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AMERICAN COLLEGE OF REAL ESTATE LAWYERS, 2007 ANNUAL MEETING – OCTOBER 11-14, 2007

SOUTH BEACH, MIAMI

Senior Counselors Committee

RETIREMENT:

FROM THE DIRT DEAL TO THE REAL DEAL; PURSUING YOUR PASSIONS

By: Harris Ominsky, Blank Rome LLP

__________________

Youth is not a time of life; it is a state of mind;

It is not a matter of rosy cheeks, red lips and supple knees.

It is a matter of the will, a quality of the imagination, a vigor of the emotions;

It is the freshness of the deep springs of life.

-- “Youth”, Samuel Ullman

WHY NOW?

Approximately ninety percent (90%) of ACREL members are over 50 years old, and in at least 25 states over half of our members are over 60.

Today, women can expect to live 13 years longer than their mother or their maternal grandmother, and men can expect 11 more years than their father or paternal grandfather. There is a forty percent (40%) chance that one-half of a 65-year old couple today will live to be 90.

More lawyers than ever are working in larger law firms, accounting and other professional firms and in businesses. The trend over the past years is to retire these lawyers earlier than a generation ago. Some retirement rules start a “phase down,” at 65 or younger.

Many now find that when they retire, their friends, and possibly, their spouses have died, their children are far away, and they have no idea how to fill their days. According to Dr. Gary J. Kennedy, at the Montefiore Medical Center in the Bronx, “Depression already is a close second to dementia as a major problem for aging adults.”

As quoted from Dorothy Cantor, a co-author of “What Do You Want to Do When You Grow Up?” “We’re going to have a whole generation of people who are healthy, wealthy and bored.”

ACREL has surveyed its members to elicit how our members are faring in their post-career and transitional lives. Instead of “retirement,” I prefer to call this stage “retooling.” We have explored their favorite activities and passions, and have solicited their insights and advice. Our programming goal is to share our common experiences and help prepare ourselves for successful retooling.

SPECIAL RETIREMENT SECTION – NEW YORK TIMES, APRIL 10, 2007

1 Training to be Old.

People lose much more than a paycheck when they retire. “They lose a community of like-minded souls, a sense of power and accomplishment and an important line of demarcation between work days and weekends. They also lose a feeling of personal identity that is difficult to replace late in life.” What retirees miss the most according to experts, is the respect they received when they said where they worked. “When they retired, they lost their tag.”

|Retirement Question: “How many days in a week?” |

| |

|Answer: “Six Saturdays and one Sunday.” |

The skills we developed as lawyers can be used as strengths in retirement and open up a huge number of opportunities. It’s important to sample these opportunities before Retirement D-Day. Experts suggest giving retirement a dry run, trying activities that seem appealing so that if they turn out not to be, there is time to change them.

2 Helping Chart a Career’s Turning Point.

New Directions is a consulting company that helps senior executives and professionals make the transition to a new stage of their lives. Some law firms pay for the company’s fees, which could range from $7500 up, as part of the retirement package. According to Dave Corbett, the company’s founder, “These people got to the top by being very focused, very programmed.” In response to his client’s demands for an alternative to full-time golf, or full-time work, Mr. Corbett developed and trademarked the concept of a “life portfolio,” – a mix of paid work, leisure, travel, lifelong learning, volunteering or community service and time for family and friends. He has co-authored a book called, “Portfolio Life: The New Path to Work, Purpose and Passion after Fifty.”

His clients spend months developing the five segments of a portfolio, and balancing priorities. Clients meet with a staff psychologist, take a battery of tests and then work with a counselor to assemble a personal board of directors, six to eight people, like former bosses, professors, creditors and high school friends, who help identify strengths and weaknesses and recover long-lost dreams.

The program has resulted in lawyers and other executives becoming sculptors, alpaca farmers, and school headmasters. Some wind up volunteering, starting businesses or contracting out their skills.

Some clients at New Directions want traditional job-hunting advice for another career; and others want specific short-term help in finding, for example, board membership. The people that have taken the program create a network of well-connected clients willing to help one another through their transitions.

Non-profits appreciate basic business-end lawyer-skills like strategic planning and financial management. Others have welcomed time spent in fighting beach-erosion and other issues for land-conservation organizations.

One client volunteered her time to become president of the Boston Club, an organization of executive and professional women who collectively assert their influence in the community, and also became a board member of a charter high school in Boston (Media and Technology Charter High).

3 At Last There’s Time to Defend the Barricades.

In Illinois, former professionals have been using their energies to raise a political ruckus. These retirees have been involved in protests, writings and demonstrations on both sides of the issue of the Iraqi War.

Since these activists no longer need to worry about their employers or their former firm partners, they can speak out without fear of repercussions. One former editor and college advisor is now able to share his conservative leanings. In retirement he became a Republican Precinct Captain and a Village Trustee. He also writes letters to editors calling for tax limits.

A retiree in New Hampshire is now working hard to advance Senator John McCain’s campaign for President.

On the other side of the spectrum, a retired executive became so disillusioned with the war that she wound up talking back to the TV at President Bush. So she now spends much of her time volunteering for the liberal group, .

