Retired Partners

Ed. note: This is the latest installment in a new series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Today’s post is written by Michael Allen, the Managing Principal of Lateral Link, who focuses exclusively on partner placements with Am Law 200 clients.

An intriguing demographic dilemma is approaching a powerhouse law firm, Jones Day, as several senior partners and chairs are straddling the mandatory retirement age. The firm currently has over eight partners — including numerous practice leaders and partners in charge — above their proclaimed mandatory retirement age, and over ten partners nearing the cutoff, which probably signals that Jones Day gives some partners a pass when it comes to retirement. For example, Mark Sisitsky, Hugh R. Whiting, and Bob Mittelstaedt, just to name a few, are all very respectable partners who are refining with vintage.

Jones Day generally restocks from within by promoting partners in the first quarter each year. In 2013, the firm internally promoted 29 partners in the first quarter, each with an average of 12.5 years of experience. Although Jones Day is five months away from the next round of promotions, Lateral Link has identified around fifty associates who are in the running for a partner promotion (although only a handful will ultimately get the nod). We have an idea who fits in both categories and have been fairly accurate in our projections from the past….

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Some of our associate readers were not happy with their latest bonuses. But hey, let’s look on the bright side: at least they got bonuses (assuming they made their hours).

The same can’t be said for former associates of the now-defunct Dewey & LeBoeuf. These associates sought to be treated as Dewey creditors in the firm’s bankruptcy case, but the effort isn’t going so well. And the same could be said of retired partners of D&L, some of whom could be paying money into the bankruptcy estate instead of getting money out of it….

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