![]() In firms where the retirement age is specified as part of the transition planning process, things are a bit easier. The more successful programs in support of lawyers charting what comes next when they leave the firm commence at a standard age, say 60-65, and make a variety of resources available to help them think constructively about this transition. When they remain past when they can depart on their own terms, they often end their law firm career chapters on sour, sometimes even bitter notes. Events, including health issues and client decisions, often dictate senior lawyer career trajectories. Notoriously fond of autonomy, senior lawyers invariably assume they are in the driver’s seat and will choose when they leave the practice of law. The word “retirement” comes from the French word retirer dating to the mid-1500s - to withdraw to a place of safety or seclusion. When Congress passed the Social Security Act in 1935, it designated 65 as the official retirement age, which was an actuarial calculation of what the program could afford. Pensions began a few decades later, mostly pegged at delivering a retirement income at age 65. As president of Prussia, he proposed a system in 1881 wherein the German government would provide for citizens over the age of 70, Bismarck’s goal was a political one aimed at satisfying the demands of his political opponents to do more for the citizens of Prussia, who like the rest of the world of that era either worked until they couldn’t or died. Credit Otto von Bismarck with the retirement idea. Interestingly, Boomers are only a few generations removed from an era when people did not ever retire. I’d love to get onstage now, you know? I’d go for nothing.” ![]() But I don’t feel physically less capable than I did two years ago. In a recent Wall Street Journal article by Neil Shah, talking about his life in the COVID-19 era, Richards said, “When it comes to performing, I’ve no doubt – I feel a bit rusty, having not done it for over a year now. Take rock ‘n’ roller Keith Richards, who is just north of the Boomer category at age 76 as case in point. When one enjoys a profession, retirement can imply quitting, a scenario that just doesn’t fit for many career types, even non-traditional ones. “I don’t plan to ever retire,” is a phrase many Boomer lawyers utter. Boomers continue to dominate equity partner ranks at law firms and control a significant percentage of firm revenue. ![]() Retirement is confronting 70 million Baby Boomers, a generation known for a strong work ethic and “do what it takes” attitude. It often comes up this time of year as part of the year-end discussions about compensation and related concerns over succession planning at law firms.
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