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I am 62 and all I want is a quiet retirement. PLEASE! I’ll never understand the people who want to work into their 80s and 90s. For what? 15 minutes after you retire you’re forgotten forever. For those of you who think you’re leaving some kind of legacy, you’re sadly mistaken.
Do you even know anything about Messrs. Cravath, Swain or Moore? I KNEW Walter Mendelsohn from Proskauer and I couldn’t even tell you today what kind of law he practiced. (He joined the firm in 1921. He died at age 98 in 1995.)
The math on this might indicate the cause of said divorce.
Very common. My firm has an official policy mandating retirement, or otherwise not getting a cut of the pie. I believe you “age out” at 62-63, but there are always exceptions for high/active earners.
It’s not age discrimination when it is part of a partners’ agreement. It also makes a lot of sense and avoids potential uncomfortable situations for a non producer who is past the stated age.
I disagree with your first point as a provision in an agreement that violates a law is unenforceable as against public policy. My firm did not have an age limit in the partnership agreement as it would not be enforceable. (Though I wish it did as it would have made a claim easy!) Hence they use the compensation system to pressure partners out. When I gave 2 weeks notice, the firm pointed to a provision in the partnership agreement that requires 60 days notice or face a severe financial penalty. I noted that provision was unenforceable as a breach of ABA Formal Opinion 489 and certain state laws and I would sue if a penalty were imposed. The firm conceded and I was happily gone in 2 weeks to another firm.
I hear you on the second point though I think management should be able to have discussions with underperforming partners like is done with associates or their compensation should reflect performance.
De-equitized at 70. Having seen several of those “retirements” over the years, number should be lower. Not a one of those partners have been productive beyond 65.
Does your firm provide a pension or a cut of profits when you retire? Those are the firms with a set retirement that I know of in Los Angeles, at least.
No to the old firm that discriminates based on age but my new firm, which doesn’t discriminate, permits sharing of profit when a partner steps back and transitions his practice to a new partner.
We have a mandatory retirement age for equity partners at 65, and you can stay on after that on annual contracts (upon vote of equity partners) where your compensation is a percentage of your dollars in the door