Lateral Link’s Post

Senior Partners: Begin Talking About Retirement Now Often, maturing partners at law firms are sensitive about discussing retirement. The very utterance of the word “retire” can feel like a concession to old age and weakness, an admission that a partner is, like Miss Jean Brodie, past her prime. Clients understand that this is why older partners avoid the topic. (Most in-house lawyers come out of law firms, and know which topics are third rails.) Out of politeness, they generally do not ask about it. But inevitably they grumble that relationship partners are retiring without having the courtesy to inform them ahead of time. Everyone is aware of sports figures who retire badly. They hang on past their best-performing years, go to other teams where they do not play as well, and end up bowing out of their game in obscurity, their bodies injured or simply worn out. They had the chance to retire at the peak of their careers, and many times regret not doing so. No senior partner wants to leave law practice this way. Yet many do, having resisted retirement out of fear of relinquishing their practices to younger lawyers. [read more...] #sucessionplanning #clientsfirst #keepclients #keeprevenue

As a firm leader are you doing everything you can to ensure your firm's future? Helping the next generation starts with preparing this generation to retire. This piece shares insight from these legal leaders: Ida Abbott, Teresa Rider Bult, Michelle Schulz, Tim Ramsey, Michael Downey, David Ernst, Scott Schulten, Karen Borofsky, Erin Rhinehart, and Andrew Polott. Thank you all for your input! #lawyerretirement #retirement #partnerretirement #lawmanagement #legaltalentadvisors

Interesting article in The Times on mandatory retirement ages. Different firms take very different approaches to retirement age and succession planning. Look out for our #whitepaper in the new year on how law firms in the UK are supporting their partners and senior leaders at retirement stage and what’s best practice in creating an age-inclusive culture. #HR #retirement #encorecoaching https://lnkd.in/ebvJNBAJ

With all the conversation about maximizing law firm profits and various approaches to partnership structures, I've long been of two minds regarding mandatory retirement policies. Please see my article in Law.com for a more in-depth discussion of some of what I believe are key points for consideration when thinking about such policies.

"Mandatory retirement policies, long a staple in the legal industry, dictate the twilight of a lawyer's career, often setting this boundary at the age of 65. Yet, as career and life expectancies evolve, so too does the concept of retirement, with many lawyers at the top of their game well into their 60s and even 70s. This shift begs the question: Is it time for law firms to rethink their mandatory retirement policies for partners?" (Law.com) https://lnkd.in/esDKgibb #legalcareer #legalindustry #retirementage #legalprofessionals

"As a legal recruiter at the crossroads of this transition, I witness firsthand the dilemma faced by partners approaching their mandatory retirement age. They are often still energetic about their practices, intellectually sharp, and, most importantly, willing and motivated to contribute. All else being equal, such partners (and their clients) would likely prefer to stay put rather than start over in a new environment." (Law.com) https://lnkd.in/esDKgibb #legalcareer #legalindustry #retirementage #legalprofessionals

"As a legal recruiter at the crossroads of this transition, I witness firsthand the dilemma faced by partners approaching their mandatory retirement age. They are often still energetic about their practices, intellectually sharp, and, most importantly, willing and motivated to contribute. All else being equal, such partners (and their clients) would likely prefer to stay put rather than start over in a new environment." (Law.com) https://lnkd.in/esDKgibb #legalcareer #legalindustry #retirementage #legalprofessionals

Look out for our #whitepaper in the New Year. It will explore how #lawfirms support their partners into retirement, how they mitigate against the risks and what is best practice. #ageinclusion #HR #retirement #encore #encorecoaching

As seasoned law firm partners approach the twilight of their careers, the prospect of retirement presents both opportunities and significant challenges. One of the most pressing concerns for retiring attorneys is the financial impact of transitioning from a high-income profession to a potentially uncertain retirement. Did you know that retired attorneys typically see their income drop by up to 70%? This drastic decline can be attributed to the loss of billable hours, reduced bonuses, and the cessation of performance-based incentives. A survey conducted by Martindale-Avvo highlighted that nearly 40% of attorneys feel inadequately prepared for retirement, with insufficient savings to maintain their pre-retirement lifestyle. Healthcare costs, inflation, and maintaining one’s standard of living further exacerbate these concerns. Given these financial uncertainties, early planning becomes crucial. Here are some essential steps to consider: ◾Assessing Financial Needs: Begin by assessing your current financial status and projecting your future needs. Consider factors such as inflation, healthcare costs, and lifestyle choices. ◾Diversifying Income Streams: Relying solely on retirement savings can be risky. Diversify income streams through investments, real estate, or part-time consulting. ◾Exploring Alternative Legal Roles: Transitioning to roles such as mediators, arbitrators, or legal consultants can provide a steady income stream. At Omnus Law, we recognize the importance of planning for a financially secure retirement. Our Partner Pool Program offers attorneys a unique opportunity to maximize their earnings post-retirement. How are you planning for your retirement? Share your thoughts and strategies in the comments!

Over-65 and beyond. You have a perfect right to keep working. But staying in the game usually is a DIY project. And it's ongoing. You have to keep changing "what's on the menu" (that is, what you are selling) and how you position and package all that. Mandatory retirement will remain real. But that doesn't have to cut you off from doing the work you love. https://lnkd.in/gPwz4i7C #MandatoryRetirement #WorkingBeyond65 #JohnnyCarsonFundamentalofLeavingOnTop