Alston & Bird Offers Early Retirement Incentive to Senior Staffers
Alston & Bird is offering an incentive for early retirement to staffers above age 55 who have been with the law firm for at least 10 years.
Paralegals and other staffers who take the offer and retire by the end of the year have two choices, according to the Fulton County Daily Report. They can receive severance pay that is tied to their years of employment with the firm, to be paid throughout 2009. Or they can opt to take less in severance pay over a 24-week period in exchange for a $450 ongoing monthly payment towards medical coverage until age 65.
Managing partner Richard Hays told the publication that the offer is aimed at creating leaner staffing ratios. “Given the current economic pressure,” he said, “this is a good opportunity to bring our staffing ratios into alignment with the industry.”
Above the Law broke the news last week and posted the memo with details of the offer. The blog points out a clause giving the firm the right to amend or terminate the $450 medical subsidy at any time.
