BEING PART OF A VILLAGE By Carol P Waldhauser Executive Director The Delaware Lawyers Assistance Program DELAP cwaldhauser delap 1 Statistical Information cwaldhauserdelap 2 According ID: 547479
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Bridging the gap: Helping Lawyers Transition From Working Full Time To Not Working At All
BEING PART OF A VILLAGEBy: Carol P. Waldhauser, Executive DirectorThe Delaware Lawyers Assistance Program (DE-LAP)
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Statistical Information
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According
to the Centers for Disease Control and Prevention in 1900, the average life
expectancy
was about 47 years. In current times, it is
75 for men and 80 for womenSlide3
AGING LAWYER POPULATION
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The number of adults over 65 in the US will double in 25 years, from 35 million to 70 million, and the proportion of older adults will increase from about 13% to about 20% of total population.
Lawyers are also getting older too!
Some senior lawyers are continuing to work later in life
due in part to improvements in healthier lifestyles and sadly, in some cases, for financial reasons.Slide4
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Oregon Study: 2006
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Sent
survey to 6,000 Oregon attorneys who were 50+ and received 900 back
. (Updated in 2016)
Sent survey to 1,900 Oregon attorneys born between 1957-64 – the trailing edge baby-boomers and received 200 back.
Included both active and inactive attorneys. (3)Slide6
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Concerns – for the lawyerSlide7
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Concerns – Financial Slide8
Oregon Lawyer Retirementcwaldhauser/de-lap
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30%
plan to continue practicing law part-time after age 65 primarily for the stimulation, sense of purpose, and satisfaction it provides
11% plan to continue practicing law part-time after age 65 primarily for the income it will provide
18% of lawyers surveyed plan to retire completely and no longer work for pay by age 65
Almost 60% plan to do so by age 70
About 40% plan to continue to practice law or work after age 70.Slide9
Oregon Lawyer Retirement Survey
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Points of Concern:
11% of the lawyers survey do not plan to retire –EVER, EVER!
They plan to continue to practice full-time or part-time until they
die or are no longer capable of practicing
.
-----------------------Moreover, there is a widespread concern that a greater percentage of the cominggeneration of senior lawyers will remain in active practice, without adequatesupport or assistance, beyond the point when their health and abilities indicateprofessional changes are in order.cwaldhauser/de-lapSlide10
IT TAKES A VILLAGE
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LAP’S can coordinate and improve responses to senior attorneys by bridging
the gap and building a “village” and/or a partnership with The Court, Disciplinary Counsels, Bar Associations, Community Services all in order to assist the legal professional in their planning.
Together, the partnership will know its cohort and understand the need for Program Services and Resources by presenting and sponsoring ongoing CLE’S/workshops geared towards: Law Office Management (disaster prevention; taking down the shingle; law practice transfer, succession planning), as well as other programs, specifically aimed with issues facing the senior
lawyers regarding the emotions, fears and unknown dimensions involved with change, retirement, etc.Slide11
HELP THE LEGAL PROFESSIONAL TO Rethink Planning
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For the individual, as well as the supporting LAP staff:
Career
crises, Career Withdrawal and Career Transitions
tend to be most difficult to handle when they are
unanticipated and involuntary –
therefore be proactive and help thelegal professional to rethink planning!Slide12
The New Retirement Workscape
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Helping A LAWYER TO Design AND PLAN A Blueprint
For Changecwaldhauser/de-lap
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LAP’S are in a unique position to help the legal professional to confront change in knowing how, or when, to say
g
ood-bye to full-time active practice by encouraging a plan.Slide14
Take the fear out of the “r” word/ instead - Redefine Retirement
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Recent
research shows many “high achievers” don’t want to fully
retire.
Instead
, they take a break to choose what new paths to explore. They want to re-invent themselves!LAP’s can support the development of new approaches which will better protect the public from lawyers whose age-related impairments threaten their ability to practice law presently (or in the future.)Slide15
Anticipating Transitions
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STRATEGIES FOR TRANSITION
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To
minimize chances of issues in transition (retirement)–
maximize
the likelihood of a successful transition – here are recommendations from a review of writings and studies on retirement:
(A) Taper off your work gradually or, if that is not possible, have a part-time job waiting for you. Be “of counsel” and/or start some volunteer
work .(B) Meet with a financial planner to form realistic expectations about income, expenses, and lifestyle(C) Build up your social network prior to retiring, e.g. by joining an organization or Group of people with similar interests.Slide17
Strategies for transition planningCONTINUED…
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Develop your repertoire of ways to spend your time (
hobbies, interests
, accomplishments, etc.) as you prepare for retirement.
Spend considerable time visiting any new location before making a
move, to see how it feels to live there. Construct a daily and weekly schedule, and commit yourself to following through on it. Each day should include time for exercise and for fun!
Renew your relationship (if married or otherwise intimately
involved
); cultivate your listening and negotiating skills, and prioritize the challenge of getting to know one another all of again.
What these recommendations have in common is an emphasis on dealing with retirement in advance – RESEARCH AND PLAN your transition!Slide18
IDEAS FOR CAREER OPTIONS: Commission on Second Season of Service
Volunteering for Senior Attorney Committee, Emeritus Luncheons, CLE assistance, Mentoring, Training younger attorneys.
Advocacy Work-
Lawyers often have experience advocating on someone’s behalf, which means a shift to working for
advocacy
group could make – Pro Bono/DVLSEntrepreneurship. Particularly, if you oversee your own law practice, consider running a business or non-profit.
Therapist. Because lawyers often enter the profession with the goal of helping others.
Professor/teachercwaldhauser/de-lap18Slide19
SAMPLE DELAWARE PROGRAM: Laying
A Foundation For Transition, Reinvention or Retirement:
It is said that your second adulthood starts between the ages of 45-85. Whether your thoughts of transition are to reset, reinvent, recharge or retire – it takes knowledge, planning and implementation. The steps that you take now can build the foundation for your next phase both personally and professionally.
Join us for
a free
, lunch and learn, hosted by The Delaware Lawyers Assistance Program at the Delaware State Bar Association. Each month we will feature guest speakers and discuss pertinent issues in an effort to increase your knowledge regarding how you want to spend the next phase of your life.
When:
Wednesday, March 9, 2016Time: 12:00 p.m – 1:00 p.m. (networking starts at 11:30 a.m.)For more information call us at (302) 777-0124 or e-mail cwaldhauser@de-lap.orgWho should attend: Any Delaware lawyer or judge who is interested in investigating possibilities for career reinvention, transition or retirement.
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REFERENCES:Centers for Disease Control and Prevention, Life expectancy at birth for total U.S. population 2013.Michael B. Friedman, Preparing for the Elder Boom, Mental Health News (Winter, 2004).
Professional Liability Underwriting Society: The Lion in Winter: How Firms Proactively and Humanly Can Address Cognitive Impairment in an Aging Lawyer Population: Reprint: June, 2013, Vol XXVI, Number 6.
Maine Board of Overseers of the Bar,
bangordailynews.com
Oregon Bar Association: Survey Results 2006; 2016.Indiana Judges and Lawyers Assistance Program with contributing informationNOBC-APRIL, JOINT COMMITTEE ON AGING LAWYERS, Final Report, May, 2007, John T. Berry, ChairJLAP contributing informational SlidesSpecial thank you to the other LAPS across the country for their input into this information. Special thank you to Oregon Lawyers Assistance Program, Maine and Indiana Lawyers Assistance Program for sharing their information.