The New Reality of Aging – Living Longer and Living Better Lives
Individuals are living longer, healthier lives, so, we are constantly on the lookout for new ways of experiencing the world. Young lawyers as well as mid-career lawyers are just as interested in discovering new ways of knowing and being as more senior lawyers looking to possibly begin winding-down their life’s work.
Life transitions can occur at any point during a career. Whenever you come to a gradual or sudden realization that one’s career or marriage or lifestyle is no longer satisfying, some form of transition may be helpful. This can happen to anyone at any age along any point in your career path.
Life-Design for Lawyers
Life-Design Coaching for Lawyers is designed to help you co-create yourself. What lawyers of all ages need today is a process—a design process—for figuring out what they want, whom they want to grow into, and how to create a life they love.
Design thinking can help you build your way forward from wherever you are, regardless of the life design problem you’re facing. But before you can figure out which direction to head in, you need to know where you are and what design problems you’re trying to solve. Transition coaching is important, because the best designers know that great design requires radical collaboration. Design is a collaborative process, and many of the best ideas are going to come from other people.
We will explore strategies and techniques for baby boomers preparing to transition away from full-time law practice, but we will also examine the needs of Millennials, who are an equally large number of young lawyers looking to gain entry into the profession.
Start Your Journey Here – Transition Coaching
Law firms throughout the US and Canada have a significant proportion of baby boomer aged partners that control a large proportion of their law firm’s clients and revenues. For many law firms, their future success—and even survival—may depend on how they manage the transition of clients and revenue to the next generation of owners.
Aging of the workforce is a phenomenon that law firms can no longer ignore. The key to success in this new stage of life and work – renewal stage is how well a law firm can change its culture to allow this transition to take place. Transition coaching can be a key part of this new culture.
Law firms are facing a shortage, not a surplus of talented lawyers, so law firms must begin to phase out “retirement” as we know it. As a replacement, law firms need to explore how a staged reduction in work hours and responsibilities ahead of full retirement might work.
Aging is not just about people fifty and older; it affects lawyers of all generations. The combination of longer life expectancy and technological advances is opening new expectations and new possibilities for all lawyers. These new expectations are not only changing what it means to age, but it means changing how we approach new markets for both entry-level, mid-career and senior lawyers who are looking to transition within the profession and beyond.
Coaching offers a supporting context in which modern responsibility-based strategy and culture can flourish.
Succession Planning - the Elephant in the Room Stephen P. Gallagher Western England Aging has always been seen as a personal matter, rarely discussed outside one’s immediate family, but in today’s law firm setting, anxious younger partners may be the first to bring up succession planning as a topic for your next Partners Meeting. Given the decline in replacement income provided by Social Security and employer pension plans, and the limited extent of other savings as a source of retirement income, the only alternative to sharply lower living standards for many lawyers will be to remain in the labor force longer. Firms need to find out how many of their partners may want to stay active longer - if that option were to be [...]