Look before you leap

Much has been written about the importance of succession planning for law firms. But less attention has been paid to ensuring a smooth transition for law firm partners who leave their firms to embark on a second career outside of the law.  

There are many reasons for choosing a second career. Some partners hit their firm’s retirement age or decide on early retirement but, finding themselves far from ready to retreat to a rocking chair, want to pursue something different and equally fulfilling. Others, dissatisfied with life in the law, decide to embark on a midlife career change.

Whatever the reason, successfully transitioning to a career can be fraught with difficulties and unforeseen challenges that few of us are equipped to handle without guidance. This article outlines some of the current thinking on career transitions, and how both partners and their firms can prepare for the change.

The context

It’s a widely held perception that ‘midlife’ is the start of a decline in health, energy and productivity. That may well have been true a couple of generations ago. But with life expectancy in many developed countries around 80 years, and continuing to increase, it could be argued that 60 – the age often earmarked for partners to retire – is about a decade too early.

Unfortunately, cultural programming has left most of us with outdated and unsubstantiated views of what we should be capable of in our mid- to later years. For law firm partners, this is further exacerbated by the fact that the legal profession has become increasingly challenging. Many partners nearing retirement or at mid-career stage no longer wish to face these challenges, or feel unable to sustain the enthusiasm they once had for practising law. And they often, mistakenly, see this as a sign that they should be winding down and preparing to step back from the working world at large.

Feelings of disengagement at midlife and beyond aren’t just the preserve of lawyers. Researchers Carlo Strenger and Arie Ruttenberg believe that that midlife change is fast becoming an ‘existential necessity’ for many business people, despite the commitment they have made over many years to establish themselves in their business environment. Interestingly, they class ‘midlife’ as being anywhere from roughly 43 to 62.

Research also shows that midlife can be a period of unprecedented inner growth, as individuals discover that they have the self-knowledge and experience to move on to a meaningful second career.

The psychology

Professor Heminia Ibarra, of the business school INSEAD, has carried out extensive research on career transitions. Her research focused on individuals who, following a successful first career, actively sought out a second fulfilling one. Her research results turn many conventional strategies used in career counselling on their head (for more details, see her book, Working Identity (Harvard Business School Press, 2003)).

1. Action over introspection

Convention suggests that a ‘plan-and-implement’ approach should be used during a career transition. Here, the individual researches and evaluates different possibilities, goes through various self-assessment processes (such as looking at strengths, preferences, values etc), and then comes up with an ‘answer’. A plan is formulated around this, and then executed.

Ibarra, however, argues that when there is uncertainty about what path to take, a ‘test and learn’ approach is more effective. There will inevitably be some initial self-reflection whilst various possibilities are listed for consideration, but the emphasis is firmly on testing out these possibilities in the real world. The feedback experienced during this testing these is used to plan next steps.

2. Possible selves

In order for the test-and-learn approach to work, Ibarra cautions that we must first accept that there isn’t ‘one true version’ of ourselves. Instead, there are many ‘possible selves’. Some possible selves are easier for us to list for consideration than others. Often, these are the more conventional choices, or ones that bow to external expectations. Other possible selves are vague ideas waiting to be built upon. What we learn when we test these possibilities will impact on what actions we take next, and whether we build on, alter, or abandon a particular possible self. The decision reached will be based partly on gut instinct – did the experience feel right for us? – and partly on others’ responses to our efforts.

Ultimately, some possible selves will fall off the list, while others will hold the attention and lend themselves to more in-depth exploration, with a favourite emerging.

Using the test-and-learn approach is undoubtedly messy and circuitous. But it allows for tacit knowledge (internalised knowledge about how to do something based on insights and experiences) to be accumulated. This type of knowledge can make all the difference in achieving a successful life change.

3. Transition period

Dramatic gestures resulting in sudden big changes rarely work out. Instead, oscillating between an existing role while testing various possibilities for the future allows well thought-out decisions to be made. Holding onto the old, while exploring new options, can be difficult, time-consuming and confusing, but short-circuiting this can lead to poor decisions.

This period of transition has been identified by psychologists as a neutral zone, where although we remain physically present in our existing jobs, we are between selves. This can be particularly unsettling for partners, as their interests will have long been inextricably linked with those of their team and wider firm.

