Louis Writes Article on the Effect of Baby Boomer Retirement
Robert Louis, a partner in and co-chair of the Personal Wealth, Estates and Trusts Practice, wrote this article discussing the baby boom generation approaching retirement age and the importance of having transition plans in place, especially at larger law firms. Bob writes that “The elements of a transition plan for older partners must include an effective retirement plan, one that permits lawyers to retire at a level consistent with, even if not equal to, their income during the active working years.…The solution has to be more than just a 401(k) plan… In appropriate cases, the law firm might make a financial arrangement that permits a retiring partner to work at some level and receive appropriate compensation. Some partners will not need this additional compensation, after determining their retirement income needs, but a step down in income, rather than a complete elimination, could encourage transition.”
He also discusses the need for having a uniform policy, and the elements of such a policy, even though the result cannot be identical for all partners.