MML #040: The Retirement Model That's Failing Lawyers (And What to Do Instead)

The lawyers I work with who are most anxious about retirement aren't worried about money. They're worried about identity.

They've spent 25-30 years building expertise, developing judgment, and mastering their craft. And the traditional retirement model asks them to walk away from all of it at 65 and... what? Play golf? Travel constantly? Sit around?

That vision doesn't just feel boring. It feels like a waste.

The Old Way Doesn't Work

The traditional retirement script—work until 65, then stop completely—was designed for a different era and different careers. It wasn't built for professionals whose work is intellectually demanding, personally meaningful, and deeply tied to their sense of self.

Most lawyers don't just practice law for a paycheck. They practice because they're good at solving complex problems. Because they like the intellectual challenge. Because their professional identity matters to them.

So when retirement planning asks them to give all that up, many lawyers drag their feet. They keep practicing longer than they want to, not because they need the money, but because they can't imagine what comes next.

What Actually Works

After years of observing successful attorney transitions, I've noticed something important: the lawyers who thrive in retirement don't abandon their professional identity. They evolve it.

They retire to meaningful ways to use their legal training.

The best lawyer retirements today mix several activities: part-time teaching, consulting work, board positions, and selective legal projects. This approach provides mental challenge, social connections, and often supplemental income while keeping professional skills sharp.

Most importantly, these lawyers work on their own terms. They choose interesting projects. They set their own schedules. They turn down work that doesn't align with their values or lifestyle. The flexibility replaces the rigid schedules that dominated their practicing years.

Your Experience Is Your Asset

Aafter decades of practice, what you know is extraordinarily valuable. Your judgment, your pattern recognition, your ability to see around corners—these don't disappear when you leave full-time practice. They become even more valuable because they're seasoned and refined.

Lawyers who are thriving in their second acts find ways to deploy this knowledge through mediation, expert witness work, or consulting—without the stress and time demands of full-time practice. They reconfigure what they already have rather than starting from scratch.

The Identity Solution

The most successful retirees I work with don't struggle with the question "who am I if I'm not practicing law?" And here's why: they never stop being lawyers.

They become lawyers who teach. Lawyers who mediate. Lawyers who serve on nonprofit boards. Lawyers who consult on complex regulatory matters.

Their professional identity expands rather than disappears. This approach completely sidesteps the identity crisis that keeps many attorneys stuck in full-time practice longer than they want to be.

Worry about mental sharpness doesn't matter when your second career involves complex problem-solving and strategic thinking. Professional isolation doesn't happen when you're teaching law students or serving on boards. The purpose and structure that work provided continues in a more flexible form that aligns with your values.

A Different Question

The question isn't whether you should retire. It's what you want to retire to.

And that's a much more interesting question to answer.

When you start planning your retirement as a career transition rather than a full stop, everything changes. You're building toward something instead of losing it. You're beginning the most flexible and potentially most fulfilling chapter of your professional life.

Your legal education and practice experience have given you skills that remain valuable long after you stop practicing traditional law: analytical thinking, strategic planning, clear communication, complex problem-solving, and the ability to digest large amounts of information quickly. These abilities make you valuable in almost any field you choose.

The lawyers who are redefining retirement understand that their greatest professional achievements may still lie ahead. They approach this transition with the same strategic thinking they've applied to their careers—with curiosity, planning, and purpose.

What's Next?

Over the next two weeks, I'll share the specific career transition models that are working for attorneys today, plus the practical steps to make your own transition successful.

I hope you’ll join me.