Firms that match 401(k) contributions for associates

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RaceJudicata

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Re: Firms that match 401(k) contributions for associates

Postby RaceJudicata » Mon Sep 26, 2016 11:17 am

unlicensedpotato wrote:
RaceJudicata wrote:
Anonymous User wrote:
This is only half true. It's better than just getting the money and then contributing yourself because I can add more to my 401k now. I get my own 18k limit, plus the 5% whereas otherwise I would only get to contribute 18k.

which means my total tax deffered is 18k + 5% of base. At another firm, you only get 18k tax deferred. A small distinction, but worth a few to several thousands of tax savings.


Are you sure about this? Fairly certain the max you can defer into a 401k is 18k per year, regardless of the source. Definitely could be wrong though.


There's a combined employer/employee contribution limit, but it was $53k for 2015. The $18k limit is for employee contributions.


touche.

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unlicensedpotato

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Re: Firms that match 401(k) contributions for associates

Postby unlicensedpotato » Mon Sep 26, 2016 11:21 am

RaceJudicata wrote:
unlicensedpotato wrote:
There's a combined employer/employee contribution limit, but it was $53k for 2015. The $18k limit is for employee contributions.


touche.


Eh, I had to look it up and it doesn't seem particularly intuitive to me. Seems like employers should be paying more of people's comp through 401ks then.

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Re: Firms that match 401(k) contributions for associates

Postby Anonymous User » Tue Sep 27, 2016 9:51 am

unlicensedpotato wrote:
RaceJudicata wrote:
unlicensedpotato wrote:
There's a combined employer/employee contribution limit, but it was $53k for 2015. The $18k limit is for employee contributions.


touche.


Eh, I had to look it up and it doesn't seem particularly intuitive to me. Seems like employers should be paying more of people's comp through 401ks then.


It's not intuitive at all and it actually opens the door for a lot of sneaky moves (see e.g., mega back door roth). But it is what it is and you should take advantage of it.

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unlicensedpotato

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Re: Firms that match 401(k) contributions for associates

Postby unlicensedpotato » Tue Sep 27, 2016 10:33 am

Anonymous User wrote:
unlicensedpotato wrote:
RaceJudicata wrote:
unlicensedpotato wrote:
There's a combined employer/employee contribution limit, but it was $53k for 2015. The $18k limit is for employee contributions.


touche.


Eh, I had to look it up and it doesn't seem particularly intuitive to me. Seems like employers should be paying more of people's comp through 401ks then.


It's not intuitive at all and it actually opens the door for a lot of sneaky moves (see e.g., mega back door roth). But it is what it is and you should take advantage of it.


Oh totally agree, just acknowledging my off the cuff answer would have been the same as racejudicata's.

dixiecupdrinking

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Re: Firms that match 401(k) contributions for associates

Postby dixiecupdrinking » Tue Sep 27, 2016 3:29 pm

bwh8813 wrote:
Anonymous User wrote:buckleysandler has a 5% 401k. Not a match, you automatically get 5%.


That just means they're taking 5% of your own money and putting it into a 401k for you. Many firms do that. You can opt out of it if you want.

It's not at all like that, assuming it means that Buckley is paying $180k and also making a 5% contribution.

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Re: Firms that match 401(k) contributions for associates

Postby Anonymous User » Tue Sep 27, 2016 3:34 pm

Greenberg Traurig doesn't do any sort of 401k matching.

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Re: Firms that match 401(k) contributions for associates

Postby Anonymous User » Fri Mar 03, 2017 12:33 pm

Bumping this thread, as this topic has been getting a number of posts in the Firm Benefits thread. I'd be interested to see this thread catch some attention and get a good list of any firms that actually do provide a match or contribution (and at what amount).

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Re: Firms that match 401(k) contributions for associates

Postby Anonymous User » Fri Mar 03, 2017 5:22 pm

Day Pitney matches, according to Glassdoor.

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Re: Firms that match 401(k) contributions for associates

Postby Anonymous User » Sat Mar 04, 2017 12:35 am

Baker McKenzie does not match for non-equity-partner lawyers until they've both been licensed for 10 years and with the firm for more than one year.

Staff gets a 401k match if with the firm for more than a year.

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Re: Firms that match 401(k) contributions for associates

Postby Anonymous User » Sat Mar 04, 2017 2:34 pm

I've read via glass door that Weil matches up to 7.5% of salary, but also saw someone in another thread on firm benefits say Weil doesn't match except for that Partners Target Pension Plan shit which I assume doesn't apply to associates. Can anyone clarify? Thanks in advance.

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Re: Firms that match 401(k) contributions for associates

Postby Anonymous User » Sat Mar 04, 2017 5:30 pm

Anonymous User wrote:I've read via glass door that Weil matches up to 7.5% of salary, but also saw someone in another thread on firm benefits say Weil doesn't match except for that Partners Target Pension Plan shit which I assume doesn't apply to associates. Can anyone clarify? Thanks in advance.


That probably refers to admin staff. Weil doesn't match for associates, and I think most big law firms don't, from what I've heard from friends/former colleagues. If you get an offer from a firm that does match that would be a huge plus, but I wouldn't bet on it.

