Jobs for Retired Lawyers
Lawyers can work for as long as they like.
However, many lawyers do not love to practice for too long. Some lawyers could also prefer to work outside the courtrooms for many reasons.
Whenever a lawyer retires, there’s still so much that could be done with the experience.
Lawyers make up a considerable percentage of workers in many industries, banks and many corporate organizations.
They are intelligent and are always a great asset in any organization.
However, lawyers may also decide to pursue another career entirely. There are several careers where a retired lawyer can successfully fit in, where their skills and experience will be immensely valuable.
We must note that some lawyers decide to start working pro-bono once they retire. That is, they decide to work for free, albeit for only a few cases. While that is a commendable thing to do, many lawyers still need to make money while in retirement.
Here are some jobs that provide that opportunity.
Teacher/Professor
Only lawyers can teach Law. As a result, lawyers who retire from active practice can become teachers who groom upcoming lawyers.
Speaking is already the easiest of tasks for lawyers who spend the bulk of their time conversing with clients and in courtrooms. For retired lawyers who wish to remain conversant with legal issues, a teacher’s job is ideal.
Strictly speaking, teaching legal education is only applicable in tertiary institutions, but lawyers who are interested in teaching in high schools can also be very useful in many areas.
Full-time teachers of the law could become appointed as professors in universities or work part-time and be paid hourly.
Lawyers who wish to retire into teaching may need to obtain further degrees in education while continuing in research.
Retired lawyers who take on teaching help upcoming lawyers understand in practical terms what is expected of them in the job. Teachers who have not practised may not have that advantage.
How much can be made?
As teachers of Law, retired lawyers earn an average of $62,000 every year.
Pros
Teaching law allows the retired lawyer to stay close to a profession he loves while having more time to face other things. As a teacher of the law, it also allows the retiree to mentor upcoming lawyers, having worn the gown for many years.
Cons
For full-time teachers, it is highly demanding and time-consuming, although this should be enjoyable if the passion for teaching doesn’t wane.
Realtor
Real estate is a major money-spinner, however it could also spin lots of trouble. Getting a lawyer involved in the process of buying or selling real estate can help avoid lots of trouble.
Realtors are licensed real estate salespersons who offer guides to clients in the process of buying real estate.
They also serve as the meeting point between buyers and sellers and help both parties reach an amicable agreement during transactions. When clients want to purchase a property, they also involve realtors who help them understand knotty issues.
Realtors are members of the National Association of Realtors who follow guidelines set out by the body to ensure the real estate industry remains transparent and profitable.
Because real estate involves many legal issues, lawyers are the best crop of workers to take up the career. They understand what the legal requirements of land and housing issues are and offer the best advice to make clients get the best out of the transactions.
Lawyers do not need to retire before working as realtors as long as they get the required license.
How much can be made?
Realtors make an average of $79,000 per year.
Pros
A realtor’s job helps a lawyer put their legal knowledge into more productive use outside the courtrooms. The job could also be done on a part-time basis. For retired lawyers, the job of a realtor offers enough time to relax while earning money. The job also pays quite well.
Cons
Lawyers may need to get additional licenses to qualify to practice in this field.
Legal consultancy
A legal consultant is a lawyer who offers legal services in a given specialty. Because they are consultants, they are not on permanent employment and are only contracted over a period. This is in itself a perfect working arrangement for retired lawyers.
Consultants offer legal services to companies and individuals and are preferred over full-time employees because they are only paid when their services are needed. This is a more cost-effective method of getting legal services.
Lawyers could serve as consultants to different organizations even while in active service. For retired lawyers, consultancy is a way to remain in service but at a slower and a more relaxed pace.
How much can be made?
Most legal consultants are paid by the hour, while others earn per assignment. On average, however, most legal consultants earn about $82,000 per year.
Pros
Legal consultancy is a part-time job ideal for retired lawyers, as it allows for multiple consultancies. They get to increase their payment by consulting for many firms.
Cons
Many employers hire consultants just to avoid paying permanent staff well, so the payment may be less than desired.
Writing
There are few groups of people who write thrillers better than lawyers. Lawyers have seen so much drama in their careers that when they take their pen to put down their thoughts into writing, it turns out as bestsellers.
Interestingly, many lawyers are in high demand by publishers for all kinds of books. From fiction to non-fiction, lawyers make great writers.
Lawyers can also write on purely legal subjects or feature as analysts for newspapers and news magazines. Lawyers also write columns on legal perspectives for journals, magazines and websites.
A lawyer could also create blogs and websites where great content can be uploaded.
