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.

• 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 on your terms, before colleagues, clients, health scares or other circumstances make the decision for you.
• Start planning well in advance. Retirement transitions are often far harder than lawyers expect. The better you prepare yourself, the easier it is to let go and the more successful the transition can be. That means thinking well in advance about the many possibilities ahead, things you want to do and not do. It means knowing whether you want to stop all at once or in phases. It means making sure your successors are ready to step in when you go, and your clients are happy that you’ve protected them with lawyers they know and trust. All of these things take longer than you think.
• Talk about it. Lawyers avoid talking about retirement because it’s stigmatized. They see it as a sign of weakness and loss, of old age and obsolescence, and it makes people feel uncomfortable and embarrassed. But it’s those attitudes that are obsolete! Retirement today is completely different than it was; you can retire and stay as active, relevant, engaged and productive as you want. So talk of retirement openly and proudly. Treat it as the culmination of a great career and the beginning of a new and exciting chapter in your life. Find and share support through conversations with others who are retiring or want to. Share your plans and build your legacy by helping the firm and its lawyers continue to prosper without you.

If you want more suggestions or guidance about retirement decisions, take a look at the articles and resources on my website, including my book, Retirement by Design, and my “Got a Minute? Let’s talk retirement” videos on YouTube.