"Consider the context. At large firms, many lawyers in their 60s and 70s are being eased out by mandatory retirement policies. Others begin to feel that life's too short to defend policies or causes they don't believe in. Yet as older lawyers depart the work force, decades of valuable experience, judgment, and relationships are being left on the sidelines. And those qualities are exactly what make older lawyers perfect candidates for law firm ownership."
"Even better, the practice opportunities are wide open to serve clients with a similar background - and who are likely to feel more comfortable around a lawyer who looks like them. Potential practice areas include: Estate planning and elder law align naturally with older lawyers' stage of life and the client base - the majority of who don't complete estate planning until the ages of 55-64."
Seventy-somethings are launching businesses at record rates, with nearly 30 percent of employed Americans over 70 working for themselves. Large firms often ease out lawyers in their 60s and 70s through mandatory retirement policies, and many older lawyers leave work when assignments clash with personal values. Older lawyers possess networks, reputations, resilience, and financial security that younger founders lack. Practice opportunities for senior attorneys include estate planning, elder law, silver divorces, later-in-life small business matters, fiduciary disputes, and financial elder abuse cases, with clientele likely to prefer advisers of similar age and experience.
Read at Above the Law
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