In fact, every new partner should be presented with a copy which should have a prominent place on the bookshelf, to be dusted off in times of stress and consulted in depth when the time is right.
Lawyers are often excellent at supporting clients but not always as good at advising themselves. The book looks at retirement from the firm’s perspective, the individual concerned, accounting and tax consideration, financial aspects and what is next after retirement. (This is about the possibility of another career not the afterlife – although we should plan for that as well!). Each chapter is written by knowledgeable writers, and is edited by an expert in this area. Retirement is described in the book as the ‘longest holiday of your life’ which seems a bit daunting to me, but this is an excellent guide whether that holiday is in the Caribbean or a tent in a windswept car park.
Many professionals, especially those who own all or part of their firm, find it difficult to think about retirement. In particular, those who practise their chosen profession into their sixties and seventies often worry that when they retire they will miss the challenge, excitement, companionship, mental stimulation and sense of fulfilment that their work provides. After all, to a great extent we are what we do, and winding down raises questions about self-esteem and one’s value to society. Moreover, professional life increasingly conditions us to place the interests of clients, customers and colleagues so far in front of our own interests that personal and family issues are sometimes neglected, creating additional challenges.
With these challenges in mind, the notion of “never doing today what can be done tomorrow” can be seductive. However, Partner Retirement in Law Firms is designed to help reduce procrastination and encourage proactive retirement planning. In this new Special Report edited by Ronnie Fox, expert contributors provide tips and guidance for navigating the difficult aspects of retirement in the broad context of career planning, including:
- the financial consequences of retirement;
- legal matters;
- day-to-day practicalities;
- accounting and tax;
- psychological considerations; and
- succession planning.
Partner Retirement in Law Firms provides a practical guide to finding the right path to retirement and is aimed at individual partners seeking to transition from professional to retired life seamlessly and with minimal stress. In addition, it makes an invaluable resource for law firm HR and career development teams.