Am Law Partners Opt for Early Retirement Amid Surging Profits and Looming Office Returns | The American Lawyer - Law.com

What You Need to Know

• Recent interviews with Am Law firm leaders reveal a wave of early partner retirements and reduced workloads in 2021.
• Contributing factors include string of highly profitable years for law firm partners and looming expectations around productivity and office attendance.
• Profitability is also causing retirement-age partners to continue practicing, causing problems for firms that don't scrutinize their productivity.

The discussion around the Great Resignation has hinged on people quitting their jobs for better opportunities—2021 job quitters said low pay, minimal opportunities for advancement, and feeling disrespected by employers were their main reasons for leaving, according to a recent Pew Research survey.

But in recent interviews, Am Law firm leaders reported another phenomenon when asked about 2021 partner exits. Having raked in substantial profits in recent years and, at some firms, facing a return to the office, some partners are deciding to reduce their commitment to the firm or quit the profession before “retirement age.” For those who can afford it, that age may be more of a mindset than a number.

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source: https://www.law.com/americanlawyer/2022/04/14/am-law-partners-opt-for-early-retirement-amid-surging-profits-and-looming-office-returns/

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