Delayed Partner Retirement Has Its Costs For Firms

By Shannon Henson

Law360, New York (May 14, 2009, 12:00 AM ET) -- As the economic downturn decimates mutual funds and the real estate market, more partners are delaying retirement — a development that could create mentoring and other opportunities for younger lawyers, but also could mean that law firms are putting off succession planning.

Many partners who would have considered retiring are declining so they can keep receiving a paycheck, legal consultants said. The trend can be both a positive and negative development for firms and younger lawyers.

If senior attorneys stay, younger attorneys may have to wait...
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