Posted Mar 25, 2009 03:32 pm CDT
In a throwaway line buried deep in a Philadelphia Inquirer article about the winding down of the 106-year-old WolfBlock is some troubling news.
Retired lawyers may lose their pensions.
Why? The paper reports that the firm is funding pension costs out of current revenues and “has no long-term investments for its pension plan.”
“Once the firm ceases operation, there will no longer be money to pay for the pensions,” the Inquirer notes.
The ABA Journal will continue to explore this news angle. Meanwhile, please share in the comments whether your firms handle pensions this way or if they have long-term investment strategies.
More on WolfBlock:
Philadelphia Inquirer: “WolfBlock Lacked a Plan”
ABAJournal.com: “Why WolfBlock Didn’t Merge to Survive”