Disconnect the circular saw from its power source by unplugging it from the electric outlet, or remove the battery if it is a cordless model. Set the circular saw on a flat work surface with the back adjustment lever facing toward you for easier visibility and removal.
Locate the retaining ring, also known as a circlip or snap clip, which secures the adjustment lever over the hex nut. Grasp the retaining ring's back tabs with needle-nose pliers. Pull the needle-nose pliers back to dislodge the retaining ring and set it to the side. Hit the broad side of the pliers with a hammer while they are attached to the retaining ring tabs to dislodge the retaining ring if it is stuck.
Grab the adjustment lever from over the hex nut and slide it out. Slide the new lever over the hex nut so that it's in the same position as the old one.
Pick up the retaining ring and slide its open end onto the hex nut. Push the ring into the hex nut's grooved seat. Tap on the back of the retaining ring with the flat head of a hammer until the ring is fully seated around the hex nut.
Flip the saw's adjustment lever up and down to make sure it secures the cutting table at the desired depth.