[Editor's Note: Our July edition featured a roundtable discussion on financial problems some law firms are facing in connection with the forthcoming retirement of baby boomers. That discussion focused on unfunded obligations.
Compensation Contradictions
The mandatory retirement and similar policies that firms have wielded to effect such transitions are now under threat. The U.S. Equal Employment Opportunity Commission presented a clear legal challenge earlier this year when it sued Sidley Austin Brown & Wood, alleging age discrimination in the firm's dismissal and demotion of older partners. But an even greater challenge to firm retirement policies may be posed by the growing number of older partners who feel they have remained highly productive and insist on holding onto privileged positions, either by negotiating special arrangements or by decamping to other firms.
By
Anthony Lin
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