When I decided that I wanted to coach lawyers around retirement, I started as any good lawyer would, with research. From my own experience, I knew that many lawyers had reservations about retirement (and in some cases, downright dread). When I announced that I was retiring after practising law for almost 30 years, I vividly recall being told by some what a “brave” decision it was and being peppered by others with anxious questions about what I would do all day.
So I decided that the first order of business had to be researching what makes for a happy retirement for lawyers. To find that out, I interviewed about 20 happily retired lawyers from 7 of the large Bay Street law firms about the joys (and challenges) of retirement. Some of what I learned during those interviews follows.
Retirement has its Challenges
The retirees I interviewed all acknowledged that retirement could be challenging for lawyers. Some found the lack of a regular pay cheque disconcerting, particularly since a number had worked since they were teenagers. Others commented that it was tough to adjust to the change in pace; as one said, to go from “100 miles an hour to zero”. Some also commented on not feeling needed in the same way– as an interviewee said, “you go from your phone always ringing… to no-one returning your calls.”
Not knowing how to spend your day when you are used to practising law 24/7 can be challenging too. As was so colourfully put to me by one retired lawyer – retiring lawyers are like workhorses who have ploughed the same field every day for over 35 years. On retirement, they are told by the farmer that it is time for them to frolic in the meadow. To which the workhorse/lawyer responds in dismay “Where is the meadow….and what is frolicking?”
Joys of Retirement
Despite the challenges of retirement, every retired lawyer I interviewed commented that the joys of retirement far outweighed its challenges. When asked what was the best thing about retirement, the majority answered with a big smile, “No more docketing!”
Everyone I spoke to commented on the pleasure of having more time to do what they wanted to do: to travel; to spend time with family and friends; to focus on their health and be more physically fit. They relished in the new-found opportunity to read and learn new things. The range of learning was remarkable: from becoming familiar with a new business; to doctorate level university study; to learning how to play piano. The retirees also commented they were able to return to favourite hobbies and pastimes that they didn’t have time for before. A number developed entirely new interests in retirement: new leisure activities; new artistic pursuits and new friends that they enjoy tremendously.
Many of the lawyers I interviewed did not retire to do nothing; rather they took up new “work” in retirement. What they did varied tremendously; from practising law on a reduced schedule in a smaller or their own firm, becoming mediators/arbitrators, continuing their work on boards, starting their own small business or becoming executives in existing businesses (often with former clients or in fields relating to their area of practice), to providing their grandchildren with much needed child care. Many commented on the thrill of doing something new, and how wonderful it was to get up in the morning and to do something you really wanted to do.
The Key to Happiness – Advanced Planning
The answer that I got time and again as to what makes for a happy and successful retirement was advanced planning. A key element is financial planning, figuring out what you will spend in retirement and how you will earn the money you require. But as important, was planning how you would spend your time in retirement.
So the solution to happiness in retirement is simple, just “plan” to be happy!
Hilary Clarke is the founder and lead coach with Potentia, which provides retirement planning coaching and consulting to lawyers and law firms. Interested in learning more about coaching? Take advantage of a complimentary half hour coaching session from Potentia. Please contact us at info@potentiacoaching.ca.