NY firm Kelley Drye & Warren agrees to end compulsory de-equitization at 70
Kelley Drye & Warren has agreed to end its policy of requiring partners to relinquish their equity in the firm at the age of 70.
The firm made the decision to change its policy as part of a settlement agreement ending a lawsuit brought by the Equal Employment Opportunity Commission on behalf of a former equity partner of the firm, Eugene T. D’Ablemont. Mr D’Ablemont has continued practicing law at the firm on a full-time basis since turning 70 in 2000.
The settlement also required the firm to pay $574,000 to Mr D’Ablemont.
“As Kelley Drye has recognized by its policy change, it simply does not make business sense to arbitrarily force out attorneys with the skill and energy to continue to practice law at a high level even though they are over 70 years old,” said Jeffrey Burstein, EEOC trial attorney in the agency’s New York office, in a statement. “I urge other law firms to assess their retirement policies.”
Read more at www.businessinsurance.com.comments powered by Disqus