OMINSKY’S RETIREMENT RULES

You may be able to bypass the “life portfolio” and save hundreds of hours and thousands of dollars. You can avoid depression, boredom and beta blockers. All you have to do is to follow “Omnisky’s Retirement Rules.”

Rule One: Take Control of Your Life. Plan What You Want to Do, When and With Whom.

1) Do It Your Way

Take charge of making calls or sending e-mails to set up dates with old friends and new friends, and even some family from time to time. If you wait for others to do this, you’ll wind up going through life with your second and third choices.

If you’re in a book-discussion group or an investment-discussion group, suggest your preferred topics. Others will often welcome that, and you’ll frequently have your way. You’ll also learn to take some flak when in hindsight your first choice turns out to be your wife’s second or third choice.

If you’re in a tennis group with rotating partners, volunteer to be the “Captain.” You’ll prepare the schedules. Others won’t want to do it anyway. That way, you have more say about who plays with you – and when.

The more you plan in advance, the more likely it will happen--your way.

2) Senior Activities

When he was in his 90’s, my father was “phasing out” his legal practice. He lived in his own apartment in a seniors’ residence. Once there, he learned Bridge by working his way through the hands in the newspapers’ morning Bridge columns. He then joined the Bridge games in the card room. Also, he posted a search for Pinochle players on the community bulletin board, and soon organized a regular Pinochle game.

My father regularly participated in discussions with a group that used to gather around 8 AM over coffee and Danish. When I asked him why he usually woke before seven, he explained that he was “preparing himself,” like he had learned to do before important meetings in his working days. He would diligently peruse the news of the day, particularly the political and legal developments.

Others knew that he had been a legislator, a city official and a prominent lawyer. He knew that often someone would ask him, “What do you think of. . . ?” He wanted to be ready with the latest word, and he said that these discussions, “made my day.”

This was his way of limiting the inevitable discourses on ailments and doctors, and complaints about the food and service.

3) Don’t let anyone “should on you”:

Say you’re watching the last 30 seconds of the Super Bowl, or a snake swallowing a pig on Animal Planet. Say you’re just about to complete a Sudoku puzzle, or secretly carrying out a “thought experiment” like Albert Einstein used to do. You’re not required to take a break to answer the phone, change the light bulb, shop for food – or even to discuss these things with your loved ones at that moment.

You have the inalienable right to blow off parties you don’t care to attend, no matter who’s going to be there.

You don’t have to go to Barrister’s Ball, serve on the Board or solicit your neighbors for Girl Scout cookies – unless you really want to. LEARN HOW TO SAY “NO.”

You’re not obligated to finish anything you are reading or drinking, even if your loved ones tell you how great it is.

You are permitted to wear your favorite corduroy shirt and dirty sneakers, even if they embarrass your loved ones.

|Question: “Among retirees what is considered formal attire? |

| |

|Answer: “Tied shoes.” |

Rule Two: Get it off the Table.

Don’t let little things fester to the point you start thinking about them when you stretch out on the couch for your nap.

Call your sick friend while you think of it. Complete the investment decision. Accept the theatre or chamber-music subscription when it’s in front of you --or toss it.

Try to handle everything with “one touch,” so trivia doesn’t pile up in your life. That goes for solicitations for contributions, magazine subscriptions, better deals on long distance calls, or new and improved credit cards which give you better deals on long distance calls and magazine subscriptions.

If you’re invited to a fundraiser, a wedding 500 miles away or a theme birthday party, make the decision, and accept -- or send the check and forget about it.

Rule Three: Don’t Worry about Rejection.

Develop old buddies and new ones, and don’t fear rejection. The worst that can happen is that you’re turned down in these little adventures. If you want to go somewhere and want company, call him -- or her. If you meet somebody you like, “do lunch.”

Don’t worry if your old high school chum has blown you off a couple of times. He may have good reason for not calling you back, other than he thinks you’re boring, or a “nerd” or he still feels guilty about owing you ten dollars from your Prom night. What can you lose by trying again? Still, after about the tenth time, I think I would take the hint.

Rule Four: Try New Adventures.

Have you always wanted to . . ., but never had the time? Why not try it? Join a poker game with your brother’s hot shot card-counters. Learn to play duplicate bridge. Take a trip to Tibet or the Galapagos Islands. Rent an R.V. and drive cross country with friends to better weather for a month or so. As a birthday gift, take your grandson to Radio City Music Hall in New York or the Smithsonian in DC. Join a Great Books group at your local library.

You might even want to try a sky dive -- at least once. But don’t tell your wife or insurance agent.

FINDING MY PASSIONS

I still get called as an arbitrator from time to time, or as an expert witness. Friends and family come to me for legal advice. I write a regular real estate column in a local journal, and I occasionally teach a class to real estate brokers and sales people.

Also, I’m specializing in these non-billable activities that I started long before I retired:

1) Travel with Friends and Family.

My wife and I travel to Southern California at least four times a year to make sure my pre-school grandchildren don’t forget us. From there Roz and I branch out on our own for an additional few days to resorts, beaches and quiet inns--with no pre-school kids. After all, remembering us is one thing; depending on us is another.

