Carolyn Elfant of My Shingle fame has a good post on solos and small firm attorneys practicing longer than maybe Big Law attorneys.
She sites Reuben Landeau, who practiced with his son (in his seventies) until he passed away at 103. His son wanted to call it quits long before Dad. (These kids today).
In law school I remember a lady from Florida who was in her early 60s and she was just starting law school. But, the issue is why do they do so. Is it for love of the law or the practice of law, is it because they need money, or is it that they love money? (The later I guess is a sin).
Truth be known it is all three (and more). I do not think it is a secret that most Americans today do not have the money set aside on which to retire. My father-in-law is still practicing law (although not as strenuously) even though he is well into his 70s. It cannot be said that he does not like what he is doing in life. But, it can also be said that he, and I, and many others can use the extra income. I have got to admit that I was never concerned with money in the practice of law other than to pay bills and the like, until I found myself with one daughter in law school, two others in college, and one only a couple of years away from college. Retirement savings is not the priority right now. Maybe that is not the best advice I can give myself (and Susan Cartier Liebel over at Build A Solo Practice rightly lectures me that there are no scholarships for retirement), but I feel that what I want to leave my children is no debt on which to build their lives. So, we make choices. Some are good. Some are bad. Some are indifferent. The end result is that, as with many non-lawyer professionals, minus winning the lottery, we are not putting aside sufficient sums to retire at a younger age. That is part of the reason that we seek a work/life blending or balance. It makes it more palatable. We love what we do (and if you do not, you should change professions or practice area), but we also want to live in a certain life style for as long as we can.
Chuck, you are right...it is all about choices...choices we make every day. And it is also why it is more imperative that there is a balance between pleasure each work day (and work can be one's pleasure) instead of life being linear...first work, then play in retirement because retirement in the traditional sense may never come...by choice or not...because of financial constraints or health or something else.
I know people who still have the mindset of living a life on adrenaline...rushing from here to there on a quest for the holy grail...not understanding the peaks achieved mean less if the journey was not enjoyed. (And I don't presume to define what is enjoyment for others.)
So, it is an interesting quandry, the elusive work and life balancing act unique to each person....each one's working life the length of their own choosing...more so with solos and entrepreneurs.
Posted by: Susan Cartier Liebel | October 25, 2007 at 03:25 PM
And I must say that I am probably the luckiest daughter ever -- what great, wonderful, caring, loving parents I have. I am grateful. :)
Posted by: Mary | October 26, 2007 at 08:47 AM
Chuck, thanks for addressing an issue that I have been wrestling with. I find myself nearing 57 with a 17 year old college freshman and an 11 year old sixth grader, both of whom plan to be doctors. I've been in solo practice a little over two years now. Practicing into my 70s (and beyond?) is a reality that I'm trying to plan for better than I planned for the retirement that will likely never come. Any additional wisdom that you and other readers could share on this subject would be valuable to all of us.
Posted by: Rae Turner | October 28, 2007 at 08:01 PM