Ronald Shechtman, Pryor Cashman’s Managing Partner, spoke to The New York Law Journal for its article "Firms Cling to Retirement Policies Despite Continuing Criticism." The April 8, 2010 article discusses what happens to partners at many firms when they turn 65.

Although Pryor Cashman does not have a mandatory retirement age, Shechtman told The New York Law Journal that large law firms have a financial incentive to maintain their retirement policies and that the policies are typical at firms with larger institutional practices where partner turnover is necessary to maintain profits per partner and to hand off clients to younger lawyers.

"It is a policy that has a root in law firm economics and it also is rooted in the allocation of work among the partners," Shechtman said. "In order to turn over work handled by senior level partners to junior and mid-level partners handling institutional clients, this is a means to facilitate that."

To read the article, please click here.