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Pros and Cons of Sequenced Retirement
Coming to terms with retirement is difficult and, like most things, is even harder if you are a law firm partner. As soon as you begin to think about throttling things back a tad, your clients demand a quicker response time and your partners want you to bring in more business. At the same time, what seemed just a short time ago to be a distant respite is now looming over you and you may not even know what to do or if you can even afford to do it. Moreover, even if you do not want to retire, your partnership agreement may have a mandatory retirement provision that takes away your choice.
Typical Mandatory Retirement Provisions
Today most law firm partnership agreements contain a mandatory retirement provision, which sets an arbitrary date by which a partner must retire as a partner from the firm. Proponents of such a provision argue that it benefits a partnership by having a partner cease working and collecting compensation at a time when it is likely that the partner is less productive. Detractors of mandatory retirement claim this provision can prematurely end productive careers and harm partners who, as a result of their senior status, may not be as mobile as other partners.
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