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Only 38% of lawyers agree they should be forced out of their law firm at a certain age, a recent survey shows—even though half say their firms have such mandatory retirement policies in place.
The Altman Weil Flash Survey on Lawyer Retirement, which surveyed 521 lawyers in management positions in US law firms, reveals that in firms where retirement is mandatory, 38% mandate retirement at 65, 36% at 70, 6% at 67 and 5% at 68.
In smaller firms (50 to 99 lawyers) that have mandatory policies, the most common retirement age is 70, while in other size categories, firms are most likely to force retirement at 65.
Twenty-seven percent of lawyers surveyed said they plan to retire early, 29% plan to retire at retirement age; 29% later; 4% never plan to retire; and, 11% are unsure.
Those in larger firms are less keen to continue working in law after retirement: only 34% of lawyers in over 500 lawyer firms want to continue compared to 67% of lawyers in firms with 50–99 lawyers.
Men are more likely to plan on a later retirement, while women are more likely to retire early or at retirement age.
Altman Weil principal James D Cotterman says the survey’s findings may signal a change in retirement policy in US law firms.
“As the Baby Boom generation nears retirement, many have already had a change in perspective. When younger, they knew that mandatory retirement was the right and proper way to manage the firm. Now that they are in their late 50s and early 60s many have come to see this as possibly not the best approach for the good of the firm,” he says.
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