We have arranged to hang out with my brothers and sister, and their spouses, (in varying combinations) on trips ranging from Eastern Europe to the Caribbean Islands and on just plain road trips. Travel reunions suffered while I was billing 1800 hours a year. At over $500 an hour family becomes an expensive luxury, but now they’re high on my list.

2) Life – Long Learning.

Because ACREL membership is a selective process, many of us have a passion for learning, teaching, writing; and intellectual curiosity. During our working days we have all taken this path.

Chautauqua

The Chautauqua Institution is a model community for life-long learning. It is in Chautauqua, New York, on Lake Chautauqua, a short distance north of Lake Erie, Pennsylvania. During nine weeks of summer it morphs into a gated community that can be viewed as a combination of adult camp and college. It enjoys a bounty of turn-of-the-century Victoria-style buildings; and families often sit, stroll and play on a grassy town plaza surrounding a fountain. Cars are generally banned and you can walk or bike anywhere easily – where you want and when you want.

You can attend lectures by acknowledged scholars and world leaders. This summer’s headliners included Sandra Day O’Connor, Jane Goodall, Governor Eliot Spitzer, ABC News President, David Westin, Karen Armstrong and psychosexual therapist, Dr. Ruth Westheimer.

In the afternoon, in the Hall of Philosophy, speakers on world affairs, religion, science, ethics, and philosophy present their views. The Hall is open on all sides and some seats are exposed to the elements. Occasionally, some seats (and even the speakers) are “all wet.” When the moderators open the mikes to questioning from the floor, people rush to ask challenging questions.

For some, at those moments Chautauqua may seem like their worst educational nightmare: An audience of all the smartest kids they ever knew, who sat in the front row and raised their hands first. For ACREL members, this environment should not intimidate them.

Chautauqua also sponsors hundreds of “special studies” programs that range from basket weaving and script writing to Shakespeare and short-story discussions. Outstanding young musicians are drawn from all over; and you can attend operas, symphonies, folk presentations, chamber performances; and can sit in on rehearsals and master classes for voice, violin or piano.

Together and separately, Roz and I have taken courses there on humor writing, the Bill of Rights, bridge, mythology, drawing and the impact of NGOs in the world. Guess which one of us took which of those courses.

Many of us play golf and tennis, or just sit on the beach by the lake and read. Some afternoons, I just skip the lecture and take a nap.

We have come to cherish Chautauqua as our favorite vacation spot.

Philadelphia

When home in Philadelphia, I try to see it as a year-round Chautauqua with cars. I seek out one-shot lectures that are listed at the University of Pennsylvania, Temple University, Villanova, and other groups that schedule well-known professors and writers. Some of the best programs are planned by the Philadelphia Public Library, the Constitution Law Center, and the World Affairs Council.

I “pencil in” these dates on my calendar, but if nobody else is meeting me, I don’t honor them as I used to do with client appointments. If I develop a tennis date with my friends on a spring day, or my grandson is running in a track meet, I readily change my penciled-in plans.

I keep my eye on available courses given by the universities and have enrolled in 4 to 9-week courses on history, film, anthropology and writing.

|Retirement Question: “What’s the biggest advantage of going back to school?” |

| |

|Answer: “If you cut classes, no one calls your parents.” |

Like many other ACREL members one of my favorite activities is reading. In recent years I discovered the advantages of reading books on recorded tapes and CDs. You can listen to some of the best teachers in the world with their most popular lectures and can enjoy great literature read by professional readers. One of the most reliable sponsors of these recordings is the Teaching Company, and I frequently borrow these from our local library system. I have been amazed at how much I can learn (and forget) while I’m driving in my car, shaving (not in the car) or sitting on the john.

Discussions

As much as I enjoy listening, I’ve learned that a steady diet of lectures is a little too passive for me. My favorite learning often comes from interactive discussions. I participate regularly in two library-discussion series sponsored by the Great Books organization, where we read juried selections by the Great-Books organization of short stories, poetry and essays ranging from religious writings and philosophy to sociology and science. I also attend planned discussions with friends on a range of pre-selected topics. Participants volunteer their homes and provide fresh food after the food-for-thought. Fruit and cookies are just fine for me.

I recently joined a monthly discussion sponsored by the American Association of Individual Investors in which participants share their research and insights on economic trends, the stock market and their favorite mutual funds. No fruit and cookies here, though.

One adventure I will probably try (when I’m older) is those Life-Long Learning Institutes which offer non-credit academic programs to older adults. They generally affiliate with colleges and universities, including Duke, Harvard and the University of Virginia, but each are independent and set their own curriculum, schedule and minimum age-requirement (usually 50). There are more than 350 of them across the country, and they are taught by active and retired faculty or by experts in the field. To find these, you can go to ein/intro.asp.

