The Altman Weil Flash Survey on Lawyer Retirement was designed to assess lawyers’ personal views on this critical issue. It was conducted in September 2007 and polled managing partners and executive committee members in US law firms with 50 or more lawyers. It reports responses from 521 individuals, or 12% of the 4,345 surveys sent.
38% of respondents agree with the enforcement of mandatory retirement policies.
50% report their firms currently have mandatory retirement policies.
In firms with mandatory retirement, 38% mandate retirement at 65; 36% at age 70.
27% of lawyers plan to retire early; 29% plan to retire at retirement age; 29% plan to retire later; 4% do not plan to retire at all; 11% are unsure.
61% of respondents plan to continue working in some capacity after retirement. Of those, 48% will continue to practice law.
Male lawyers are more likely to retire later, while women are more likely to retire early or at retirement age.
The primary reason given for continuing to work after retirement is a mixture of income and staying active.