Yet another aspect of the population bulge that is called the “Baby Boom” generation is the effect of this generation’s beginning to enter retirement age. This effect is observed in many areas of society, and in law firms as well, where a large number of partners have reached an age when most people think about retiring.
In an earlier era, lawyers did not retire until health problems forced them to do so, and in solo practices and smaller law firms, retirement is still treated as an informal matter, with no thought of retirement until practicing is no longer possible. And practice into ages much later than in other types of work is still a goal of many lawyers. Why is this? Many lawyers have known no other lifestyle for more than 40 years. Many don’t know how their finances would work otherwise. Finally, there is a fear that slowing down means stopping, and there is a lack of knowledge of the alternatives to working.
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