Two cases on either side of the Atlantic point to a key issue facing law firms: pressures caused by an aging partnership. Magic Circle firm Freshfields Bruckhaus Deringer emerged victorious in a dispute with a former partner over the reform of the firm's pension scheme. And Sidley Austin agreed to pay $27.5 million to 32 former partners who were demoted to counsel when in their 50s and 60s. There are clear distinctions between the cases, but they show the demographic time bomb at most U.K. and U.S. firms.
Freshfields and Sidley Cases Demonstrate Challenge of Aging Partnerships
The American Lawyer
October 15, 2007