MENTORING AND CONSULTING

We are all at the stage of life where we have developed valued experience and judgment. We may not “sell” this to clients anymore, but if we’re open to it, family, friends, and even strangers, will seek us out. Hardly a month goes by without somebody asking me what I think about an employment hassle, a land-use problem, a tax issue, a marital dispute, selling a house, making a loan, insurance, an accident, a will, a broker’s commission, an investment decision -- and what attorney or consultant to use. I earn no fees from any of this, but I’m adequately awarded with grateful smiles, hugs and kisses -- and plenty of gift-books to read.

1) Dad

My father was still practicing law in his 90s and was living independently in a community with a common dining room. From time to time he volunteered to take students to lunch there to discuss their chosen careers. One time the Program Director arranged for him to meet a young woman from India and a young man from Spain, and Dad had long talks with them about what it was like growing up in Philadelphia after starting out as an immigrant and winding up as a political leader and successful lawyer.

He listened carefully to their stories. After these discussions the students wound up writing heartfelt letters to Dad about how much they learned and appreciated the occasion. His spirits were always up after these encounters and I was never sure whether – he or the student – learned more from them.

He volunteered to do full-day arbitrations for the Philadelphia Bar Association (for the munificent sum of $75 a day), even though his hearing was failing and he had to strain to hear witnesses and lawyers argue their cases. Despite his obvious deficits, he was often able to reach out and negotiate fair compromises; and at times he observed things about the law or the witnesses that were able to sway the other arbitrators in reaching their decisions. He sometimes sat all day on three (the customary number) long and often contentious arbitrations, but he always came home exhilarated.

2) No More Billing

I have been investing time in the past few years analyzing the performance and risk of mutual funds, and how to balance these investments so I won’t have to lose sleep when the stock market takes its occasional nose-dives. Based on discussions with consultants and published reports by Morningstar, Kiplingers, Forbes, the AAII, Value Line and other sources, I have charted and compared hundreds of funds to come up with a consensus on the best bets. Eventually, I realized that this same information would help others with their investment decisions, and I volunteered to help a non-profit board analyze their policies and select the best consultant to handle our endowment fund.

I’ve also been helping my family and a few close friends in reviewing their investment portfolios and have been known to make a few suggestions here and there (with all of the appropriate and expected disclaimers about my lack of credentials).

I am not billing my time anymore, but I still enjoy responding to my former partners, associates and paralegals about some legal issue on which they need advice. Occasionally, I meet with former clients to help the responsible attorney persuade them on a recommended course of action. All of this can be a little like work, but it’s more like fun when someone else takes the heat for making the “wrong” decision, missing a perceived deadline or billing for photocopying costs.

LAWYERS’ PASSIONS

The variety of one’s interests, passions and retirement-life styles can be as different as the deals I used to do. Here are just a few that may trigger some ideas for you. The names are omitted to spare the guilty.

An ACREL member in his 50’s gave up his partnership to teach English in a private boarding school. He sold his home and moved to on-campus housing, coached tennis and soccer; and even baked brownies for his teen-aged charges to gorge down at Friday-night socials he hosted. He was welcomed with open arms by the English department, and has now achieved his life-long dream.

One friend worked up interactive courses on a variety of subjects including Constitutional legal issues, the Bill of Rights and famous trials from history. He frequently spices them up with videotape excerpts, and they are in demand at small colleges, resorts and senior centers.

His pay for a day is often less than his former hourly rate, but he has never been happier.

Another ACREL member has pursued his love of scuba diving and now travels to remote locations with his gear, and sometimes his son, to devote his days to the deep. He also bought a large tract with its own lake and retreat-house, and devotes days there clearing brush, cutting trees and fixing dams. Instead of trying to manage his partners, he now tries to manage his beavers. He happily drives his tractor around to improve his estate and clean up after nature’s natural ravages. He looks forward to these escapes like a Huckleberry Finn on his first day of summer vacation.

One of our academic ACREL members and his wife has embraced Italian history, culture and language with a passion. They now spend much of the year in their favorite places in Sicily, absorbing the culture, cultivating friendships, and carrying on sophisticated discussions in Italian with the locals.

Another friend aspired to be an artist, and was working at it whenever he could steal a few minutes from his professional life. After retirement he was accepted to, and enrolled full time in, a distinguished art school. He was then able to develop his creative and distinctive style of oil painting. This year his work was featured in a commercial art gallery, and he has started selling his paintings at respectable prices.

Another Country

These are just a handful of the dozens of retirement passions people pursue. Many others were uncovered in our ACREL retirement survey. In a sense, retirement represents an adventure into what one author compared to “another country.” According to consultants, one of the best preparations for this is to start pursuing these other “countries” before you abandon your old one.

It may never be too late to try new things, but in some ways retired lawyers can become ex-patriots. Many of their high school chums are not around. Their kids and grandkids are often occupied or away. They’ve lost their office buddies and the place where they occasionally received a pat on the back. They’re a little like those adventurous souls who decide they’ll enjoy the rest of their lives in a “place” they’ve rarely visited but always wanted to live.

The lesson is obvious. If you want to settle down in Paris, learn French. Try it for a few months before you “buy” it. Find out who will be your new best friend. If you want to live in Portugal, don’t just go there for a few days. Try it for a year. Join the Yacht Club. Get to know your neighbors. If you don’t like to bike or walk the beaches off-season, maybe you’d be better off going somewhere else in the winter -- or staying home.

