Firm Benefits

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smaug
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Re: Firm Benefits

Postby smaug » Wed Mar 01, 2017 5:46 pm

Anonymous User wrote:I don't know the difference between the types of 401(k) plans but can confirm seward deposits between 7-10 grand every year into associates' 401(k)accounts, even if the assocaites don't contribute anything themselves.

That's interesting and more than similar profit sharing plans, to my knowledge.

Anonymous User
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Re: Firm Benefits

Postby Anonymous User » Wed Mar 01, 2017 8:11 pm

Anonymous User wrote:Anyone got info on Morgan Lewis?


I would also like info on Morgan Lewis, NY office in particular.

Anonymous User
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Re: Firm Benefits

Postby Anonymous User » Thu Mar 02, 2017 3:38 pm

Anyone know about Katten?

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Re: Firm Benefits

Postby Anonymous User » Fri Mar 03, 2017 3:20 am

Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:Are there any biglaw firms that actually provide 401k matching or contributions? Seems like at this level of pay, they'd never do that.


I know for a fact Seward & Kissel does.


Heard from a friend who lateraled to MoFo that they match 401k


MoFo does not match, at least not for associates (maybe for staff).

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Re: Firm Benefits

Postby Anonymous User » Fri Mar 03, 2017 5:50 pm

Anonymous User wrote:
Anonymous User wrote:Are there any biglaw firms that actually provide 401k matching or contributions? Seems like at this level of pay, they'd never do that.


According to NALP, Wachtell does.


NALP is inaccurate then.

Anonymous User
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Re: Firm Benefits

Postby Anonymous User » Fri Mar 03, 2017 5:56 pm

OMM told me they match 401k for associates, up to some amount (I can't recall), when I interviewed with them. I don't know if this article is still current. http://blog.brightscope.com/2015/03/24/ ... best-401k/

RaceJudicata
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Re: Firm Benefits

Postby RaceJudicata » Fri Mar 03, 2017 6:15 pm

Anonymous User wrote:OMM told me they match 401k for associates, up to some amount (I can't recall), when I interviewed with them. I don't know if this article is still current. http://blog.brightscope.com/2015/03/24/ ... best-401k/


No idea about OMM, but a firm like S&C is on there because they are super generous with 401k contributions... for their partners. If I recall, there is also brightscope data that the average S&C 401k balance is like 3mm.

Edit: It was cravath I was thinking of, but same logic. and the balance was 2mm (lets all say a prayer for them).

https://www.brightscope.com/401k-rating/54942/Cravath-Swaine-Moore-Llp/55814/Retirement-Plan-Of-Cravath-Swaine-Moore-Llp/

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Tiago Splitter
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Re: Firm Benefits

Postby Tiago Splitter » Fri Mar 03, 2017 9:41 pm

smaug wrote:I'd be interested in hearing more tales from folks who have actually worked and received payment on them, but IME the firm pays out a very small amount into 401ks for the benefit of associates, but there's no real requirement for them to do so, and the amount they disburse is in their discretion.

It amounted to almost nothing and seamless meal differences would impact your compensation more.

401(k) stuff is worth digging into, but I think it's really just "how good is a firm at setting it up as a tax dodge for you" and not "who matches" because I'm dubious that any major biglaw firm does a match for associates of any significant size.

It's telling that the only people listing firms that match are saying they know from a friend of a friend.

clerk1251 wrote:How does a 401k profit sharing plan work? I've never quite understood that. Is it that a portion of all the firm's annual profits gets distributed among the entire firm?

A lot of 401k plans are called 401k profit sharing but it doesn't mean much. You have three types of contributions: 1) employee deferrals (you put in your own money) 2) firm match (optional) 3) profit sharing (optional). Between match and profit sharing they can contribute up to 25% of your comp, and the total max for everything is $54,000. Main difference between match and profit sharing is that you only get a match when you contribute, but profit sharing has to go to everyone eligible.

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buckiguy_sucks
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Re: Firm Benefits

Postby buckiguy_sucks » Mon Mar 06, 2017 9:33 pm

Bump 4 moar firms

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Johann
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Re: Firm Benefits

Postby Johann » Mon Mar 06, 2017 9:47 pm

Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:Are there any biglaw firms that actually provide 401k matching or contributions? Seems like at this level of pay, they'd never do that.


According to NALP, Wachtell does.


NALP is inaccurate then.


wachtell pays first year comp around $400k, who gives a shit about their benefits

Anonymous User
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Re: Firm Benefits

Postby Anonymous User » Tue Mar 07, 2017 4:05 pm

JohannDeMann wrote:
Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:Are there any biglaw firms that actually provide 401k matching or contributions? Seems like at this level of pay, they'd never do that.


