The settlement on April 10 of litigation between the Equal Employment Opportunity Commission and Kelley Drye & Warren over a policy forcing partners to wind down their practice and give up equity status at age 70 has resulted in a sizeable payday for the main partner involved, but it doesn’t resolve the larger issue of whether a partner is an employee or an owner. (Read the consent decree.)
What it does is to put law firms on alert about their retirement policies.
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