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Older and Better: Partner Retirement Policies

By Janet Markoff

You have heard the clich': '60 is the new 40.' In today's law firm, however, the 60-year-old may very well be at the prime of his or her career, and many firms are taking notice. Firms committed to building critical mass, particularly in key practice areas and offices (notably New York) are scrambling to recruit the 'big splash' partner. The seasoned attorney from a top-tier firm, approaching the firm's retirement age but not yet ready to quit, is a prime target. This partner has a loyal client base, the wisdom gained from years of experience, and prot'g's who are frequently eager and willing to follow the master.

As recruiters visiting the AmLaw 200 firms ' particularly the nearly three-dozen who have opened NY offices in the last decade ' the mantra we constantly hear is about growth. In fact, in the recent AmLaw 200 Leaders Survey the respondents' 'top disappointments include the failure to attract major lateral partners.'

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