Associate Survey: Firms Slammed on 401(k) Funding

, The American Lawyer

   |3 Comments

Failure to offer the perk, a corporate America staple, is a sore point among survey respondents.

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What's being said

  • As a recruiter that specializes in Employee Benefit and Executive Compensation lawyers in law firms, I can tell you that it is a definite a concern among my candidates. Over the years, I have seen the length of time that it takes to actually get promoted from an associate position has increased substantially. The first 1-4 years, I agree that my candidates are interested in paying their school loans etc. Honestly, however, the majority of Associates in my area of expertise are far more senior than that and they are really disappointed in the lack of options for their retirement. I would suggest a graduated plan where the matching starts at 0 in the first year and then grows incrementally as the associate is with the firm longer. That might be just enough incentive for the Associate to stay with their firm, rather than job hop to find the better deal somewhere else.

  • Julie

    Bonuses are profit sharing.

  • Amy

    When I made the decision to move to a US Gov position 7 years ago as a 6th-year associate, the net paycut ended up being much less than one would expect. My agency does match contributions into my 401k-type plan, unlike the Firm. The health care plan is astoundingly better and I pay less out of pocket than at the Firm. I no longer pay $200 per month for parking. If I stay long enough, I will get some pension benefits. Oh, and the BIG benefit is that I actually get to take vacation and sick days and I have never slept in my office.

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