I’ve heard some firms have a mandatory retirement policy. Is this actually enforced/ a real thing in Biglaw? If so, when? Trying to figure out if I can wait out the 61 yr old partner lol

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Aggressively enforced at my firm. Starts at 60 - you’re removed from all leadership positions and they begin taking away equity. By 65 you’re completely out.

Most partners just take retirement package offers in late 50s because they’re more favorable than what you would get if you held out for forced retirement.

like

Depends on the facts of the individual case but generally speaking, the ADEA does not apply to equity partners if they are the employer equipped with decision making on no real oversight into their work.

Off ramping begins at 55 at Kirkland. You’ll be gone by 65.

likehelpful

Nothing actually happens to you at 55. 62 is when the retirement plan kicks in and 65 is indeed the mandatory retirement age. Maybe what K&E1 is talking about is the fact that most K&E partners do tend to retire in their 50s by choice. It’s a tough job and they’re also crazy fucking rich at that point (equity comp was approximately $3.2m - $32m last year and you have to assume the old heads are at least closer to the $7.5m ppp).

If you’ve got tens of millions in the bank by then (10-20 years of all those millions) why torture yourself grinding K&E partner hours when you could just go enjoy all your money and chill? Especially since K&E doesn’t let old partners hang around without contributing (which does include client relationships etc so not necessarily work hours, but like something of value).

From what I’ve been told, it’s unusual for any of them to make it to 65 anyway.

I think you’ve got some time. I cannot imagine it being before 65.

like

It’s enforced at my firm but if you’re a big shot you’ll retire from being partner and they’ll give you random BD / professional development titles so that you can keep coming to the office and feeling important via superiority complex

likefunnysmart

The short answers are yes and I think 70 is most common these days. The longer answer is that most partnership agreements will allow for exceptions if granted by the board and/or voted on by the partners. So, depending on how important this senior partner is and how willing to keeping working, it could end up being longer.

likehelpful

Getting less common but the common number is 65. Not many firms have a firm mandatory retirement, but most of the white shoe firms do. Quite often exceptions will be made for rainmakers, but not at firms that are really rigid like a Simpson.

like

Partners are forced out of the equity ranks at 68 at my firm. If firm leadership agrees you can stay on afterwards, but you no longer have equity.

And you’re forced out of leadership before then - either 60 or 65, I think, can’t be on the exec committee etc.

like

You get deequitized at my firm at 70.

Do you get paid afternoon retirement?

F

Yes and strictly enforced

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