The most successful retirees have been preparing for their new status for most of their lives. It may not even be a conscious effort, but somewhere along the road, they learned to live in “another country.”

You will leave this meeting better briefed for the “Real Deal” if you process Ominsky’s Retirement Rules, read any of the books in our suggested bibliography – and participate in our Saturday Workshop.

RETIREMENT BIBLIOGRAPHY

1 Dr. Arrien Angeles. The Second Half of Life.

2 Bernstein, Alan, LCSW’, and Trauth, John, MBA, Your Retirement, Your Way (Why it takes more than money to live in your dream).

3 Cantor, Dorothy. What Do You Want To Do When You Grow Up?

4 Carlson, Richard, PhD. The Don’t Sweat Guide to Retirement.

5 Cullinane, Jen, and Fitzgerald, Cathy. The New Retirement.

6 Cain, George H. (American Bar Association). Turning Points: New Paths and Second Careers for Lawyers.

7 Freudenheim, Ellen. Looking Forward: An Optimist’s Guide to Retirement.

8 Helen, Mary, and Smith, Shuford. 101 Secrets for a Great Retirement.

9 Higgins, Richard. Portfolio Life: The New Path to Work, Purpose and Passion after 50.

10 Hindon, Stan, How to Retire Happy (The 12 most important decisions you must make before you retire).

11 Stone, Marika and Howard, Too Young to Retire (101 Ways to Start the Rest of Your Life).

12 Josephowitz, Natasha, PhD.: Retirement. The Next Great Adventure.

13 Mendelson, Robert A., M.D. and Waxman, Barbara, MS, MPA. How to Love Your Retirement.

14 Novelli, Bill. 50+, (CEO.AARP) and Workman, Bob.

15 Ominsky, Harris. If I’m Still Around, I Can’t Be Dead (Infinity Press, 2002).

16 Pipher, Mary, PhD. Another Country.

17 Schlossberg, Nancy K., Retire Smart, Retire Happy.

18 Zelinski, Ernie J., The Joy of Not Working.

19 Law Practice Management. (ABA Audio CDs and printed course materials for retirement and transition planning).

Summary of Retirement Survey of ACREL Members

By: Harris Ominsky

We polled ACREL members by email with the ten attached questions. Our survey results may not impact the news like the Kinsey sex survey did a generation ago or like the latest NBC Presidential preference polls. Still, it has provided us with much helpful information and advice from our colleagues.

The results of the survey were collected and collated by a computer program known as “surveymonkey” (I didn’t make that up.) We received 238 responses. As expected, some questions were not relevant to all of the respondents, and the number of specific responses fell off depending on the question.

This summarizes my impressions of our responses:

Retirement status

In response to Question One which asked about how respondents characterized their firm status, 51.3 % listed themselves as partners and only 13% as “retired”. An additional 8% were “of counsel,” and 15.6% listed themselves as “other.” The last group included part-time lawyers acting as senior counsel, semi-retired, corporate in-house attorneys, law professors and solo attorneys.

Feelings about post-career experiences

Of the one hundred and thirty six that responded to this question 42.6% said they either “loved it,” or “it’s pretty good.” Many said they were not in a position to answer this, mainly because they were still working at a fast pace. Only three respondents said that they wished they were back doing deals. When we filtered the answers to this question for answers from only “retired” attorneys, 93% responded they “love it,” or “it’s pretty good.” 64.3% said they “love it.” Only one retired person wanted to be back doing deals. In the category, “Of Counsel” there were no responses wishing they were back doing deals. Based on this data, it appears that retired ACREL members are generally enjoying their new status.

Three favorite activities outside the office in order of preference.

The responses here elicited a list of over sixty different activities. They highlight our members’ similarities and their great diversity and individuality.

Since responders did not always use the same words to describe their activities, a certain amount of judgment went into characterizing their responses. For example, when an occasional response, was “travel with grandchildren,” should that response be counted as part of a “travel” preference or a “family” preference? Should interests in “trees, birds and nature” be lumped with “gardening(23 total votes)?”

Overall, the category that received the most responses was “travel.” Travel was listed both as the first choice and the most mentioned choice among the three preferences.. This was mentioned as our members’ first choice 44 times and was listed 120 times as one of their three favorites.

The second highest number of aggregate responses in the list of three was “reading,” which received 79 responses. Significantly, “reading” only engendered 18 first choice votes.

For first-choice activities, family activities came in second to travel, and golf third. However, for overall votes, family activities (51) and golf (50) came in after both travel and reading. Some might see the practical significance of that virtual tie between “family” and “golf” for third place, particularly those members who, on a Sunday afternoon, must make the painful choice about whether to spend time with their family or their golf buddies.

These statistics seem to have a certain logic to them. Since reading came in second overall but fourth as a first choice, the poll confirms that while reading is one of the favorite activities of our members, it is often trumped by opportunities to travel, spend time with family, or play golf. Of course, we often read while traveling and even when we’re with our family – if our grandkids let us.

