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Compensation Contradictions

By Anthony Lin
August 31, 2005

[Editor's Note: Our July edition featured a roundtable discussion on financial problems some law firms are facing in connection with the forthcoming retirement of baby boomers. That discussion focused on unfunded obligations. Anthony Lin here explores numerous other important dimensions of this important issue. While putting faces on some of the issues, he also delineates the structural tensions that put easy resolutions beyond reach.]

For decades, law firms have depended on the orderly retirement or slowing down of senior partners to make room in the hierarchy for rising stars.

The mandatory retirement and similar policies that firms have wielded to effect such transitions are now under threat. The U.S. Equal Employment Opportunity Commission presented a clear legal challenge earlier this year when it sued Sidley Austin Brown & Wood, alleging age discrimination in the firm's dismissal and demotion of older partners.

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