Shearman & Sterling has enacted a new policy which will allow partners to stay on after the traditional retirement age of 65. In order to take advantage of the new policy, partners will have to apply to the policy committee; so far only heavyweight German managing partner Georg Thoma has signed up. The plan is not for all partners to stay on; rather it is for those exceptional cases who have a strong drive to continue working. Moreover, the firm’s generous pension plan that kicks in at 60 will most likely be enough for most so that they don’t need to work past 65.
Source: www.legalweek.com