The fifth most favorite activity mentioned by members was non-profits, community work and pro bono projects. This engendered 41 votes overall. As might be expected, these volunteer activities only received eight first-choice votes, which posted lower as a first choice activity than golf (20 first-place votes), reading (18) and hunting and fishing (13).

Other popular activities were gardening (23), working out (17), boating and sailing (16) and biking (13). Education, watching sports, teaching, and investing. each received 9 overall votes. We hope that the investing activity helped our retired members pay for some of the others listed, particularly family travel.

Additional outdoor activities received a respectable number of votes. That includes boating and sailing (16), tennis (15), hiking and skiing (11), general outdoor activities (9) and jogging and running (6).

Wine, food and cooking activities received ten mentions. Opera, concerts and theatre received 11 and music, 7.

Some of the less popular favorites, mentioned by fewer than four, were singing, dancing, walking, water skiing, riding horses and auto racing. We can only hope that the latter two are not being played out on busy highways. Members also listed piano, guitar, woodworking, movies, home remodeling, painting, writing, genealogy, photography, coaching, discussion groups, bridge, church and gambling. We can’t tell from the survey whether the gambling is taking place at the bridge table or in church.

It was a little surprising to me that life-long learning activities did not receive more mention. Of course, reading was popular, and in addition you could aggregate those votes with other traditional learning activities. For example, education ( 9 ), teaching ( 9 ), discussion groups ( 2 ), and writing ( 2 ) add up to twenty two votes for activities that could be considered indicators of life-long learning interests. That’s just one fewer than the number of overall votes for “gardening.”

While we have no exact measurement of this, it seemed that when members responded with their choice of family activities, they generally mentioned their grandchildren, and not their own children. We shouldn’t go too far with this interpretation, but this omission may say something about how responders evaluate their “favorites.”

This reminds me of the sardonic view that, “God rewards us for not killing our children by giving us grandchildren.”

Activities that have been enhanced or influenced by experiences in practicing law or other professional activities.

This was Question 6 in the survey, and the responses generally focused on how helpful our law practices had been in helping to carry out various non-profit and community activities. Specifically, several continue to give business and legal advice to friends, family and former clients. Some have been acting as arbitrators or mediators and are still writing. Some are helping their families in estate planning and real estate investing.

Others have made the connection between the problem-solving mental challenges and careful reading required of a lawyer, and how that relates to our more leisurely activities, such as reading for pleasure and participating in various educational programs and discussions. (See the attached summary on this question.)

Tips or suggestions based on transition or post-career experiences.

Members provided many thoughtful responses to Question 7. We have listed most of these responses in this summary. As the reader will see, they include both practical and psychological advice to those of us who are transitioning or retired. In selecting comments, we generally have left out those that involve investment advice and estate planning suggestions. These subjects may be worthwhile pursuing in another program.

Things you wish you had done differently to prepare for retirement

An overwhelming number of respondents declined to comment on this question. That’s apparently because most were either not far enough along in retirement or their transition to have a reaction, just didn’t see anything that they would have done differently---or just didn’t want to bring on depression by revisiting their mistakes when it was too late to do anything about it.

Several regretted not being able to save more money for retirement. Some regretted selling real estate investments too early (or too late), or not contributing more to maximize their investment in a retirement plan.

Some were sorry that they didn’t do more teaching, develop more background in alternative dispute resolution, pursue some hobbies, or learn to become a better golfer.

ACREL RETIREMENT SURVEY OF SPRING 2007

|Page: Survey Questions |

|Which of the following most closely represents your firm status? |

| |Response |Response |

|[pic] |Percent |Count |

| Retired |[pic] | 13.5%  | 29  |

| Equity Partner |[pic] | 55.8%  | 120  |

| Non-Equity Partner |[pic] | 4.7%  | 10  |

| Of counsel | | 7.9%  | 17  |

| Special counsel | | 2.3%  | 5  |

|[pic] [pic] Other (please specify) | | 15.8%  | 34  |

| |answered question  | 215  |

|[pic] | | |

| |skipped question  | 0  |

|[pic] | |[pic] |

|If you are retired, for how many years has that been? |

| |Response |

|[pic] |Count |

| [pic] [pic] | 83  |

| |answered question  | 83  |

|[pic] | | |

| |skipped question  | 132  |

|[pic] | |[pic] |

|If not, what do you anticipate will be your retirement age? |

| |Response |

|[pic] |Count |

| [pic] [pic] | 175  |

| |answered question  | 175  |

|[pic] | | |

| |skipped question  | 40  |

|[pic] | |[pic] |

|Which of the following most closely characterizes your feelings about your post-career experience? |

| |Response |Response |

|[pic] |Percent |Count |

| Love it | | 27.0%  | 34  |

| It's pretty good | | 15.9%  | 20  |

| Not yet sure | | 13.5%  | 17  |

| Wish I were back doing deals | | 2.4%  | 3  |

|[pic] [pic] Other (please specify) | | 41.3%  | 52  |

| |answered question  | 126  |

|[pic] | | |

| |skipped question  | 89  |

|[pic] | |[pic] |

|List your three favorite activities outside the office in order of preference (exclude sex and medical procedures): |