RaceJudicata

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Re: Firms that match 401(k) contributions for associates

Postby RaceJudicata » Sat Mar 04, 2017 6:20 pm

Anonymous User wrote:
Anonymous User wrote:I've read via glass door that Weil matches up to 7.5% of salary, but also saw someone in another thread on firm benefits say Weil doesn't match except for that Partners Target Pension Plan shit which I assume doesn't apply to associates. Can anyone clarify? Thanks in advance.


That probably refers to admin staff. Weil doesn't match for associates, and I think most big law firms don't, from what I've heard from friends/former colleagues. If you get an offer from a firm that does match that would be a huge plus, but I wouldn't bet on it.


A lot of these plans will include the partners and the staff, but not associates. Including the staff ensures the plan meets the 401(k) nondiscrimination testing rules. If I recall IRS § 410 is the relevant provision. Obviously, things get complex and this is a drastic simplification, but the rules generally consider (imagine a dinner party): (1) who is invited, and (2) what you serve... and the plan/participants must meet certain requirements to get the tax-preferred status.

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Re: Firms that match 401(k) contributions for associates

Postby Anonymous User » Sun Mar 05, 2017 9:55 pm

Quinn does not match, but instead adds an annual "profit share" to your 401K which is calculated using an opaque formula that no one has been able to figure out. Speaking for myself, it has worked out to ~$5k added to my 401K each year, but it's regardless of my own contribution (i.e. even if I didn't put money in, I would still get it).

-Quinn Associate

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Re: Firms that match 401(k) contributions for associates

Postby Anonymous User » Sun Mar 05, 2017 11:18 pm

Skadden no match

- current associate

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Re: Firms that match 401(k) contributions for associates

Postby Anonymous User » Sun Mar 05, 2017 11:27 pm

Can anyone speak to Gibson?

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bruinfan10

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Re: Firms that match 401(k) contributions for associates

Postby bruinfan10 » Mon Mar 06, 2017 12:02 am

Anonymous User wrote:Can anyone speak to Gibson?

my knowledge is a tad dated (clerked for a couple of years and policies may have changed from when i was checking firms out), but i don't believe latham or gibson dunn match.

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rpupkin

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Re: Firms that match 401(k) contributions for associates

Postby rpupkin » Mon Mar 06, 2017 1:41 am

bruinfan10 wrote:
Anonymous User wrote:Can anyone speak to Gibson?

my knowledge is a tad dated (clerked for a couple of years and policies may have changed from when i was checking firms out), but i don't believe latham or gibson dunn match.

Neither firm matches.

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rpupkin

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Re: Firms that match 401(k) contributions for associates

Postby rpupkin » Mon Mar 06, 2017 1:43 am

Anonymous User wrote:Quinn does not match, but instead adds an annual "profit share" to your 401K which is calculated using an opaque formula that no one has been able to figure out. Speaking for myself, it has worked out to ~$5k added to my 401K each year, but it's regardless of my own contribution (i.e. even if I didn't put money in, I would still get it).

-Quinn Associate

Cool. I think that's the first non-cheap thing I've ever heard about Quinn.

dixiecupdrinking

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Re: Firms that match 401(k) contributions for associates

Postby dixiecupdrinking » Mon Mar 06, 2017 8:08 am

Anonymous User wrote:I've read via glass door that Weil matches up to 7.5% of salary, but also saw someone in another thread on firm benefits say Weil doesn't match except for that Partners Target Pension Plan shit which I assume doesn't apply to associates. Can anyone clarify? Thanks in advance.

As a side note, Glassdoor is worse than useless for law firms.

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Re: Firms that match 401(k) contributions for associates

Postby Anonymous User » Tue Mar 07, 2017 9:25 am

Anonymous User wrote:Quinn does not match, but instead adds an annual "profit share" to your 401K which is calculated using an opaque formula that no one has been able to figure out. Speaking for myself, it has worked out to ~$5k added to my 401K each year, but it's regardless of my own contribution (i.e. even if I didn't put money in, I would still get it).

-Quinn Associate


When does this profit share usually happen? Just started at Quinn recently and saw this in materials but didn't know whether or how often it happens.

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Re: Firms that match 401(k) contributions for associates

Postby Anonymous User » Wed Mar 08, 2017 4:30 pm

Kirkland doesn't match. You can make pre-tax contributions but no matching. Where did OP hear otherwise?

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Re: Firms that match 401(k) contributions for associates

Postby Anonymous User » Wed Mar 08, 2017 4:36 pm

rpupkin wrote:
Anonymous User wrote:Quinn does not match, but instead adds an annual "profit share" to your 401K which is calculated using an opaque formula that no one has been able to figure out. Speaking for myself, it has worked out to ~$5k added to my 401K each year, but it's regardless of my own contribution (i.e. even if I didn't put money in, I would still get it).

-Quinn Associate

Cool. I think that's the first non-cheap thing I've ever heard about Quinn.

QE has a few weird quirks. Its health insurance is also better than most firms and the gym situation is good, at least for the satellite offices.

Doesn't really make up for the overwhelming cheapness on day to day things, though.



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