An Altman Weil Flash Survey LAWYER · PDF fileAltman Weil, Inc. 2007 Lawyer Retirement Flash...

An Altman Weil Flash Survey

LAWYER RETIREMENT Periodic Surveys of interest to the legal community

Altman Weil, Inc. Two Campus Boulevard

Newtown Square, PA 19073 (610) 886-2000

[email protected] www.altmanweil.com

Altman Weil, Inc. 2007 Lawyer Retirement Flash Survey — Page 1

AW Flash Survey

SECTION 1

BACKGROUND & OBJECTIVES Background & Objectives Lawyer retirement is becoming a much discussed issue in the legal profession. The New York State Bar Association has undertaken an extensive study of mandatory retirement and the ABA discussed the issue during its recent annual meeting.

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.

Highlights 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.


AW Flash Survey

SECTION 2

SUMMARY OF RESULTS

Summary of Results

1. Does your firm have a mandatory retirement provision?

Mandatory Retirement Provision

No, 50.0%Yes, 50.0% No

Yes


1a. Mandatory retirement provision – by firm size

Mandatory Retirement Provision by Firm Size

51.9%

48.1%

24.4%

75.6%

49.7%

50.3%

67.6%

32.4%

0% 25% 50% 75% 100%

No

Yes

50 - 99 lawyers

100 - 249 lawyers

250 - 499 lawyers

500+ lawyers

2. What is the mandatory retirement age in your law firm?

0%5%

10%15%20%25%30%35%40%

55 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75Retirement Age


2a. Mandatory retirement age – by firm size

Mandatory retirement age: 50-99 Lawyer firms:

0%5%

10%15%20%25%30%35%40%45%

55 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75Retirement Age

Mandatory retirement age: 100-249 lawyer firms:

0%5%

10%15%20%25%30%35%40%45%

55 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75Retirement Age


Mandatory retirement age: 250-499 lawyer firms:

0%5%

10%15%20%25%30%35%40%

55 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75Retirement Age

Mandatory retirement age: 500+ lawyer firms:

0%

10%

20%

30%

40%

50%

60%

55 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75Retirement Age


3. Do you agree or disagree with the enforcement of mandatory retirement provisions in law firms?

Enforcement of Mandatory Retirement Provisions

Not sure, 16.0%

Disagree, 46.2%

Agree, 37.8%

3a. Agree or disagree – by firm size

Enforcement of Mandatory Retirement Provisions by Participant Size of Firm

18.3%

43.3%

38.5%

14.9%

40.2%

44.8%

15.3%

44.3%

40.4%

16.0%

54.2%

29.9%

0% 25% 50% 75% 100%

Not sure

Disagree

Agree

50 - 99 lawyers100 - 249 lawyers250 - 499 lawyers500+ lawyers


3b. Agree or disagree – by gender

Enforcement of Mandatory Retirement Provisions by Participant Gender

15.8%

45.2%

39.0%

17.6%

51.5%

30.9%

0% 25% 50% 75% 100%

Not sure

Disagree

Agree

Female

Male

3c. Agree or disagree – by age

Enforcement of Mandatory Retirement Provisions by Participant Age

28.6%

57.1%

14.3%

25.0%

46.4%

28.6%

13.2%

57.0%

29.8%

13.8%

45.5%

40.7%

20.5%

36.8%

42.7%

0% 25% 50% 75% 100%

Not sure

Disagree

Agree

Under age 50

50 - 59

60 - 64

65 - 69

70 and older


4. What do you believe the appropriate age should be for mandatory retirement?

0%5%

10%15%20%25%30%35%40%45%

55 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75Retirement Age

4a. Appropriate retirement age – by firm size:

Appropriate retirement age: 50-99 Lawyer firms:

0%

10%

20%

30%

40%

50%

60%

70%

55 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75Retirement Age



0%5%

10%15%20%25%30%35%40%

55 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75Retirement Age


0%

10%

20%

30%

40%

50%

60%

55 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75Retirement Age


Appropriate retirement age: 500+ Lawyer firms:

0%

10%

20%

30%

40%

50%

60%

55 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75Retirement Age

4b. Appropriate retirement age – by gender

0%

10%

20%

30%

40%

50%

60%

55 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75Retirement Age

MaleFemale


4c. Appropriate retirement age – by age

0%10%20%30%40%50%60%70%80%90%

100%

60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75Retirement Age

Under age 5050 - 5960 - 6465 - 6970 and older

5. What are your personal expectations for your own retirement?

(“Normal retirement age” is defined here as Social Security retirement age.)