For retired lawyers, writing is a career that can fetch a lot of money and help in the productive use of free time.
How much can be made?
There’s no way to know how much a writer can make, as there’s no limit. But the national average is about $80,000/ year.
Pros
Writing is a convenient job that offers lots of flexibility for the writer.
Cons
The job is only ideal for those who have a flair for writing.
Investigator
When a crime is committed, investigators are specially contracted to help solve it. The starting point of finding a solution to any crime is collecting evidence and information from the scene and suspects.
Investigators are trained on the best practices to handle crime without muddling the entire case. They know how to proceed from one stage to another. And who but lawyers can best serve as investigators?
They are well-versed in cross-examining witnesses in law courts while collecting valuable information useful to solving even the most complex cases.
By their training, lawyers make great investigators. Retired lawyers who wish to take up the job full-time would find it very rewarding.
How much can be made?
Investigators make an average of $58,500 per year on average.
Pros
It is a job that is already in line with what lawyers do. The job requires no further training and it keeps retired lawyers busy and engaged.
Cons
It is a very demanding job, and retired lawyers may find the workload unbearable.
Contract Manager
Many organizations enter into contracts with third parties and need a contract manager to serve as a negotiator. The job of a contract manager is to ensure that an agreement between a client and a third party goes smoothly and the client is not shortchanged.
The contract manager is also responsible for ensuring that several contracts that the client has entered into are well maintained, and there are no breaches.
Lawyers know the necessary hurdles to cross and how best to ensure the client is well represented.
As retired lawyers, the job of a contract manager is familiar terrain, and many companies ensure that lawyers are hired for that role.
How much can be made?
The national average salary of contract managers is $87,000 per year.
Pros
Lawyers who serve as contract managers do not need any further certification to work. They also can work for multiple firms at a time. The job is not extremely demanding, so it offers the retiree enough flexibility.
Cons
The job is not readily available.
Financial Officer/Risk Manager
When companies want to take important financial decisions, they call on financial officers to assess their fiscal health to know whether or not their decision would pay off.
Risk managers meanwhile access the risks associated with a company. They determine the health of companies and help minimize or eliminate hazards that may cause severe problems for the company.
When companies value their financial stability, they do not joke with the roles of financial officers or risk managers.
Can lawyers serve as financial officers or risk managers? Absolutely. However, such lawyers must be well versed in financial services.
How much can be made?
An average of $120,000 is on offer per year in each role.
Pros
The roles are high profile jobs that pay pretty well. Although it is a full-time job, it is not too demanding.
Cons
The role is only available for few lawyers who have majored in financial matters. For retirees, the job is also not part-time and demands a lot from the employee.
Investment Banking
Lawyers with a passion for finance have always seen investment banking as a very lucrative sector.
However, lawyers who intend to break into this field may find it quite challenging as the demands are quite much.
Many retired lawyers transition into investment banking, but this is after several other qualifications in finance and banking.
The advantage that lawyers have over others is that their legal education gives them the edge to advise the bank appropriately on investment steps to take.
How much can be made?
On average, investment bankers make $56,000 per year.
Pros
For retired lawyers interested in finance, investment banking is a great way to spend time.
Cons
The sector is challenging to get into, and those who break it need to get many other certifications.
Magistrate Judges
Magistrate judges are appointed to assist district court judges in performing the duty of interpreting the law. So, would lawyers make good magistrates?
Absolutely. Magistrate judges are the first judges to address criminal cases and decide how a case would go.
As retired lawyers who have stood before judges to defend or prosecute cases, judges’ role is not strange to them.
Relevant authorities appoint judges, and most magistrates are first and foremost lawyers. Retired lawyers who are so appointed often go on to make great judges.
How much can be made?
The average yearly salary for magistrates is $131,859
Pros
The job of a magistrate is honourable indeed. The retired lawyer can use the knowledge of the law to ensure that cases are judiciously decided.
Cons
The job is a full-time job that involves lots of cases.
Other jobs that retired lawyers can lay their hands on include
- Sheriff
- Mediator
- Management consultant
- Account manager
- Bail bondsman
- Banker
- Border patrol
- Correctional officer
- Headhunter, and much more.
Conclusion
As retired lawyers who want to make more money and continue contributing to the legal profession, legal practitioners can either continue in the field or try their efforts in other sectors like banking or education.
The legal education of lawyers makes them stand out in many fields and make lawyers the ideal candidates for many job openings.
As long as they are willing to work and pay the price, retired lawyers can still make a lot of money from retirement.
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