Retirement Best Practices Survey and “Unretirement”

The 2024 Retirement Best Practices Survey I wrote about in my previous newsletter is still open. The survey is intended to ascertain what law firms can do to support lawyers through succession planning and retirement. If you are a lawyer who is retiring now, planning to retire soon, or starting to think about retiring, I hope you’ll answer the survey questions. And if you know lawyers who fall into any of those categories, please forward the link to them and ask them to complete the survey. It takes only 5-10 minutes and is completely anonymous; whether you include your name or firm is entirely optional. https://www.surveymonkey.com/r/IdaAbbottSuccessionPlanning 

Here’s how my survey can benefit your law firm specifically: If your firm has at least about 25 partners to whom this survey is directed, or if your firm is part of a law firm network whose total number of partners is sufficiently large, I can create a dedicated link for your firm or network. (A substantial number of potential respondents is necessary to generate enough responses.) The survey questions will remain the same but the dedicated link will produce firm- or network-specific data that will be directly relevant and highly useful to your firm or group as it manages partner succession and retirement. If you would like a dedicated link or for more information, please get in touch with me.

UN-RETIREMENT
‘I flunked retirement.” I’ve heard that line many times when I speak with lawyers and other professionals who have returned to work after retiring from practice. This pattern is becoming common because so many people who retire today are not ready, physically, mentally or emotionally, to stop working completely, especially when they can expect to live another 2-3 decades or more. One of the by-products of this increased longevity is “unretirement.”

More and more, people who retire continue to work in some capacity. (I wrote about this in more detail in a 2021 article for the ABA, “Retirement is no time to stop working”.) Some lawyers build work into their retirement plans while others return to work after realizing they are bored or floundering or feel a need to be useful. For some, the need is financial. For most, however, it is because of a desire to find the purpose, structure and human interactions that work used to provide. Traveling, seeing family, and taking it easy is great for a while, but retirement goes on for years. An extended period solely at leisure can become less than satisfying for lawyers who have spent decades building a career and maybe a firm, serving clients and overcoming complex challenges, contributing to society and making an impact on the world. Many lawyers become disenchanted, restless and unhappy – so they “unretire.”

In fact, the number of retirees in the workplace is soaring. According to the Pew Research Center, the workforce aged 65+ has nearly quadrupled in size since the mid-1980s, and workers aged 75+ are the fastest growing age group in the workforce. Moreover, 45% of employed older adults consider themselves to be retired. Many of them work part-time, on a project basis, in the gig economy, or in another non-traditional capacity. And the trend is expected to continue.

Lawyers have always worked longer than the general workforce and many who retire today continue to work in some way. In the responses received so far to the 2024 Retirement Best Practices Survey described above, only 20% of lawyers who have answered plan to stop working completely after they retire. The others expect to work in some capacity, though none want to work full-time.

Forward-thinking firms should recognize this as an opportunity. They can continue to benefit from the work, wisdom, and connections of retired partners while supporting their desire to slow down. Instead of losing those lawyers completely, they can encourage them to invest their talents, skills, and energy in new or different ways. For example, allow them to keep working for firm clients under a new arrangement with reduced hours and responsibilities; use them as teachers, mentors and supervisors (e.g., supervising pro bono matters); or create new positions (e.g., coaches for new leaders, client ambassadors).

There are many ways law firms can be attractive places to stay or return to, where retired partners can feel valued and of service while at the same time benefitting the firm and its clients. Why not explore possibilities with your partners who have already retired as well as with those who will retire sometime in the future? And before you undertake those discussions, make sure your firm treats retiring partners with respect and gratitude so they will want to maintain a future relationship with the firm. If I can help you do that, please get in touch with me.

Book

My book, Retirement by Design, has been a best seller since it was published 4 years ago. It’s designed to help you figure out for yourself what the best retirement would be for you, and gives you the tools and guidance you’ll need to create that desired future. Plus, it uses a method that is creative and flexible, allowing you to adapt your plans as your desires, needs or circumstances change. It’s a great gift for colleagues, family members, or friends who are thinking about what’s next in their lives, especially if they are:

• Planning to retire
• Struggling with retirement decisions
• Clueless about what retirement will mean
• Anxious about what they will do when they retire
• Refusing to plan for retirement
• Already retired and want/need to improve the life they’re living.

You can purchase Retirement by Design from any book seller, online or in person. Bulk purchases are also available; contact me for further information.

Recent programs
Last month I participated in an engaging and important program on “Aging Solo.” View that program here. You’ll need a passcode; contact me and I’ll send it to you.

Upcoming conference
The National Legal Mentoring Consortium‘s virtual conference is Thursday, October 24, 2024. This important conference will address mentoring and apprenticeships as an alternative to the bar exam, the intersection of mentoring and AI, civility, and technology. Registration, agenda and additional information can be found here.

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.