Law Practice Management
Retirement? What Retirement? Say Some Partners of a Certain Age
Posted Aug 4, 2009 12:45 PM CST
By Martha Neil
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"
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Comments
B. McLeod
Aug 4, 2009 1:14 PM CST
But fortunately for them, their professional association is working tirelessly to make sure they will have access to universal health insurance, and federal recognition of their same-gender marriages. Hence, while they are sitting on milk crates, eating out of a dogfood can, at least they will not have to worry about those other, pressing issues.
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tim
Aug 5, 2009 6:14 AM CST
Why would anyone want to work past 60. Retire. Go spend time with your family, travel the world, enjoy a hobby. Life is to short to work till your 70.
I think most people who work past retirement age (1) either have to support their finances or (2) they have no life outside of work so they don’t know what else to do.
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