During the past year, we witnessed a marked increase in the number of law firms, both large and small, which are finding that their existing unfunded retirement plans are becoming significant, disruptive forces. The underlying problem created by these plans is that they result in current income being diverted to former partners, thereby reducing the compensation of the remaining active partners.
An expected spike in retirements related to the baby boom generation – and, for many firms, greatly increased benefit exposure due to sharp increases in firm profitability that is factored into the value of retiree benefits – stand ready to test the financial viability of even the strongest firms.
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