Law firms encourage senior partners to retire |
| Major U.S. law firms are increasingly looking for ways to encourage senior partners to retire as lawyers remain in their careers well into their 70s, 80s, and even 90s. Roughly one-third of U.S. lawyers are 55 or older, including 14% who are over 65, creating potential bottlenecks that can limit leadership opportunities, major assignments, and client relationships for younger partners. Firms are responding with measures ranging from mandatory retirement ages and pension packages to reductions in equity and financial incentives. Some, including Latham & Watkins, Morgan Lewis, and Debevoise, have hired consultants to help senior lawyers plan for life after their legal careers. The programs encourage partners to consider alternative pursuits; participants go on to careers and interests including photography, theater production, screenwriting, and volunteering. |
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