Preparing to retire from the law can be the most difficult point of your career. After you’ve worked so hard to build up your firm, it can feel bittersweet. You may even be hesitant to slow down after such a full, fast-paced career. There are a few options you have now as you plan to transition into the next stage of life.

If you own your firm, it is a valuable asset that could be sold for financial gain. Selling your law firm is a personal matter, and it can be one of the toughest decisions you face as you determine who the best-sellers are and who you want to pass your legacy onto.

What Age Should a Lawyer Retire?

The majority of lawyers retire at age 70, though some will leave their practice a bit earlier. Some may even stay longer until they’re almost 80. While the passion for their profession is admirable, it’s advisable to consider how you want to spend the last half of your life.

Though it can be difficult to say goodbye, it can be equally detrimental to stay in practice after a certain point. This could be when you know your heart is no longer entirely in it, or you have physical side effects of ageing that are impeding your ability to serve your clients.

As former judge Henry Martin explains in an article by the American Bar Association, a lawyer should consider retiring when they have begun to fail.

Whether it’s worsening memory, hearing loss, visual impairments or other ageing effects impeding their work, it’s best to quit while you’re ahead. This allows you to leave with dignity and enjoy life more fully.

There is also the practical matter of retirement and quality of life.

While it may feel good on one hand to continue offering legal services, it could also rob you of the opportunity to focus on other areas of your life. In many cases, retirement presents lawyers with an opportunity to concentrate on things that may have fallen onto the backburner during the most active periods of their careers.

When you decide that the time to retire from the law is drawing near, there are a few steps you can take to make the transition more easily.

Scale Back Your Hours

It can be jarring to work 60-plus hours a week for decades, only to find yourself with a suddenly empty schedule. Rather than immediately cease all practice, you can gradually reduce your hours and only take on the most important cases to you.

This can be a good way to lighten your workload as you begin to build plans for your retirement. You can also ensure that the quality of service you provide to a more selective client base is of the highest calibre.

Plan Your Retirement Budget

Even with savings and a social security fund, many lawyers entirely retirement unaware of how expensive it can be without proper budgeting. The heightened cost of living can make maintaining your current quality of life difficult. This is especially true if you still have outstanding debts, like a mortgage, credit card bills and student loans.

Look into lowering your monthly expenses while you’re still employed. Practice living on a retirement budget so you can get an idea of how much you really need to be comfortable. Tackle debt head-first, and look into ways of making debt more manageable.

Refinancing your student loans into a new one through a private lender could help reduce your interest rates and lower your monthly dues.

Develop a Client Transition Strategy

Lawyers are obligated to communicate relevant changes in their practice to their clients. If you plan to retire, anyone you represent should be informed of this and know what the next steps are for their case. Create your client list so you can notify them of your upcoming plans.

Make sure they have enough time to acquire new legal representation if they need future services. You may also refer them to a succeeding attorney in your firm or to the new proprietor of the firm after you sell.

You will also have to ensure that any confidential or private information clients provided for their cases is returned to them prior to your retirement. Any original wills must be kept for at least 40 years before they can be confidentially destroyed.

If you have any clients in active hearings, then you have a few options. Ideally, you should conclude all business before you retire. However, if that isn’t feasible, you can request the client to submit a motion and order for your withdrawal as their attorney.

If they are referred to a new lawyer, then ensure you file a Substitution of Attorney with the court.

Get Help Where You Need It

You may need to rely on loved ones for support to cope with the transition into retirement.  A financial advisor can help you oversee retirement budget planning, investment portfolio management and more.

You can also enlist the services of a succession expert to oversee the sale of your law firm and help make the transition as smooth as possible for everyone involved.

There may also be a need for an estate planning lawyer. They can help you draw up or modify your will, draft documents relating to your end-of-life wishes and ensure that everything in your estate is protected and managed properly.

Get Ready to Embrace More Freedom

Although it can be hard to end the career that has been such a large part of your identity, there is still so much more for you to look forward to in retirement.

If you still love the practice, you can consider writing law articles as a content writer, running a blog or even teaching as an adjunct professor online part-time.

You should, however, be sure to embrace all the exciting new opportunities that await you. Retirement is your chance to discover and explore new interests, develop new passions and truly seize life on your own terms.

Author: Drew Allen