Here at the Academy, we’ve been preparing attorney owners for many years to think about and plan for their exit strategy in case of death or disability, so they can be proactive in creating an exit plan on their own terms.
After working with hundreds of owners for the last 25 years at the Academy, you would think that I’ve had many conversations about their retirement plans, especially those over the age of 65. Well surprisingly, or perhaps not surprisingly, I’ve had relatively few of those proactive discussions. There’s a broad range of reasons… some have a difficult time visualizing their plan, while others simply cannot imagine life after their law practice.
If this rings true for you, you are in good company. Here are a few ideas to get this conversation going and help you take a few actionable steps in the right direction.
First, change our language. The word retirement is often viewed as an abrupt ending to your daily routine or a complete withdrawal from your active work life. Many cannot possibly imagine what retirement would look like, so they avoid the topic altogether.
As a solo attorney, most of your time and energy has been spent working tirelessly to create your business and it is often hard to envision life without it. A huge part of your identity and fulfillment comes from the work that you do and the families you help. And in my experience, many owners simply are not ready to throw in that retirement towel for good.
But what if we changed our language and changed our perspective? What if we called it a transition instead of retirement? A transition allows for easing into one’s plan and includes flexibility in what happens over a set period of time, often years versus a sudden stop or finality that one conjures up when thinking about their eventual retirement.
What if we framed it instead as a gradual plan of winding down the number of hours you spend at work? What could that look like? Maybe you’d like to go from working 50 hours a week to only working 40 hours, then 30 hours, then eventually 20 hours a week. Or maybe you want to have Fridays off, then eventually you’d like to have Fridays and Mondays off. What would you need to accomplish that vision?
Now, tackle the barriers. Let’s look at some of the common concerns or barriers you may have in creating a plan and a few ideas around them.
- My plan is to work until I keel over at my desk
- Great in theory, but what if you become incapacitated? Between accidents and illness, this is much more likely to happen. At the very least, you should identify your emergency backup plan with another law firm or attorney and put it in writing so you know your practice will be in good hands and your team and clients will be looked after.
- I’m too young – I’ve got plenty of time to think about retirement
- Again, great in theory, but the same concern as above. Create a backup plan just in case you are no longer able to run your practice.
- I don’t have a successor to take over the reins
- It is difficult to hire a successor. Instead, look for associate attorneys who have an interest in not only this area of law but may also in the business aspects of the practice. If you have trouble finding a great successor candidate in your associates, you could look for a law firm to sell your practice to when the time comes.
- No one can do it as well as I do
- Perhaps, but what if that team member or associate attorney could do that task and many other tasks as well as, or better, than you? Holding onto “this is how I’ve always done things” can be more of a resistance to change versus enabling your team to grow in their abilities. Allowing others, the opportunity to expand and shine in their responsibilities can be a great step forward to showcase their strengths, build confidence and create a practice that is less reliant on you.
- I’m not financially ready to retire
- Outlining what you believe you will need financially to maintain the lifestyle you want is key in creating a plan around this area. Meet with your financial advisor to discuss ways to bolster your contributions toward your retirement plan, pay down debt and create ongoing income after you start to transition the practice. Don’t forget, your practice has value now and will continue to generate income well into the future. Creating a buy-out plan for a future owner is a critical component of your financial plan.
- I don’t know where or how to create a plan
- List out the bigger phases or goals of your transition plan. Once those are outlined, we can help you break those phases down into more detailed steps by year and quarter. For example, say you have a 10-year plan, we’ll help you formulate what you want to accomplish in those 40 quarters. You’ll be surprised at how quickly those quarters and months pass by, so it’s important to start now!
So, what would be your ideal transition? What other areas or concerns are holding you back from creating that vision? What obstacles can you anticipate that might pop up to create an action plan around? Let’s talk it through.
Contact your Practice Building Coach to get the conversation going. Our entire team is available to help you tackle any barriers you may be experiencing.
Susan Russel
Practice Building Coach
American Academy of Estate Planning Attorneys, Inc.
9444 Balboa Avenue, Suite 300
San Diego, California 92123
Phone: (858) 453-2128
www.aaepa.com
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