Retirement from the practice of law is both an achievement and, understandably, a cause for stress for most lawyers. For many partners at large law firms, the transition process to retirement is somewhat easier as clients can be introduced gradually to other partners and client relationships can be “institutionalized” over time. In addition, many larger law firms offer the ability for partners to remain as “of counsel,” and some firms still pay retired partners a pension.
Partners in smaller law firms or solo practitioners contemplating retirement from the practice of law do not typically have an established mechanism for the transition of their practice upon retirement. As a result, many lawyers in small firms or solo practices are simply left to close up shop when they retire, often leaving their career’s work behind with no future income to show for their professional life’s efforts.
