Common questions from Partners: I am approaching my firm’s retirement age and want to carry on working, what should I do?

The first thing to do is speak to your current firm to understand if you can carry on and in what capacity. Historically, most firms would have agreed for you to carry on but in a different capacity and remuneration.

The options are varied, depending on the firm. This could be a consultant on a profit share arrangement – (a percentage of generations and billings) or a set amount or specific arrangement. Firms are adapting to these common requests and coming up with more creative arrangements than ever before.

The virtual law firms have traditionally capitalised on partners who want to continue working post their firm’s retirement age and are now a much more established part of the market and can offer a significantly enhanced percentage of billings (albeit the practical working arrangements may be less or more attractive). Alternatively, you may wish to continue working as a partner (whether equity or not) and there are plenty of choices.

Some UK firms have moved their retirement age to 67 or 70 and some firms don’t have one at all. This follows the US model where enforced retirement ages are less common and many partners work until they decide to retire. There are also examples of firms who are exercising their discretion to allow their previously concrete upper limits some flex.

What is clear is that the thorny issue of retirement is now very much an issue fully on the radar for firms and partners. We are always happy to guide you, whether you are full of vigour for a new career challenge want to maximise earnings for the next few years or simply want to understand what opportunities are possible.