| |Response |Response |

|[pic] |Percent |Count |

|[pic] [pic] 1. | | 100.0%  | 215  |

|[pic] [pic] 2. | | 100.0%  | 215  |

|[pic] [pic] 3. | | 100.0%  | 215  |

| |answered question  | 215  |

|[pic] | | |

| |skipped question  | 0  |

|[pic] | |[pic] |

|Describe any "transition or post career activities" that have been enhanced or influenced by your experiences in practicing law or other professional activities, |

|including working with clients and other lawyers. |

| |Response |

|[pic] |Count |

| [pic] [pic] | 118  |

| |answered question  | 118  |

|[pic] | | |

| |skipped question  | 97  |

|[pic] | |[pic] |

|What tips or suggestions do you have for others based on your personal transition or post career experiences? |

| |Response |

|[pic] |Count |

| [pic] [pic] | 116  |

| |answered question  | 116  |

|[pic] | | |

| |skipped question  | 99  |

|[pic] | |[pic] |

|Is there anything you wish you had done differently to prepare for your retirement? |

| |Response |

|[pic] |Count |

| [pic] [pic] | 126  |

| |answered question  | 126  |

|[pic] | | |

| |skipped question  | 89  |

|[pic] | |[pic] |

|Please indicate if you would be willing to speak with someone about your answers. |

| |Response |Response |

|[pic] |Percent |Count |

| Yes | | 80.7%  | 146  |

| No | | 19.3%  | 35  |

| |answered question  | 181  |

|[pic] | | |

| |skipped question  | 34  |

|[pic] | |[pic] |

|Please provide your name and age: |

| |Response |Response |

|[pic] |Percent |Count |

|[pic] [pic] Name | | 97.6%  | 201  |

|[pic] [pic] Age | | 99.0%  | 204  |

| |answered question  | 206  |

|[pic] | | |

| |skipped question  | 9  |

|[pic] | |[pic] |

Transition or post-career activities that have been enhanced or influenced by experiences in practicing law or other professional activities. (Question # 6)

Here is a summary of the answers:

1. Problem solving experience is invaluable when dealing with community organizations.

2. Practicing law has taught me how to write and how the world works. Working in a firm has taught me benefits of working in a collegial setting and solving problems together.

3. Serving on Steering Committee for merger of Girl Scout Council.

4. Experiences as an attorney have helped in new career as Chaplain.

5. Service on Board of Directors

6. Modest legal contributions on several charitable and civic organizations I am involved with.

7. Lectures to the firm and activity in Florida condominium association.

8. As a lawyer, I am in demand for boards of schools, hospitals and other non-profit institutions.

9. American Bar Foundation Rule of Law Mission to China as well as teaching in mediation.

10. A member of the Palm Beach Town Council and volunteer to Legal Aid Society.

11. Investments in real estate spot projects and monitoring stock portfolio with investment counselor.

12. Teaching law school class in commercial real estate transactions.

13. Activity in NCCUSL.

14. Arbitrator and expert witness.

15. Teaching at a real estate institute.

16. Writing on real estate law.

17. Participate in and lead discussion groups.

18. Analyzing and studying investments for friends, family and myself.

19. Special master non-profit boards.

20. Service on Board of Directors of Hospice, Bethesda Urban Partnership and other civic organizations.

21. Pro Bono legal work for non-profits such as the L.A. Philharmonic Association.

22. Arbitrator and mediator. Also, writing and editing in one of the areas of law I practiced.

23. Advise a non-profit land trust and served on Board.

24. Chair of Board of Land Conservation Foundation and on committees of private and municipal communities.

25. In contact with a few clients and helped the firm with relationships with them. Also working with some of the young lawyers in the firm.

26. I am a member of a number of bar related sections/committees/organizations, including Maine State Bar Association.

27. Teach real estate as adjunct professor and serve on an Advisory Board of a Conservation Organization.

28. Pro Bono counsel for a preservation society.

29. Setting up family limited partnership and gifting interest to family. Investing in private placements and securities.

30. Developing commercial properties and other real estate investments.

31. Counsel for local opera company.

32. President of largest art group in state.

33. President and Director of League of Women Voters.

34. Discussion group leader at local library.

35. Served as Uniform Law Commissioner, on board of Homeowner’s Association and found occasional arbitrations.

36. Have been Associate Dean for Finance and Administration at Pace Law School.

37. Pro Bono general counsel for non-profit land trust of which I have been on the Board of Directors.

38. Served as expert witness a few times.

39. Attend local Bar Association Real Estate Law meetings.

40. Teaching an advanced real estate course as adjunct faculty.

41. Work on real estate projects with several former clients.

42. Boards of directors and its trustee for about twenty young people.

43. Several clients have retained me for business advice on real estate transactions after I retired.

44. Acting as expert witness and did consulting for organizations.

45. Real estate and securities investing; non-profit board work.

46. Teaching legal writing and analysis at University of Chicago Law School.

47. My law training and practice is useful in trying to decipher historical records.

Tips or suggestions (Question # 7)

9. 1. Develop a variety of hobbies, interests and activities. 2. Think of things you've always wanted to do but never pursued to your satisfaction during your working years. Then do them. 3. Volunteer for civic, charitable and religious organizations which you regard as doing important things. 4. If you feel yourself getting bored, see Tips 1, 2 and 3.

