Skadden Cuts Retirement Phaseout Period By 2 Years

Law360, New York (May 17, 2010, 5:21 PM EDT) -- Partners at Skadden Arps Slate Meagher & Flom LLP now have an extra two years before they must start winding down their businesses in preparation for retirement, the firm confirmed Monday.

While Skadden's mandatory retirement age remains 70, partners can now wait until 67 before starting to ship off clients to younger attorneys, a spokeswoman said Monday. The old policy, whereby attorneys started winding down at age 65, was changed in the fall, the firm said.

Skadden made headlines in May 2009 when it lost longtime...
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