BLOCKS TO TRANSITIONING TO BUSINESS CAREERS POST-RETIREMENT

An article from Legal Week in London discussed on the JD Bliss blog cited a Legal Week survey indicating that over 90% of lawyer respondents felt that commercial lawyers have an image problem in the business community . They believe this image problem is standing in the way of their pursuing business careers after retirement from a law firm. Of the lawyers in the City (London) firms surveyed, over 60% are interested in post-retirement business careers, but they believe employers are skeptical and resistant to hiring them.

Among the lawyers themselves, there is a split as to whether the perception of lawyers as poor managers and business people is justified. Those that are running large firms are actually running a substantial business. Others feel that lawyers are not well suited to the business world.

In the U.S. we see many lawyers make the shift during their major careers into corporate positions.

Also, there is a trend to management and leadership training at business schools for lawyers, and a few institutions have specialized Executive MBA programs for lawyers and others working in law firms. This is relatively new, but growing. Some firms have provided training to corporate lawyers to make them well-versed in business concepts and lingo so they are better prepared to serve clients on transactions and with business advice.

In correcting erroneous perceptions, it is vital to look at the individual: experience, background (e.g., they may have come from a family of entrepreneurs), personal style, management positions held in the firm, or service as a business as well as legal adviser to clients.

Perhaps the blocks can be overcome with professional development training and coaching. In the retirement transitioning planning process, we conduct assessments with the individuals to determine what they really want to do next, what relevant experience and aptitude they have, and help them develop a plan to get from today to wherever they want to go as their next career destination.

Some people need more confidence that they can make a successful shift. It is often difficult for life-long achievers to accept that they may not be prepared just now to step into a high level position immediately in a new career.

Phyllis Weiss Haserot  www.pdcounsel.com