Longtime Goldman Sachs co-general counsel Gregory Palm will be retiring from his role as one of the investment firm’s legal leaders, according to an internal memo sent to employees on Wednesday.

Goldman Sachs co-general counsel Gregory Palm. Photo: Bloomberg.

David Solomon, the CEO of Goldman Sachs, said in the memo that Palm, 70, will be made a senior adviser to the firm. Palm joined Goldman Sachs in 1992 when he was made co-general counsel and a partner of the firm. In 1999, before the firm’s initial public offering, he was made a member of the firm’s management committee. He is also a member of the firm’s reputational risk committee, according to the memo.