The Hardest Part of Transition Isn’t Financial

Douglas Wood, a white man with white hair and a beard, wears a white button down shirt, an ivory hat and clear glasses. The beach is behind him. By Douglas J. Wood

This is the first post in a two-part series addressing how attorneys and firms can plan for and navigate an attorney’s retirement. The second post will be published in August. 

Lawyers are planners. They help clients prepare for mergers and acquisitions, litigation, estate transfers, regulatory changes and countless other significant transitions. They identify risks, create strategies and map out contingencies. It is what they are paid to do.

Yet many lawyers fail to apply the same discipline to one of the most significant events they will ever face: their transition from a full-time legal career to whatever comes next.

The reason is simple. Most lawyers assume the challenge will be financial, and that assumption drives their planning. They believe that if they have financial security and good health, everything else will take care of itself.

For some, that may be true. For many, however, it is not.

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Reflections From Retirement: On the Importance of Mentoring

By James W. Narron

Harvey was a character. He wore only Pointer brand overalls, had less than a high school education and lived in a double-wide mobile home near the railroad with a wonderful wife and two good children — and he was an exceptional businessman, accumulating a small fortune. He owned grain sidings along railroads around eastern North Carolina where he bought low and sold high. As a beginning solo lawyer, I would see him at farm auctions, standing at the back of the crowd, and when the auctioneer called out, “Bids all in?” he would wave with a limp finger and proceed to bid in the property. He was a legend.

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Recharging the Lawyer’s Mind: Practical Stress Management for a Sustainable Career

Douglas Wood, a white man with white hair and a beard, wears a white button down shirt, an ivory hat and clear glasses. The beach is behind him. By Douglas J. Wood

Lawyers are trained to anticipate problems, manage conflicts, meet deadlines and shoulder responsibility for matters that can significantly affect the lives and businesses of others. Over time, the pressure associated with those responsibilities can quietly become normalized. Attorneys begin to accept stress as “just part of the game.” While stress may be unavoidable in the practice of law, unmanaged stress should not be.

Long hours, adversarial environments, constant accessibility and the pressure to perform can create a lifestyle that gradually drains energy, creativity, patience and perspective. The challenge is not eliminating stress. That is impossible. The challenge is learning how we can manage it before it begins managing us.

The good news is that the legal profession has become increasingly aware of the importance of an attorney’s well-being, mental health and professional vitality. North Carolina’s BarCARES is a good example of an organized effort to address the challenges.

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