Career Talk

May 2007 Issue

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Easing the Transition to Retirement

As the 70 million-plus members of the Baby Boom generation near "traditional" retirement age, they're beginning to anticipate and plan for the next stage in their lives. Even if your own retirement is still several years in the future, now is a good time to start thinking about how you'll make this important professional and personal transition.

While many law firms develop succession plans for partners, the existence of succession plans for legal administrators is not so widespread. To ease the transition, it's a good idea to begin preparing yourself and your firm for your eventual departure.

• Develop Your Transition Strategy

If you are not yet ready for full retirement, a gradual transition that involves slowly scaling back on work, rather than abruptly stopping altogether, may be the best strategy. Many professionals who adopt this approach opt for part-time work or consulting.

In a recent survey conducted by our firm, 46 percent of respondents said they planned to consider consulting or project work as a means to transition into retirement. Consulting can be a great way to leverage the expertise you've developed over the course of your career. Some of the other major benefits of working on a consulting or project basis include:

Variety. You'll have the opportunity to work in a broad cross-section of businesses and industries, sampling different corporate cultures and management styles.

Diverse experiences. For a consultant, the job is always new, which can be especially appealing if you've spent the greater part of your career at a single firm.

Flexibility. In a consultant capacity, you may work full time for several months as an interim legal administrator while a firm searches for a permanent candidate, and then enjoy a few months off to spend time with family, travel or pursue other interests.

Continued income stream. Many people nearing retirement still have significant expenses, such as a mortgage or ongoing medical bills. Or they don't want to tap into their retirement savings as long as they can continue to earn some level of income. Contract work will allow you to maintain your current lifestyle, pay off debts or fund the dream vacation you've always longed to take.

Freedom. You can choose when and where you want to work. When one assignment ends, you're free to take another or take a break.

Whether your plan involves a series of short-term assignments or an ongoing part-time position will depend in part on the hiring market in your area. In the legal industry currently, there are not many firms or companies seeking part-time legal administrators.

• Help Your Firm Prepare for Your Retirement

Once you've identified your retirement timetable and have developed a strategy, meet with your firm's managing partners to discuss your plans. First, you'll want to explore whether your firm is amenable to having you work part-time if that is part of your proposed transition. If the firm prefers having a full-time administrator, you still have options. You could remain in your current position, retire and then re-enter the legal workforce on a project basis. Or, if you're eager to immediately decrease your hours and shift into a consulting role, you could offer to help recruit and hire your replacement.

In a third scenario, the firm may ask you to groom someone already on staff as your replacement. If you are asked to train your own successor, you and the partners must create a step-by-step succession plan that determines the time period during which training will take place and how progress will be measured. The plan should also have a provision that specifies what the firm will do if your potential successor isn't meeting expectations. In addition, the plan should set up a timetable for shifting your day-to-day responsibilities to your replacement. For example, will there be a period of time when you both are dividing the position's duties, or will the "hand-off" take place in a single step?

Obviously, there are advantages for both you and the firm if you provide early notification about your retirement plans. Depending on the firm's response, you'll know whether your plan is viable or needs modifications in light of what the firm partners are willing to accommodate. For the firm, knowing your preferred approach to retirement allows a strategic approach to staffing and prevents disruption. And for both you and the firm, a gradual "winding down" is often the least jarring and most satisfying way to close this chapter of your career and say good-bye.

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