Tips to Ease The Lawyer Retirement Transition.
The day is drawing near, and you are preparing to be a retired attorney. You may have thought about retirement a lot over the years and what it may look like spending more time with friends and family, working on hobbies, traveling, and all the other items you never seem to have had enough time to do.
Why, then, do so many attorneys worry about what they will do with themselves as retirement gets closer and closer? What about when we no longer have that identifiable brand? What will we do with those many increments of time during the day to make us feel accomplished and satisfied? Additionally, you think that everything you are is wrapping up in being a lawyer or attorney –your network, friends, and activities.
For all of these reasons and more, retirement becomes very emotional for attorneys. However, these tips can help ease that transition to retirement.
Evaluate your budget and financial plans in retirement.
If you haven’t met with a financial advisor and received a clear picture of what your retirement budget looks like and the confidence in making sure there is no gap in funding, then today is the day to do so. If you are receiving value from the sale of your law practice, then make sure the net amounts are determined and figured into your plans.
Don’t stop being a lawyer right away.
Even if your current practice can’t keep you on in an of-counsel role, consider serving in other contract or consulting arrangements for other peer firms or attorneys who may need your knowledge and legal acumen.
Stay involved in the profession.
Keep up the efforts for the critical areas and help other professionals in the meantime. The state and local bar associations are always looking for help, speakers, organizers, and motivators.
Mentor. Law schools, legal associations, or firms always look for attorneys who can pass along legal knowledge or practice. Even if you don’t want to organize, ask the bar associations to provide your contact if they have struggling younger attorneys.
Volunteer. The service and volunteer opportunities for a lawyer in the profession are numerous. Ask a lawyer’ events, legal clinics, or other pro-bono works are always available. Consider getting involved and lending more of your time to those organizations that are important to you.
Plan. Make goals, timelines, and action plans. You are a lawyer. Do your research, set a plan to achieve, and make retirement a financial and emotional success.
Set specific plans, test them, re-work as needed and get help from a good team of advisors and family members. Then, enjoy and breathe a little easier.