 or older.

This makes it likely that most law firms have a substantial number of lawyers in their 60s, 70s or older. In fact, one demographic analysis found that in 2022, 36% of partners at Top 200 law firms were past or nearing 65 and 6% of partners were 71-88 years of…

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.

• Pay attention to your mind and body. Some people advise leaving practice while you’re “on top.” But a lawyer’s career arc spans decades, and you may stay in top form for a long time after you’ve peaked. The key is to be honest with yourself about where you are on the downward curve of that arc. When your performance starts slipping, or you don’t have the energy or enthusiasm you used to have for work, it’s time to start developing plans for a post-career future.
• You be the one who decides. If you want to be one who decides your retirement date, then set one. The last thing you want is for others to tell you it’s time to go; at that point, you have held on too long and your options may be reduced. You want to make your retirement decision…
  
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Some law firms needlessly lose a significant amount of business when senior partners retire. Yet anticipating and preparing for those retirements with an effective client succession process can ensure that handovers go smoothly and clients stay with the firm when the relationship partner retires. This protects the firm’s finances and stability and has numerous other benefits as well.

Highlights of this issue:
• How partner retirements can lead to lucrative business opportunities for a law firm.
• Retirement resources that may be helpful.
• New publications that may interest you.
• My upcoming speaking engagements. If you’ll be in any of the cities where I’ll be, let me know if you’d like to get together.

Retirement and Client Succession
Partner retirements present valuable opportunities that too many law firms overlook. In firms of all sizes, senior partners often represent a large percentage – sometimes the majority – of the partners who control major client relationships and generate a disproportionate percentage of firm revenues. This means that their retirement can have a terrible, even catastrophic, financial impact on the firm if their clients decide to take their business elsewhere. After all, clients frequently use an outside lawyer’s retirement as a chance to look around for new representation, and in this competitive climate, there are many firms for them to choose from.

On the other hand, a partner’s pending retirement can give your firm numerous lucrative opportunities. If managed properly, transitioning clients to other lawyers in your firm can…