Lawyer Retirement May Be Only a Dream
Will lawyers actually see their “second season,” their “red zone” of life? Will the 400,000 lawyers projected to retire within the next 10 years have to work or will they be able to retire? Will lawyers be just like others in our country today who are seeing their “nest eggs” dwindle by at least 50% in just the last few weeks?
“My anger has been declining as my fear has been rising,” said one person. “I’m afraid that I could outline my assets,” according to another person, a fear frequently expressed by my wife whose family has “long life” genes. Her father lived to be 83 and her mother lived to 95, while her grandmother lived to be 98.
Yes, not everyone is in panic mode. But, everyone is impacted one way or another. I suppose one could view the current situation with the attitude that whenever there is change (a much over-used word today), there is also opportunity. When the stock market hits a low, there will be those with the cash ready to buy and make a great deal of money in the long term when the market rises.
Those law firms that are well run and free of debt will also be positioned to take advantage of many opportunities to be offered by smaller companies wanting to experience the more personal touch from good lawyers in small law firms. And when a law firm is wary or unsure of its current efficiency and effectiveness, a review or audit of the firm from a law practice management consultant just may be appropriate to consider.
At the moment, it may be hard to see those opportunities. One must pinch oneself, do mediation or find some other mechanism to stay free of stress to be able to see those opportunities. They do abound. We just need to “stay above the noise,” be patient and observant, and continue to run our practices with the good business practices suggested by The Business of Law.®Tags: Cash Flow - Finances, Management