Law firm compensation & benefits

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dingbat
Posts: 4976
Joined: Wed Jan 11, 2012 9:12 pm

Re: Law firm compensation & benefits

Postby dingbat » Sat May 19, 2012 8:15 am

BarcaCrossesTheAlps wrote:
roaringeagle wrote:
a male human wrote:Does death exonerate a student (or his/her family) from school debts?


this post sent chills down my spine.



No shit!


I would say, hell yes, unless there was a co-signer. Then the co-signer would still need to pay-up probably. So, don't commit suicide thinking you'll be getting your parents off the chopping block!

and don't buy an insurance policy, commit suicide, and figure they'll get a payout.
Suicide doesn't pay out unless the policy's been in-force for at least two years

Anonymous User
Posts: 273108
Joined: Tue Aug 11, 2009 9:32 am

Re: Law firm compensation & benefits

Postby Anonymous User » Mon May 21, 2012 10:18 pm

Unless my firm is an outlier (it may be), biglaw health insurance is shit pure shit. I have a series of choices: $1,500 deductible with 80% coinsurance and $3k out-of-pocket, preimum $270 a month; $3,000 deducitble with 80% coinsurance $4k out-of-pocket max, premium $180 a month (this is the HSA-eligible plan); or a HMO for 450-fucking-dollars a month.

That's all just for individual, by the way. Adding a spouse generally more-than-doubles the premium.

It's fucking terrible. The insurance I was forced to buy as a fucking student was far, far better--and cost about the same as the high-deductible plan.

And yeah, 401k matching? LOL. The only firm I know of that matches is Wachtell; maybe other boutiques do as well, but biglaw firms don't.

Most firms kick something in to your cell phone plan. My firm covers only data (and they will give you a blackbery--not even a subsidy if you want a different phone, though, and obviously everyone does, these days), but some cover a larger part of the plan.

duckmoney
Posts: 886
Joined: Sun Jun 13, 2010 2:21 pm

Re: Law firm compensation & benefits

Postby duckmoney » Mon May 21, 2012 10:31 pm

Anonymous User wrote:Unless my firm is an outlier (it may be), biglaw health insurance is shit pure shit. I have a series of choices: $1,500 deductible with 80% coinsurance and $3k out-of-pocket, preimum $270 a month; $3,000 deducitble with 80% coinsurance $4k out-of-pocket max, premium $180 a month (this is the HSA-eligible plan); or a HMO for 450-fucking-dollars a month.

That's all just for individual, by the way. Adding a spouse generally more-than-doubles the premium.

It's fucking terrible. The insurance I was forced to buy as a fucking student was far, far better--and cost about the same as the high-deductible plan.

And yeah, 401k matching? LOL. The only firm I know of that matches is Wachtell; maybe other boutiques do as well, but biglaw firms don't.

Most firms kick something in to your cell phone plan. My firm covers only data (and they will give you a blackbery--not even a subsidy if you want a different phone, though, and obviously everyone does, these days), but some cover a larger part of the plan.


Those benefits are terrible. Out the firm.

Anonymous User
Posts: 273108
Joined: Tue Aug 11, 2009 9:32 am

Re: Law firm compensation & benefits

Postby Anonymous User » Tue May 22, 2012 2:28 pm

duckmoney wrote:
Anonymous User wrote:Unless my firm is an outlier (it may be), biglaw health insurance is shit pure shit. I have a series of choices: $1,500 deductible with 80% coinsurance and $3k out-of-pocket, preimum $270 a month; $3,000 deducitble with 80% coinsurance $4k out-of-pocket max, premium $180 a month (this is the HSA-eligible plan); or a HMO for 450-fucking-dollars a month.

That's all just for individual, by the way. Adding a spouse generally more-than-doubles the premium.

It's fucking terrible. The insurance I was forced to buy as a fucking student was far, far better--and cost about the same as the high-deductible plan.

And yeah, 401k matching? LOL. The only firm I know of that matches is Wachtell; maybe other boutiques do as well, but biglaw firms don't.

Most firms kick something in to your cell phone plan. My firm covers only data (and they will give you a blackbery--not even a subsidy if you want a different phone, though, and obviously everyone does, these days), but some cover a larger part of the plan.


Those benefits are terrible. Out the firm.


Not going to out firm entirely, but it's a V20 in a primary market.

rad lulz
Posts: 9844
Joined: Sun Feb 19, 2012 10:53 pm

Re: Law firm compensation & benefits

Postby rad lulz » Tue May 22, 2012 2:43 pm

In for the boomer hate. Mad as FUARK.

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Big Shrimpin
Posts: 2468
Joined: Fri Oct 24, 2008 12:35 pm

Re: Law firm compensation & benefits

Postby Big Shrimpin » Tue May 22, 2012 3:20 pm

rad lulz wrote:In for the boomer hate. Mad as FUARK.


So mad, brother.

alumniguy
Posts: 426
Joined: Fri Mar 18, 2011 3:24 pm

Re: Law firm compensation & benefits

Postby alumniguy » Wed May 23, 2012 6:51 pm

Most "typical" NY law firms offer similar benefits. Salary is VERY standardized, and bonuses, except for a few outliers, are also standardized.

Health benefits are standard, although the "benefit" ranges from firm to firm. Some firms offer very attractive plans with associates paying a low % of the premium (e.g., the firm pays may be up to 90%). At my firm, I pay about $100 a month for a pretty decent HMO. There is a PPO plan that is offered as well (for about 75% more). Dental and vision are also pretty typical and much cheaper (like $10-15 a month). Firms are likely to offer Flexible Spending Accounts (pre-tax dollars for co-pays and other qualified medical costs).

Most firms provide Long Term Disability and Accidental Death insurance and have attractive premiums for life insurance policies.

While most firms don't match 401k contributions, many firms have attractive 401k plans that allow you to invest in "brand name" mutual funds that .

There are also pre-tax commuting plans and parking plans (i.e., subway costs are pre-tax dollars as opposed to post-tax dollars - same with parking up to a certain amount).

Access to private banking is also rather common. Typically you don't pay fees for standard services, i.e., no fees on money orders or for ordering checks, better customer service, etc.

If the firm is large enough, you're likely to also see subsidized cafeterias in the office. Many firms have health club discounts (the scope and actual benefit vary pretty widely though).

anseladams
Posts: 3
Joined: Thu May 24, 2012 7:15 am

Re: Law firm compensation & benefits

Postby anseladams » Thu May 24, 2012 7:25 am

The compensation and benefits structure in place at your law firm plays an integral role in the firm’s growth and financial stability. Determining wages, compensation and benefits are complicated processes. For example, benefits such as retirement plans and health insurance fall under government scrutiny, and it is quite easy to make mistakes in choosing or administering a plan. :P :mrgreen:

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