Personal Expectations for Retirement

10.9%

3.9%

28.6%

29.4%

27.2%

0% 25% 50% 75% 100%

Not sure

Do not plan to retire, I willwork full-time until I die

Retire later than normalretirement age

Retire at normal retirementage

Retire earlier than normalretirement age


5a. Personal expectations - by firm size

Personal Expectations for Retirement by Participant Size of Firm

11.7%

2.9%

30.1%

28.2%

27.2%

10.5%

2.3%

20.9%

38.4%

27.9%

8.8%

4.4%

28.6%

28.0%

30.2%

13.5%

4.3%

31.9%

27.0%

23.4%

0% 25% 50% 75% 100%

Not sure

Do not plan to retire, Iwill work full-time until I

die

Retire later thannormal retirement age

Retire at normalretirement age

Retire earlier thannormal retirement age

50 - 99 lawyers

100 - 249 lawyers

250 - 499 lawyers

500+ lawyers

5b. Personal expectations - by gender

Personal Expectations for Retirement by Participant Gender

11.0%

4.5%

30.6%

27.9%

25.9%

10.4%

14.9%

40.3%

34.3%

0% 25% 50% 75% 100%

Not sure



Retire at normalretirement age


Female

Male


5c. Personal expectations – by age:

Personal Expectations for Retirement by Participant Age

14.3%

85.7%

10.7%

7.1%

71.4%

10.7%

17.7%

4.4%

38.1%

22.1%

17.7%

8.8%

2.4%

25.2%

33.6%

30.0%

9.6%

5.2%

12.2%

33.9%

39.1%

0% 25% 50% 75% 100%

Not sure



Retire at normal retirementage


Under age 50

50 - 59

60 - 64

65 - 69

70 and older

6. After retiring from your firm, do you plan to continue working in some capacity during retirement?

Work Post-Retirement?

No, 14.0%

Not sure, 25.5%

Yes, 60.6%

YesNoNot sure


6a. Work post-retirement – by firm size

Work Post-Retirement by Firm Size

28.4%

11.4%

60.2%

26.7%

17.3%

56.0%

25.6%

16.0%

58.3%

22.4%

11.2%

66.4%

0% 25% 50% 75% 100%

Not Sure

No

Yes

50 - 99 lawyers

100 - 249 lawyers250 - 499 lawyers

500+ lawyers

6b. Work post-retirement – by gender

Work Post-Retirement by Participant Gender

25.1%

14.7%

60.2%

27.1%

10.2%

62.7%

0% 25% 50% 75% 100%

Not sure

No

Yes

Female

Male


6c. Work post-retirement – by age:

Work Post-Retirement by Participant Age

33.3%

16.7%

50.0%

21.7%

13.0%

65.2%

23.9%

15.9%

60.2%

24.9%

13.1%

62.0%

28.9%

14.4%

56.7%

0% 25% 50% 75% 100%

Not sure

No

Yes

Under age 50

50 - 59

60 - 64

65 - 69

70 and older

7. Which of the following best describes your retirement work plans?

Post-Retirement Plans

16.9%

31.2%

3.8%

43.8%

4.2%

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%

Not sure

Plan to work part-time, butnot practicing law

Plan to work full-time, butnot practicing law

Plan to continue to practicelaw part-time

Plan to continue to practicelaw full-time


7a. Retirement work plans – by firm size

Retirement Work Plans by Participant Size of Firm

20.8%

39.6%

5.7%

26.4%

7.5%

19.0%

38.1%

4.8%

38.1%

13.6%

38.6%

3.4%

40.9%

3.4%

17.1%

13.2%

2.6%

63.2%

3.9%

0% 25% 50% 75% 100%

Not sure

Plan to work part-time,but not practicing law

Plan to work full-time,but not practicing law

Plan to continue topractice law part-time

Plan to continue topractice law full-time

50 - 99 law yers

100 - 249 law yers

250 - 499 law yers

500+ law yers

7b. Retirement work plans – by gender

Retirement Work Plans by Participant Gender

17.6%

30.2%

3.2%

45.0%

4.1%

13.9%

38.9%

8.3%

36.1%

2.8%

0% 25% 50% 75% 100%

Not sure





Female

Male


7c. Retirement work plans – by age

Retirement Work Plans by Participant Age

33.3%

66.7%

6.7%

26.7%

53.3%

13.3%

13.5%

26.9%

1.9%

51.9%

5.8%

18.5%

31.1%

3.0%

43.7%

3.7%

18.5%

38.9%

9.3%

33.3%

0% 25% 50% 75% 100%

Not sure





Under age 50

50 - 59

60 - 64

65 - 69

70 and older

8. Please indicate your primary reason for planning to work after retirement.

Reason for Post-Retirement Work

8.1%

48.3%

40.2%

3.5%

0% 10% 20% 30% 40% 50% 60%

Other

Mixture of income andstaying active

Primarily to stay active

Primarily for income


8a. Reason for working after retirement – by firm size

Reason for Post-Retirement Work by Participant Size of Firm

7.7%

44.2%

44.2%

3.8%

2.4%

40.5%

54.8%

2.4%

12.4%

49.4%

37.1%

1.1%

6.7%

53.3%

33.3%

6.7%

0% 25% 50% 75% 100%

Other


Primarily to stayactive


50-99 law yers

100 - 249 law yers

250 - 499 law yers

500+ law yers

8b. Reason for working after retirement – by gender

Reason for Post-Retirement Work by Participant Gender

8.6%

48.0%

39.8%

3.6%

5.6%

47.2%

44.4%

2.8%

0% 25% 50% 75% 100%

Other


Primarily to stay active


Female

Male


8c. Reason for working after retirement – by age

Reason for Post-Retirement Work by Participant Age

33.3%

66.7%

6.7%

40.0%

53.3%

5.8%

50.0%

40.4%

3.8%

11.1%

52.6%

34.1%

2.2%

3.8%

37.7%

50.9%

7.5%

0% 25% 50% 75% 100%

Other

Mixture of incomeand staying active

Primarily to stayactive

Primarily forincome

Under age 50

50 - 59

60 - 64

65 - 69

70 and older


AW Flash Survey

SECTION 3

SURVEY DEMOGRAPHICS

Survey Demographics We invited 4,345 lawyers in management positions in US law firms with 50 or more lawyers to participate in the Altman Weil Flash Survey on Lawyer Retirement. We received 521 responses (12%). Following are the demographic breakdowns of respondents.

9. How many lawyers are currently employed in your law firm?

Size of Law Firm

35.3%

16.8%

20.1%27.8%

50 - 99 lawyers

100 - 249 lawyers

250 - 499 lawyers

500+ lawyers


10. Are you male or female?

11. What is your age?

Participant Gender

Female, 13.2%

Male, 86.8%

MaleFemale

Participant Age

1.3%

5.4%

22.0%

48.7%

22.5%

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

70 and older

65 - 69

60 - 64

50 - 59

Under age 50


AW Flash Survey

SECTION 4

ABOUT ALTMAN WEIL

About Altman Weil, Inc. Altman Weil provides management consulting services exclusively to legal organizations. Our clients include law firms, corporate and government law departments and legal vendors of all sizes and types throughout North America, the U.K. and abroad. We offer a full range of consulting services, a vast menu of valuable publications and some of the most impressive credentials in the industry. Consulting Services Consulting Services• Strategy • Mergers and Acquisitions • Practice Management • Management and Governance • Compensation • Marketing and Business

Development • Client Surveys • Law Firm Finance • Leadership Development and

Performance Management • Paralegals and Paralegal Programs

• Retreats • Corporate Law Departments • Government Law Departments • Executive Search Services • Market Research • Custom Surveys and Benchmarking • Training Programs • Legal Vendor Advisory Services • Law Firm Diversity Services • Law Department Diversity Services


Publications Publications Our surveys are the industry standard and are often utilized in courtroom expert testimony. Titles include: • Survey of Law Firm Economics

• Small Law Firm Economic Survey

• The Paralegal Compensation Survey

• Compensation Systems for Private Law Firms Survey

• Retirement and Withdrawal Survey for Private Law Firms

• Senior Leadership Survey for Law Firms

• The Law Department Metrics Benchmarking Survey

• The Law Department Compensation Benchmarking Survey Us Contact Altman Weil Contact Altman Weil, Inc. at [email protected], visit our website at www.altmanweil.com, or call 610‐886‐2000 to learn more about our services.

An Altman Weil Flash Survey LAWYER · PDF fileAltman Weil, Inc. 2007 Lawyer Retirement Flash...

Documents

Transcript of An Altman Weil Flash Survey LAWYER · PDF fileAltman Weil, Inc. 2007 Lawyer Retirement Flash...