Clifford Chance stalled the review of its early retirement packages while it awaited the outcome of the age discrimination case brought against Freshfields Bruckhaus Deringer by former insolvency partner Peter Bloxham, The Lawyer can reveal.
Currently Clifford Chance allows any partner made up before 2005 to take early retirement at the age of 55 and receive a percentage of plateau profits until they turn 60.
When age discrimination laws came into effect last year the firm looked at removing references to age in the annuity package, but waited for the outcome of Bloxham v Freshfields before making a final decision.
A source at Clifford Chance said it was vital for the firm to know that outcome before making any changes to its own packages, as it sets a precedent for how such cases will be dealt with.
Proposals on how to update the annuity are currently with Clifford Chance partners and will go to a partnership vote next month.
