practices between “large” firms and smaller firms diverge.
by marc rosenberg
retirements & buyouts
as is the case with many aspects of practice management, mandatory retirement is addressed quite differently depending on the size of the firm. here is data from a recent rosenberg map survey:
percent of firms having mandatory retirement policies for partners:
- 83 percent for firms with annual fees greater than $20 million.
- 77 percent for firms in the $10 million-20 million range.
- 56 percent for firms in the $2 million-10 million range.
- 21 percent for firms with fees less than $2 million.
more on retirement: mandatory retirement? 4 reasons the firm comes first | how to transition clients from retiring partners | you want goodwill payments? give proper retirement notice | retirement plan funding? what funding? | vesting can cover part-timers, too | retirement vesting: the devil’s in the details | compromise is in order for some goodwill payouts | when retiring partners take a specialty with them | if clients leave, do you reduce retirement benefits?
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