Retirement? What Retirement? Say Some Partners of a Certain Age
Accelerating an earlier trend, the economic debacle of the past year or so is making it difficult for a number of 60-something attorneys who might otherwise be thinking of retirement to unplug their legal careers.
With retirement account balances down and—for some—compensation declining to boot, a number of law firm partners in this age bracket are working harder than ever to keep their careers on track, the Legal Intelligencer reports in a lengthy article about the situation.
At worst, partners who want to keep working are being forced out, along with associates for whom law firms no longer have enough work.
Although some fear that having more senior partners on board could make it difficult for younger lawyers to advance, others point out that having rainmaking partners stay at work longer would be beneficial and help alleviate a potential brain drain if too many lawyers in the baby boom generation retired at the same time.
The trend is also supported by a continuing move among many law firms to eliminate mandatory retirement policies.
Related coverage:
ABA Journal (2007): “Retirement a Looming Issue for Law Firms”
Altman Weil Inc: “Flash Survey: Lawyer Retirement”
