Adapting to a Changed Legal Marketplace
Chapter 13: Retirement policies
I believe that most large law firms should have a mandatory retirement policy to open up opportunities for younger partners, who otherwise might choose to leave the institution and take their talent and practice base elsewhere. To build a lasting firm, management must address the reluctance of partners nearing or at retirement age to retire from the practice of law and move on to a life as a retired partner with little or no financial support from the firm. To do this, the firm must require partners to fund retirement plans themselves out of current profits.
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