When an equity partner retires, how do your firms structure the buy-out of the retiring partner’s interest? Is it a substantive buyout or a nominal amount? If nominal, doesn’t this just incentivize the lawyer to keep working until she’s 100 years old and dies at her desk?

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Current firm doesn't have a solid retirement portion of the operating agreement, partnership agreement (Relatively new firm). The prior Mid-sized firm, had a moderate sized buy out, done across 3 yearly payments (six figure total, but the annual payment was high 5-figure amount) . If a name partner, small monthly stipend on top for the same 3 years. It was a bit of an odd structure, but may replicate it at current firm.

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