Share
For most lawyers, the decision of when to retire is rarely black and white. The question most attorneys are really asking is not "can I retire?" but "should I?" That is a much harder question to answer.
Retiring from Law Practice: Understanding Your Options
Before we get into the nuts and bolts of making the decision whether to retire, it’s worth noting that you will incur a cost no matter what. Accordingly, it’s important to identify your objectives, understand your options, and weigh the pros and cons.
Continuing to practice, even just part-time, can offer steady income, structure in your day-to-day life, and a sense of purpose. But it also comes with costs, such as fatigue. As you approach retirement, you may have a declining interest in practicing law and be concerned with whether you are still performing at your best. Retirement can bring freedom to do as you’d like and provide you with more time to explore hobbies, travel, and interests. You can also have greater control over how you structure your day and the opportunity to be more present for the people who matter most.
But it’s important to be aware that retirement also comes with costs. For some, loss of structure in their daily schedule and fewer interactions is a drawback of retirement. Some lawyers also experience loss of professional identity and lack of mental stimulation as a result of making the decision to retire.
In any event, you’re likely to face discomfort in some form whether you retire or continue to practice. Thus, the real task is to determine when one path clearly outweighs the other. Below are six questions and perspectives to help:
1. Are You Financially Ready (The Elusive Number)?
Most people say, “When I make $X, I’ll retire.” If that’s you, let me ask: Have you reached “your number?”
Probably not, and you may never reach it. Research shows that the retirement-ready number people believe they need keeps rising as their savings grow. Add the unpredictability of health costs and most lawyers never feel fully ready.
At some point, “ready enough” has to be good enough. If you’re chasing the perfect number, you may never reach it.
2. Do You Still Have the Fire in the Belly?
Most working attorneys have bad days. After all, lawyers are human, and practicing law is demanding. But if bad days become the norm, that’s a different story. If you are no longer energized by work that once motivated you, it is worth taking that realization seriously.
3. Do You Still Have Physical and Mental Readiness?
Another consideration in deciding whether to retire is your physical and mental readiness. Every attorney should ask themselves honestly:
- Am I still performing at an appropriate level?
- Can I still do this work well?
- Am I sharp enough to be of service to my clients?
There is no shame in the answer, but there is a growing risk in never asking.
4. How Do Family and Personal Considerations Factor In?
Retirement affects more than just you. The needs of your spouse, parents, and family should be part of your decision. It’s essential to consider a spouse’s health and retirement plans, as well as the caregiving responsibilities of aging parents who may need your time and support. You might also want to have more opportunities to spend time with children or grandchildren or finally have the freedom to travel and fulfill shared goals that you and your spouse have put off.
5. Is Your Identity Too Tied to Your Work?
The exit from the practice of law is not just logistical. For attorneys who have spent decades defined by their work, it is also psychological. You may find yourself navigating:
- A loss of professional identity
- The absence of daily structure and routine
- Fewer meaningful interactions with colleagues and clients
- A quieter life than you expected
Carefully consider whether your identity is too tied to your work and how that impacts your decision whether to retire or not.
6. What Are You Retiring To?
This may be the most important question of all: what are you retiring to? Retirement without direction often leads to dissatisfaction and disorientation. The attorneys who transition successfully move toward something: teaching, mentoring, taking on an of counsel role, volunteering, or doing something else they find fulfilling.
Retirement does not have to be the end of a productive life. It can be the beginning of a different one, if you plan for it. But if the thought of navigating all of this feels premature, it may be a sign you are not quite ready yet.
Planning for Retirement Without Certainty
There is an old Yiddish expression: "Mann traoch; Gott lauch." Man plans, God laughs.
The goal is not a perfect plan for retiring from the practice of law; it is a thoughtful one.
Many lawyers take pride in doing their best for their clients, regardless of the result. No one can predict what retirement will look like, but you can know you went into it ready.
Is There A Perfect Time to Retire? Schedule a Consultation with Roy Ginsburg, J.D.
There is no controlling authority on when a lawyer should retire. No statute, no case law. Your favorite AI model can’t decide for you, either. Hopefully, the above questions give you some places to explore so that you know what you're getting yourself into.
You may also find it helpful to discuss your options with colleagues, family, and other trusted advisors. If you would like a professional perspective, I would be glad to speak with you. You can reach me at 612-524-5837 or contact me online.
