I was born in 1946 and thus am among the earliest Baby Boomers. While it is true that many lawyers continue practicing into their 70′s and 80′s, most of my contemporaries and other, younger Baby Boomers have already retired from the active practice of law, or are in the midst of a transition plan where they are practicing on a part-time basis. Almost all others in their 60′s are thinking about retirement and asking themselves when the time for retirement or semi-retirement will be right.
As I speak to these Baby Boomer lawyers, either as a lawyer or an executive coach, I have observed that the firms, where the lawyers have flourished as partners and often important rainmakers, are frequently unprepared for their retirement. Based on my empirical observations, there are several reasons for this.
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