14. Teach and stay in touch with young lawyers and students.

19. 1. Each person is different and needs to develop his/her unique plan. 2. Be as absolutely honest with yourself as possible. 3. Take as many years to transition as you feel you need and as your work situation allows so that if you find that you're not ready to retire, you haven't burned any bridges. 4. Plan to pursue a number of interests so that all your potential activity eggs aren't in one basket.

21. Do not expect that you can play golf and tennis seven days a week. You need some activity which stimulates the mind be it bridge, volunteer work or community work

.

24. Work out some transition plan as opposed to immediate total retirement.

28. Learn to say no for at least a year. You can become so busy with volunteer activities, it may feel like you are still at work. Only do the things you really enjoy.

29. Keep learning about things that interest you

30. Be proactive in connecting with colleagues, family and old friends; and planning lunch and other events together. Be adventurous in developing new friends and activities. Schedule meetings and events in advance, when feasible. Don't be afraid of "failing" or rejection in these adventures. Choose things you want to do rather than what you should do. Most of all--stay healthy!

33. Being available for a quick consult with other lawyers on real estate at no fee. Volunteering to do real estate work for charities at no fee.

34. Don't convince yourself that living in retirement will be less expensive, unless you plan to be a recluse.

39. A positive outlook is the best thing for all phases of one's life, even more important in this phase than before. Savor every day; try to enjoy everything you do. Find something(s) you truly enjoy doing and set aside time to do them. Spend more time with family and friends; renew friendships with long-lost friends and relatives.

48. Do not give up your relationships with the law firm and clients merely because you are retired. Your relationships will change, and you have to work at staying out of the way of the active lawyers, but there are things you can do to help with clients and you can still have an enjoyable time talking with former colleagues. You continue to be in demand in community activities and can make a significant contribution with the time you have to spend and the knowledge you have accumulated. This can be very rewarding. I also maintain an office in my former firm and use it often as a place to go to do personal business and keep out from under my wife's feet. I make a concerted effort to not spend too much time at home. Having been retired only 2 years, I am still learning.

49. Deal early with your image of yourself primarily as a lawyer and become involved with activities you like, particularly those you deferred or subordinated to demands of clients and firm while practicing law. Continue, or develop, good personal relationships with the private banking groups of at least two institutions. Consider paying all bills automatically through credit cards, ACHDs or companies like PayTrust or Quicken (Quicken isn't easy to navigate) so that you can travel without having to receive and pay bills or even go on the net to do so. Now that you have the time, start with a personal trainer and stick with a good exercise program at home or in a gym - - easily portable Xertubes can be as effective as the big machines.

44. While I still play competitive, tournament tennis and have taken up golf during the past three years, and go on hiking and biking trips, I have learned that you can't do that 24 hours a day. You must explore and find some intellectual pursuits to both ease the transition and to keep your mind fresh and maintain an overall feeling of being young and energetic--it’s all in the mind!

55. Get your ego under control; ACREL members are by definition outstanding in their profession and most have self images based on their professional excellence. When one leaves the practice of law, one must recognize that he/she is no longer the "best" in whatever activity he or she is engaged in.

56. Have a plan for later years; fade out slowly from law practice into the planned activity; stay in touch with former colleagues.

75. Don't wait until the day you retire to figure out what you want to do next. Plan and prepare so that the transition is an easy one. If you are lucky enough to have a spouse or other life partner involve them in the planning process as they are a source of wonderful advice and will share in your excitement.

90. Retire as soon as you are no longer excited about practicing law

80. Cast bread on the waters long before retirement age approaches by doing other things, such as volunteer work and teaching. I had other opportunities and wasn't looking to retire from the practice but I did those things because I wanted to and the firm encouraged it and, lo and behold, here I am. I flatter myself that the firm regrets its generosity in allowing me to pursue other things while also working full time practicing law.

94. I have kept an office and secretary at my firm which I use for my personal matters.by being in office I have gotten two directorships and a wonderful consulting arrangement. I had numerous interests outside work which I now pursue to the fullest. I live for boats and fishing. I now own 4 marinas and three very successful waterfront restaurants. Also own a large construction company. All came about as a result of my relationship with clients.

101. Have a plan before retiring. A few years before I retired, a wise man told me to be sure to retire "to something," not "from something."

104. Quit thinking and talking like lawyers. Realize that what you did in your career was perhaps not as important as you might think. Hopefully you will quit defining your life in terms of the law and consider broader perspectives

105. There are several key parts of my arrangement that I highly recommend. First, the firm asked me to keep a hand in a narrow area of practice, which I have done. Second, and as a condition to agreeing to that, I insisted that I not get paid. That has completely freed me up from any responsibility (except that which is self-imposed), and I feel no guilt if I go play golf when a fire is burning. Incidentally, the firm provides retired partners with an office and a part of a secretary. That is obviously very important to my program.

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