The importance of a retirement plan for lawyers
Retirement can be a challenging step to take, particularly for lawyers who don’t yet feel ready to retire.
When a lawyer joins a large firm, it is common for their contract to include a retirement clause, indicating when they are expected to retire. Many lawyers will sign the contract without worrying about the retirement clause. After all, they will be at the beginning of their careers and retirement will be the last thing on their minds. However, it’s not something that should be completely ignored.
For many lawyers, retirement comes around all too quickly. Used to the fast-paced environment of a large law firm, it’s common for lawyers to feel a loss of purpose when they retire. This can be made even more problematic when lawyers don’t have a retirement plan, which would help them let go of their past and look forward to their future.
Career options for retiring lawyers
For senior lawyers who are not yet ready to stop working, there are a number of routes that can be taken to continue their careers.
Work in the Third Sector
For retiring lawyers, the third sector can be a rewarding career path to take, as legal support remains invaluable to the continued operation of charity organisations. From providing company secretarial services to overseeing mergers, the third sector continues to offer plenty of careers for retiring lawyers.
Become a Non-Executive Director
More and more, companies are searching for senior lawyers to take on the position of non-executive director to navigate complex business situations. From preparing employment documents to ensuring regulatory compliance, retired lawyers are the perfect candidates for non-executive director roles.
Start a Law Firm
For lawyers that want to continue their careers in the legal sector, there is the option of starting their own law firm. With the ability to develop a brand, establish practices and manage client relationships, starting a law firm can enable lawyers to continue doing what they love.
However, running a law firm requires a lot of time and attention, with the added responsibilities of arranging PI insurance, ensuring SRA approval and handling client money. If only there was a way for retiring lawyers to start their own law firms, without the responsibilities of running a business.
Join the Bamboo Platform
The Bamboo Platform is a law firm operating system which provides retiring lawyers with the opportunity to extend their careers in the legal sector. When starting a law firm on the Bamboo Platform, you are provided with everything you need to operate, including regulation, insurance,
cashiering and credit control. This leaves you free to focus on maintaining your client relationships and establishing your brand.
What’s more is, the Bamboo Platform uses a Freedom in Retirement approach. This means that you are free to decide when and how you retire. Whether you decide to sell your firm, enter a merger or hire a successor, the team at Bamboo can help you put the required steps in place.
So, if you are a retired lawyer who loves providing expert legal advice to clients, start your own law firm on the Bamboo Platform. Here, you’ll get to do exactly that!