Skadden, Arps, Slate, Meagher & Flom has altered its retirement process for partners to allow two extra years to wind down their business before retirement, a spokeswoman confirmed. Partners do not have to begin giving business to younger colleagues until they hit 67, not 65, according to two sources familiar with the matter. The mandatory retirement age remains 70.
A spokesperson at the firm confirmed the policy change, which was made in the fall. It preceded the filing of the Equal Employment Opportunity Commission’s suit against Kelley Drye & Warren over its policy of de-equitizing partners when they turn 70.
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