Most Am Law 200 firms have mandatory retirement policies. But that’s changing as more baby boomers approach retirement age.

One notable exception: New York firms. With their lockstep compensation and defined-benefit pension plans, they are less likely to embrace a more flexible approach to retirement.

Growth Spurts Percent of AmLaw partners in their 50s Less than 20 percent 17% 20 to 39 percent 62% 40 to 59 percent 20% 60 to 79 percent 2% Percent of partners 60 or older Less than 20 percent 92% 20 to 39 percent 7% 40 to 59 percent 1% Ages of Anxiety Percent of firms that have mandatory retirement policies
Yes
64%
No
36% Retirement age at firms that make it mandatory
65
40%
67
9%
68
10%
70
28%
Other
14% Percent of firms that have asked any partners 55 or older to retire or take nonequity status in the last five years
Yes
59%
No
41% Firms that have asked partners 55 or over to retire or take nonequity status in the last five years AmLaw 100 AmLaw 200 National New York Otder
Yes
67% 47% 73% 48% 57%
No
33% 53% 27% 52% 43% A Helping Hand Percent of firms that offer formal retirement programs Yes 17% No 83% Percent of firms that offer financial or retirement counseling Yes 25% No 75% Percent of firms that offer transition counseling Yes 32% No 68% Making Provisions Percent of firms that have a defined-contribution pension plan National New York Other Yes 83% 76% 78% No 17% 24% 22% Percent of firms that have a defined-benefit pension plan National New York Other Yes 61% 71% 41% No 39% 29% 59%

(The American Lawyer, December 2007)