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Legacy Addleshaw Booth & Co partners now have to work for an extra two years before retirement, as the firm has raised its retirement age to match that of its merger partner Theodore Goddard.
Addleshaws had a retirement age of 60, but now all partners at the new Addleshaw Goddard, which came into being last Thursday (1 May), will retire at 62.
The move has been grudgingly accepted by many older Addleshaws partners.
The Lawyer understands that many Addleshaws partners have taken out per-sonal pension plans with Equitable. This is in contrast to firms which invested their final salary pension schemes with the mutual. One such firm, Clyde & Co, is now facing an estimated £10m deficit in its final salary scheme (The Lawyer, 7 April 2003).
Addleshaw Goddard partnership chairman Paddy Grafton Green confirmed that the retirement age had gone up for the legacy Addleshaws partners.