Roundup: Retirement
Considering retirement in 2025? Below is a collection of posts to help you determine what coverage you will need and resources to assist with the transition:
As a retiree, you remain responsible for work performed prior to retirement. Although mandatory insurance coverage applies as long as the occurrence took place during the period in which the member was insured, excess coverage does not apply. Like most liability policies, our excess liability program is “claims made”, meaning insurance needs to be in place when a claim is made and not when the work is done. It is not transactional based coverage. Statutes of limitations provide for a time period in which to present claims, and firms that do not renew their insurances will not have coverage for losses reported after the expiry date of the policy. As such, coverage purchased out of the need for a single transaction will need to be purchased as long as the possibility of a claim still exists.
Lawyers often pay lip service to looking forward to retirement. However, when pressed on the subject, many admit that their true feelings are mixed. Those who equivocate may have good reason: for many professionals, the adjustment to retirement can be psychologically challenging. A 2013 study showed that retirement increased the risk of clinical depression in British men by 40 per cent. See the collection of resources available in the Wellness Toolkit to help with the transition.
A career in law is a challenging, exhausting and emotional endeavor that is difficult for everyone. How do some people manage to have a long, full and mostly happy career? One significantly underutilized resource by struggling licensees are retired lawyers and very senior lawyers in the twilight of their careers.