Editor's Introduction
As summarized by A&FP Board member Bill Brennan of Altman Weil, Inc. an “unfunded retirement program” is essentially a promise to pay partners a retirement benefit in the future from the firm's future profits.
Perils Of Unfunded Obligations: 4 Key Questions
As summarized by <i>A&FP</i> Board member Bill Brennan of Altman Weil, Inc. an "unfunded retirement program" is essentially a promise to pay partners a retirement benefit in the future from the firm's future profits. About 24% of law firms have an unfunded retirement plan (down from 57% in 1990), according to the <i>2005 Retirement and Withdrawal Survey for Private Law Firms</i>, prepared by Altman Weil, Inc. In about 15 years over 30,000 lawyers will be retiring each year. To the extent these partners must be paid retirement benefits from the then-current profits of their respective law firms, those firms unprepared for this potentially huge financial liability will be at risk, and some may not survive.
By
Law.com Staff
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