The Emotional Side of Exit

Much of the discussion around succession planning focuses on the mechanics and value of an exit.  Those issues are critical.  But there is another dimension of exit planning that receives far less attention and can be just as consequential.  That is the emotional side of leaving a practice.

Lawyers are deeply identity-driven professionals.  For many of us, the practice of law is not just what we do.  It is who we are.  When it comes time to step back, that identity shift can be disorienting.

The emotional weight helps explain why many lawyers delay succession planning or avoid it altogether.  Succession planning forces us to confront hard questions like ‘Who will I be when I am no longer practicing?’ ‘How will I fill my days?’  Without answers to those questions, even the best-laid exit plans can feel uncomfortable or premature.

For that reason, post practice planning should be part of any succession strategy.  Lawyers contemplating exits must devote time and energy to thinking about life after the law.  Take advantage of the many resources available to help.  Consider joining senior lawyer discussion groups sponsored by the New York State Bar Association or the New York City Bar Association.  Read a book like “How to Retire and Not Die” by Gary Sirak.

Life after leaving the law can be anything from mentoring, teaching, writing, volunteering, or pursuing interests that were sidelined during busy years of practice.  Some lawyers remain involved as consultants or of counsel. Others find fulfillment in entirely new pursuits.  What matters is that these possibilities are considered intentionally, rather than discovered by accident after the fact.

Addressing the emotional side of exiting can also make the practical transition smoother. Lawyers who feel confident about what comes next are often more willing to delegate, share control, and trust successors.  That, in turn, benefits clients, colleagues, and the long-term health of the firm.

Succession planning is not only about preserving firm value or ensuring continuity.   It is also about preparing yourself for the next chapter.   A successful exit is one where both the practice and the lawyer are positioned to thrive.