City elite grey hair shortage revealed
Legal Week Reports
August 03, 2005 at 08:03 PM
2 minute read
Only one in 20 partners at London's top 10 firms are over 55, according to Legal Week research, which indicates that the UK's legal elite have yet to face up to impending anti-discrimination laws that promise to restrict the tactic of 'managing out' older partners.
Data collated on the top 10 City firms found that, on average, just 6% of UK partners are older than 55. Nineteen percent of partners are over 50, after years of sustained pruning of partnerships which has seen older partners cut and mandatory retirement ages imposed.
The figures, which will be published in the next issue of Legal Week (25 August), show magic circle firms Allen & Overy (A&O) and Linklaters have the lowest percentage of partners over 55, with 3% and 3.5% respectively, while Lovells has the most with 10%.
Slaughter and May and Simmons & Simmons have the most partners over 50, with 25%, and 24% respectively.
The average mandatory retirement age is 62, which ranges from 65 at Slaughters and Clifford Chance down to Freshfields Bruckhaus Deringer, which has a policy ranging between 55-62.
The statistics come as firms gear up to tackle new laws on age discrimination, which will come into effect in October 2006 and – according to many employment lawyers – effectively class partners as employees. Draft legislation was unveiled last month and is currently in the consultation stage.
Fox Williams employment specialist Ronnie Fox warned that City firms would have to change their approach to partnership, citing the example of US firms in retaining talented older lawyers as partners.
See Comment, page 2.
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