On August 13, the American Bar Association‘s House of Delegates voted at its annual meeting in San Francisco to officially take the position of urging law firms to rethink their mandatory retirement policies. From the WSJ Law Blog writeup:
According to a 2005 Altman Weil study, reports the [National Law Journal], some 57 percent of law firms with more than 1000 lawyers have them policies mandating that their lawyers step down upon reaching a certain age, typically between 65 and 75 years old.
My take, for whatever it’s worth, is that some of the most valuable attorneys both to a firm from a business generation perspective, as well as to a client from a legal acumen perspective, are senior partners in their 60s and 70s. Forcing retirement on these partners only makes more $$ available for more-junior partners, but does so at the cost in expertise to the bar as a whole.
Thx to the WSJ Law Blog