In a press release Altman Weil said fewer firms offered one plan, while a growing number of firms offered participants two, three, or four retirement plan options.
In addition, the survey found 47% of firms still have a mandatory retirement policy. For firms with such a policy the age for mandatory retirement is generally between 67 and 70, the release said.
After the U.S. Equal Employment Opportunity Commission went after Chicago-based law firm Sidley Austin in an age discrimination suit (See Sidley Austin Decides to Settle ADEA Suit ), some of firms dropped their mandatory retirement policies (See Law Firm Abolishes Retirement Age of 70 ).
ALM’s study found the normal retirement age for the legal profession remains anchored at 65, although some firms are migrating towards age 67.
Participants in the survey included 146 law firms, ranging in size from ten or fewer lawyers, up to 100 lawyers or more. The publication also includes the results of the Altman Weil Flash Survey on Lawyer Retirement, conducted in September 2007 to assess lawyers’ personal views on retirement policies.