It doesn’t help that the transition period can often last for years (anywhere from two to five years is the timeframe quoted), and it can feel that these years are unproductive. But William Bridges, an expert on transitions quoted by Ibarra, explains that the neutral zone is meant to be a moratorium where ‘we are dong important inner business’ which involves ending an existing situation and replacing it with a worthwhile substitute.

How to begin

The relentlessness of day-to-day work means that few of us want to spend precious downtime considering difficult questions about the future. But if transitioning out of the law and launching a successful second career is something that’s genuinely desired or needed for financial reasons, then this is too important an issue to be left to chance. Proactively taking actions well in advance of a career transition can mean the difference between success and failure.

Based on Ibarra’s research, some strategies that may be helpful are listed below.

Try out new activities

Experiment with new projects or parallel paths while still holding onto your existing role. This is a safe way of test-driving a possible self without making a permanent commitment. For example, if starting a business is an option, a realistic way to test whether your ‘business owner self’ should be investigated further could be to write a business plan and run it by someone with experience in evaluating similar plans.

Network with new people

In order to fully understand the suitability of different scenarios, you need to explore new networks. Identifying individuals who are working in the roles you want and tapping their knowledge is a good way of uncovering real-life information about whether a choice would be right for you.  

Tell your story

Individuals’ identities are tightly bound up in their working lives, making them feel lost and rudderless during a period of transition. To avoid this, craft a coherent story that brings together your reasons for seeking a shift in a way that makes sense to and resonates with you, and provides reassurance that your plans make sense in the context of your wider life.

A coherent story also lends credibility and helps those who are approached for advice to understand what you are trying to achieve. The story of each individual isn’t cast in stone. It will inevitably change throughout the transition process, and will even vary depending on which possible self is being tested. It’s easy to overlook the importance of a story, but this is a vital element in keeping you grounded through your career transition.

Take action when the time it right

Research has shown that there are certain times when we are open to big changes, while at other times, even a small change is difficult to tolerate. Grasping the nettle when you are receptive to change is important, so that opportunities aren’t missed.

The role of the firm

Partner retirement is still a taboo topic at many firms. Individual partners are understandably wary about being seen as less than committed, while those in leadership positions find this an uncomfortable topic to broach, particularly when the partner involved controls important client relationships.

However, given that demographics point to an increasing number of older partners, most law firm leaders acknowledge that partner retirement is an issue that needs to be better dealt with. Dealing with partner transitions more openly can have a number of advantages for the firm, including the following.

• Partners remain engaged for as long as possible, and are more likely to be loyal once they have left the firm, and therefore a source of recommendation – they may even be future clients.
•  It will help to foster an open culture and positive values system, allowing greater transparency within teams looking after key clients, and helping to attract and retain younger ‘generation Y’ lawyers.
•  Space will be created for younger partners looking to progress.
•  The transfer of clients to other colleagues is more likely to be smooth, because the retiring partner is more likely to pass on important tacit knowledge about the client.

Given the sensitive nature of the issue, openness may well be a long time coming. But, as transparency increases, the easier it will be for firms to support partners wishing to explore second careers. Some suggestions as to how firms can provide support to ensure partners feel supported through career transitions and retirement are listed below.

• Provide a short-term sabbatical to all partners over a specific age, so that individuals can take stock of their future, regardless of whether they want a second career.
• Provide specialist coaching to all partners over a specific age, to ensure that the issue of career transitions is properly explored.
• Encourage partners to take a wider interest in their industry area by taking industry specialist courses – this will help support their practice while part of the firm, and may help lead to new roles in the future.
• Run group workshops to collaborate on the challenges faced in making career transitions.
• Provide one-to-one support, with CV and interview training.

Conclusion

The good news is that the trend for longer, healthier living is set to continue, and embarking on a ‘second act’ career that combines income, personal meaning and even social impact is entirely possible for those who plan ahead. When law firms also accept that there can be a fulfilling working life after the law, potentially difficult transitions can be turned into win-win situations for both partners and their firms.

Ava Madon is a consultant at Penningtons Manches LLP. She has an MBA in legal practice from Nottingham Law School and is an accredited business coach