This National Law Journal story on law firm mandatory retirement policies demonstrates the high-wire act law firms are walking to transfer responsibility, money and power to the next generation of partners. These policies, in effect at many larger firms, promote the gradual transfer of client matters to younger lawyers within the firm when a senior partner approaches mandatory retirement--usually 70 years of age. They seek to gently move partners towards retirement over a period of three to five years.
The problem arises when one or more senior partners do not want to slip quietly into the night. For many, it is difficult to stop being a lawyer. After 40 years, one's whole identity can be wrapped up in being a lawyer. When the lawyer stops being, so does the person.
So while law firm retirement policies help the clients and law firm, they need to be flexible to deal with the wide range of human psyches belonging to retiring partners. Rather than a one size fits all policy, law firms must address the underlying human needs of partners to achieve a total win-win-win solution.
Retirement options for senior partners should include the opportunity to remain a partner at some level to help the firm achieve its pro bono goals, Of-counsel agreements with tiered financial incentives, and the option to work as a solo practitioner subleasing space and services from the firm.
It just seeems the right thing to do for all involved.
