Section Newsletter Articles on Retirement

IRS retirement plan limitations for 2018 By Bernard G. Peters Corporate Law Departments, May 2018 The IRS recently updated the retirement plan limitations for 2018, setting the deferral and catch-up contribution limits for 401(k), 403(b), and 457(b) plans.
The alternatives to registering for the ‘active’ practice of law By Timothy J. Howard Senior Lawyers, October 2016 If you were considering leaving the full-time practice of law, what are your options in registering with the Attorney Registration and Disciplinary Commission (ARDC)? There are four different alternative statuses described in the Illinois Supreme Court Rules. They are “inactive status,” “disability inactive status,” “retirement status” and “permanent retirement status.” The place to begin understanding the differences is Supreme Court Rule 756, which is titled “Registration and Fees.”
Everything a (senior) lawyer could ever want to know about the Extended Reporting Period (ERP) a/k/a “Tail” coverage By Leonard F. Amari and Katherine A. O’Dell Senior Lawyers, October 2015 An explanation of "tail coverage" in retiring attorneys' insurance policies.
Asset allocation By John J. Horeled Senior Lawyers, June 2015 A helpful guide for investing assets wisely.
Law firm succession & exit strategies—Firm size and impact upon strategies By John W. Olmstead Law Office Management and Economics, Standing Committee on, June 2015 A look at how the size of the firm can impact the experience it will likely face during retirement succession, transition, and exit challenges.
Law firm succession and exit strategies: Coming to terms with aging By John W. Olmstead Law Office Management and Economics, Standing Committee on, June 2015 Retirement means identifying and having more time to do what you love most. This article provides some ideas for making the difficult transition.
Retirement from the law practice By Curtis R. Tobin, III Senior Lawyers, June 2015 The author shares his experiences with gradually reducing his responsibility within the firm.
Interview with a happily “transitioning” senior lawyer By Don Mateer Senior Lawyers, November 2014 An interview with Rich Gaines of Rockford, Illinois.
Spend it while you can! By John W. Damisch Senior Lawyers, November 2014 The author suggests lawyers advise their clients to spend some of their money and have fun while they can-- and that lawyers should take the same advice!
Will we let our attorneys … go gentle into that good night …? By Lawrence Scanlon Senior Lawyers, June 2014 Learn more about the author's proposal for an Illinois Supreme Court-sanctioned ceremony for retiring attorneys.
Interview with a happily retired lawyer By Don Mateer Senior Lawyers, October 2013 An interview with retired attorney Frank Ariano.
Save the Date—March 6, 2013 Senior Lawyers, February 2013 Reserve your seat now for the upcoming program, "Taking Charge of Your Retirement."
View from the Chair By Don Mateer Senior Lawyers, February 2013 A review of the book, The Joy of Not Working, A book for the retired, unemployed and overworked, by Ernie J. Zelinski
Should you merge with another law firm? By John W. Olmstead Law Office Management and Economics, Standing Committee on, December 2012 Successful mergers are based upon a sound integrated business strategy that creates synergy and a combined firm that produces greater client value than either firm can produced alone.
Turning out the lights By Donald E. Weihl Law Office Management and Economics, Standing Committee on, September 2012 Selling a practice requires planning that begins long before the actual sale transaction is to take place. Here's a look at some of the usual steps to be taken in the sale process.
Boo hoo! Nothing to do! By Earle Malkin Senior Lawyers, June 2012 Some thoughts on what makes a successful retirement.
Lawyers and retirement/Oil and water By James Moster Senior Lawyers, February 2012 A look at why lawyers find it hard to retire.
Law firm succession/Exit strategies: Practice continuation arrangements By John W. Olmstead Law Office Management and Economics, Standing Committee on, June 2011 Lawyers must invest time and effort to find suitable successors for their firms and to create useful, equitable, practice continuation agreements.
Protecting the assets of a retiring attorney By Gary T. Rafool Senior Lawyers, June 2011 A few observations and suggestions for any attorney contemplating retirement and supplementing a retirement income with a business venture.
Law firm succession/exit strategies: Valuation of the firm By John W. Olmstead Law Office Management and Economics, Standing Committee on, December 2010 How much is your firm worth?
Law firm succession/exit strategies: Ideas for getting started By John W. Olmstead Law Office Management and Economics, Standing Committee on, June 2010 You should make a succession/exit plan as soon as possible—not just for retirement but for unexpected situations as well—so that your family, employees and clients are not left in the dark if something should happen to you.
How to practice part-time from afar By Patrick E. Ward General Practice, Solo, and Small Firm, December 2008 For several years before I decided to semi-retire, I had a picture of a beautiful, tranquil beach and the inscription below it which read: “Never be so busy making a living that you forget to make a life.”
Retirement planning for lawyers: The savings gap By John J. Horeled Senior Lawyers, March 2008 The first in a series of articles on retirement planning for lawyers.
Practice transition By Mary A. Corrigan Law Office Management and Economics, Standing Committee on, August 2007 Early in my career retirement was not something I thought about.
Financial planning for retirement plan assets under the new Bankruptcy Code By James A. Nepple Business Advice and Financial Planning, January 2006 The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (“BAPA”) is effective beginning October 17, 2005.
What happens when aging lawyers don’t know when to quit? By Timothy G. Shelton Elder Law, June 2005 In a Mississippi courtroom in 1979, final arguments in a homicide prosecution at last got underway.
A new concept in retirement plans, the Solo (K) By Dr. Bart A. Basi Young Lawyers Division, October 2003 According to the U.S. Census Bureau, there are currently 17 million self-employed individuals in the United States.
Financial independence: Start planning for your retirement now By Michael J. Basso Business Advice and Financial Planning, September 2003 Most of us find it easier to earn and spend money than it is to save it. There are easy and painless ways to save for retiremen
Practical suggestions on transition or retirment from a law firm By John W. Damisch Law Office Management and Economics, Standing Committee on, June 2003 The largest law firm in Illinois is made up of thousands of solo and small law firms. The "Baby Boomer" generation is about to retire.

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