The UK practice of encouraging partners to retire in their 50s to make room for new blood in partnerships puts City firms at a disadvantage - and only serves to make talent available to US rivals that value age and experience more highly, the forum heard.

Brad Hildebrandt, chairman of legal management consultancy Hildebrandt International, pointed out that the average retirement age for lawyers in the US is 65, with many working well beyond that.


Tom Scott, a partner at accountancy firm KPMG in London, said the average retirement age of lawyers in the UK is coming down.


He said: 'The value placed on knowledge is increasing and the value placed on experience is coming down. The number of people retiring in UK law firms at 50 is unhealthy and unsustainable.'


The UK government has committed itself to introducing legislation against age discrimination in October 2006, after signing up to a European directive.


Ronnie Fox, employment specialist and former senior partner at City firm Fox Williams, warned delegates that the directive was capable of applying to partnerships and could potentially apply to a lockstep remuneration structure.