I wrote about my angst over retiring last November, and the advice and comments were a big help to me.
Well, I turned 65 in May, and I've told my law firm that I'm retiring as of August 31, 2016. That is 30 years, to the day, that I formed the firm. Hardly an "early" retirement based on that number, but it feels early to me, subjectively. I has taken me three years to reach this decision.
I plan to stay on as "of counsel" after that, but I'll no longer be a partner, and I won't be handling any litigation or partner issues. I'll have no performance obligations to the firm (no billing requirements). My tentative plan is to write and teach on copyright law (an area of law that's of particular interest to me), and come into the office one day a week, if that. I'm afraid to go "cold turkey" on work, so this is my way of keeping minimally involved. I'm not counting on being paid much, if anything, by the firm.
I like to say that law practice would be OK if it weren't for clients, partners, opposing counsel and judges. I'll have almost none of those. If I don't like a client, I won't work with it. And, if it doesn't work out, I'll withdraw completely. I'll have to see how this works out. If it doesn't I'm gone.
Small Law Survivor
68 yrs, semi-retired lawyer, 50/40/10 s/b/c, 70/30 dom/int'l. Plan: 4% WR until age 70, 3% after social security kicks in. Boglehead since day 1 (and M* Diehard before that) under various other names