Whether you are a partner in a small, midsized, or huge multinational law firm, deciding whether to retire, when to retire, and how to do so is serious business that must be carefully considered and planned. Law firm management also has a difficult task when dealing with retirement policies as these policies must not only balance the needs of the retirement age partners (whose average age is steadily increasing as our population is living longer) with those of the firm, but also accommodate the expectations of its younger partners, all the while considering the effect retirement has on its ability to service clients.
In this month’s column,1 we analyze some of the issues concerning law firm partner retirement, including some interesting retirement statistics. We also briefly examine how the accounting and medical professions address issues regarding their senior members to discern whether the policies other professions employ can be translated into law firm life. We then offer some suggestions based upon the above.
Relevant Statistics
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