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Quit quit quitttttyyyy time!
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Subject Expert
Uhhh no biglaw firms match
Enthusiast
Quinn does not match (or it hasn’t since at least 2017), but they do profit sharing into the 401k
Many BigLaw firms don’t match
Subject Expert
No big law firm matches sweetheart. Pls delete
Now that there have been so many more responses, “sweetheart,” you’re canceled. Don’t be surprised when you’re a 12th year associate at whatever hellhole you’re working at. Pls delete.
Coach
Please at least do some research before posting
“Confidently incorrect”? Lol. Cleary did, if not still does, make employer contributions to associates’ retirement accounts (as % of salary, I believe, not as a match of employee contribution). In the relatively recent past, Quinn provided profit-sharing to retirement accounts. Read through the comments here for many other examples. Sure, it’s obvious that there are some that simply don’t do it, but “confidently incorrect” is just false.
Mentor
Most firms do not provide a 401k match. That’s an in-house thing.
Are you new to big law? Firms don’t match
Mentor
Yeah I’ve only heard of big law firms matching for staff, not attorneys.
Coach
My firm doesn’t match but does profit sharing.
Most bl firms don't match. It throws off the percentage of benefits given to high earners (i.e., lawyers) vs low earners (everyone else). There are IRS rules that prevent employers from directing too much of their pretax benefits money to high earners without also contributing a similar amount to low earners.
Took way too long to get to this explanation (which I was going to post if I didn’t see it). Basically, firms are too top heavy in compensation to match (which includes within it the associates)
Which peer firms are you thinking of? I don’t know of any big law firms that match.
Coach
401k match is dumb anyway. It is no different than salary. Might as well give the employee a choice on what to do with their money.
Coach
Firms have never done this. I think it’s due to plan top hat/discrimination rules bc of either how they pay themselves or office staff. But would someone here who does benefits work to tell us.
Subject Expert
Some boutiques match, but not BL generally.
Wow my little firm pays 5-7 percent of salary for every single employee.
This is why tho — someone else said this, you run into IRS rules if you do 401k matching and all your juniors are making 215k out of the gate.
Subject Expert
Wait so do biglaw firms match or not…please list which do lol
Coach
Most (like almost all) do not match for associates. There may be one or two that have some kind of matching for associates, but I don’t recall which firms. Some offer matching for staff. It’s just not a benefit given biglaw associate/partner/counsel salaries and comp structure.
Enthusiast
I don’t think any firms match
Coach
Baker Donelson does 3% match for associates and 100% match for shareholders. It’s AmLaw200 now, so I guess not technically BL. Whatever. But we did that as AmLaw100 too.
Mentor
No match here, but there’s a discretionary profit share each year
My firm matches for staff attorneys and counsel. But yeah definitely the norm not to match for associates
Mentor
Basically no firm matches...
When I became partner the $40k profit share into 401k (so about $60k total with my individual contributions) was a cool perk.
This is not uncommon. Firms generally live by the belief that they pay you a high salary so you can invest how you want to, not through forced contributions to a 401k