The Wall Street Journal recently ran a story that might surprise those who view entrepreneurship as a young person’s game. Turns out, 70-somethings are launching new businesses at record rates. Nearly 30 percent of employed Americans over 70 now work for themselves — double the share of those in their 60s.
So why not law? Why couldn’t that same spirit of reinvention take hold among senior attorneys?
Consider the context. At large firms, many lawyers in their 60s and 70s are being eased out by mandatory retirement policies. Others begin to feel that life’s too short to defend policies or causes they don’t believe in. Yet as older lawyers depart the work force, decades of valuable experience, judgment, and relationships are being left on the sidelines. And those qualities are exactly what make older lawyers perfect candidates for law firm ownership.
Already, older lawyers already have the assets that younger founders are still scrambling to build. That includes a network that spans industries, a reputation that opens doors, and the confidence that comes from having weathered cycles of boom, bust, and burnout. Plus many older lawyers are financially secure, with mortgages and children’s college tuition in the rearview mirror.
Even better, the practice opportunities are wide open to serve clients with a similar background – and who are likely to feel more comfortable around a lawyer who looks like them. Potential practice areas include:
- Estate planning and elder law align naturally with older lawyers’ stage of life and the client base – the majority of who don’t complete estate planning until the ages of 55-64.
- “Silver divorce” cases — couples separating after decades together — call for empathy and realism that only life experience provides.
- Later-in-Life entrepreneurs like those featured in the Journal article will need small business lawyers to draft up corporate documents and business agreements.
- Fiduciary disputes, financial elder abuse, and age discrimination are rising issues where seasoned counsel can make a difference.
- Independent mediation and arbitration services offer a path for attorneys with decades of experience in family law, commercial litigation or regulatory practice tov1 apply their skills to resolve disputes rather than initiate them.
- Consulting niches — ethics, trial strategy, negotiation, or mentoring younger lawyers — allow you to monetize what you know without carrying a heavy caseload. In fact, the Journal article featured trial lawyer Judson Graves who teamed up with an actor to produce online CLEs on entertaining trial performance through Judson Squared.
Meanwhile, the emergence of generative AI promises to mitigate many age-related concerns about older lawyers’ mental acuity, stamina, and tech competence (a 2023 study showed that 73% of Oklahoma lawyers disciplined are over 50 years old). AI is intuitive for most lawyers to use and can tackle much of the repetitive drudge work that older lawyers struggle with. Older lawyers have the added advantage of experience which enables them to spot hallucinated or suspicious AI output more capably than newer lawyers.
Like “That 70s Show,” a 70-something solo by choice sounds like a sitcom. But it’s really a reboot — where you finally get to write the script. You’ve already lived the first few seasons of your career. You’ve seen what works, what doesn’t, and what actually matters. The 70s don’t have to be an ending. They can be the decade where you take everything you’ve learned and finally practice law the way you always wanted to.
Carolyn Elefant is one of the country’s most recognized advocates for solo and small firm lawyers. She founded MyShingle.com in 2002, the longest-running blog for solo practitioners, where she has published thousands of articles, resources, and guides on starting, running, and growing independent law practices. She is the author of Solo by Choice, widely regarded as the definitive handbook for launching and sustaining a law practice, and has spoken at countless bar events and legal conferences on technology, innovation, and regulatory reform that impacts solos and smalls. Elefant also develops practical tools like the AI Teach-In to help small firms adopt AI and she consistently champions reforms to level the playing field for independent lawyers. Alongside this work, she runs the Law Offices of Carolyn Elefant, a national energy and regulatory practice that handles selective complex, high-stakes matters.
The post That 70s Show: Why Your 70s Might Be The Perfect Time To Start A Law Firm appeared first on Above the Law.
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