According to NALP, Wachtell does.


NALP is inaccurate then.


wachtell pays first year comp around $400k, who gives a shit about their benefits


I mean, I worked there so I wasn't complaining about comp. I was just providing info relevant to the thread.

Anonymous User
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Re: Firm Benefits

Postby Anonymous User » Thu Mar 23, 2017 6:09 pm

Quick question -- assuming your run-of-the-mill benefits package, roughly how much is deducted from your paycheck on a monthly basis?

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Re: Firm Benefits

Postby Anonymous User » Thu Mar 23, 2017 7:27 pm

smaug wrote:
Anonymous User wrote:
Anonymous User wrote:Are there any biglaw firms that actually provide 401k matching or contributions? Seems like at this level of pay, they'd never do that.


Probably depends on your definition of big law, but I know my market-paying firm does contribute at 7.5% of comp. to 401k

As deferment or as additional compensation?

First is very common. Second is not.


Lost this thread for a while, but it's additional comp. Kicks in after 1 year working there

Anonymous User
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Re: Firm Benefits

Postby Anonymous User » Thu Mar 23, 2017 7:39 pm

baker botts?

clerk1251
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Re: Firm Benefits

Postby clerk1251 » Fri Mar 24, 2017 10:07 am

Anonymous User wrote:
smaug wrote:
Anonymous User wrote:
Anonymous User wrote:Are there any biglaw firms that actually provide 401k matching or contributions? Seems like at this level of pay, they'd never do that.


Probably depends on your definition of big law, but I know my market-paying firm does contribute at 7.5% of comp. to 401k

As deferment or as additional compensation?

First is very common. Second is not.


Lost this thread for a while, but it's additional comp. Kicks in after 1 year working there


Care to share what firm? Market paying and 7.5% contribution is pretty nuts! If you don't want to post it here, can you PM me?

Anonymous User
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Re: Firm Benefits

Postby Anonymous User » Fri Mar 24, 2017 10:16 am

any info on proskauer's benefits?

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Re: Firm Benefits

Postby Anonymous User » Fri Mar 24, 2017 10:35 am

haynes and boone anyone?

Winter is Coming
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Re: Firm Benefits

Postby Winter is Coming » Fri Mar 24, 2017 10:57 am

I guess it could be a consideration for picking firms (but most firms are similarly shitty), but once you're a summer you should have access to all of this stuff through the HR portal.

cavalier1138
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Re: Firm Benefits

Postby cavalier1138 » Fri Mar 24, 2017 12:22 pm

Winter is Coming wrote:I guess it could be a consideration for picking firms (but most firms are similarly shitty), but once you're a summer you should have access to all of this stuff through the HR portal.


Right, but if you're trying to decide between firm A and firm B, when both of them seem like a good fit, maybe benefits make the difference.

I'm not saying that's the best way to go about doing it, but getting to see one firm's benefits structure after you're working there as a summer is kind of pointless.

Abbie Doobie
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Re: Firm Benefits

Postby Abbie Doobie » Fri Mar 24, 2017 12:26 pm

that also doesn't help much when you are looking to lateral

Winter is Coming
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Re: Firm Benefits

Postby Winter is Coming » Fri Mar 24, 2017 2:52 pm

For sure, I guess my real point is that they don't really vary all that much (with a few outliers) so it ultimately doesn't matter much. It may be a bigger deal lateraling if you are later in your career and I get that things like advances vs. stipends are real money decisions. I'm actually kind of surprised that this thread hasn't gotten a ton of attention, given how popular the student loans actual numbers one is.

Anonymous User
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Re: Firm Benefits

Postby Anonymous User » Fri Mar 24, 2017 8:48 pm

Dumb Q, but when NALP says "10k bar study stipend" does this mean basically a 10k salary advance? and not a free 10k to live on?

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sublime
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Re: Firm Benefits

Postby sublime » Fri Mar 24, 2017 9:54 pm

Anonymous User wrote:Dumb Q, but when NALP says "10k bar study stipend" does this mean basically a 10k salary advance? and not a free 10k to live on?


Typically you don't have to pay back a stipend but do pay back an advance. Whether nalp is accurate is a different question.

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wiz
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Re: Firm Benefits

Postby wiz » Fri Mar 24, 2017 10:02 pm

ATL needs to update this: http://abovethelaw.com/careers/law-firm ... rst-years/

It's been almost 3 years.

Anonymous User
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Re: Firm Benefits

Postby Anonymous User » Sat Mar 25, 2017 12:11 pm

Firm: Williams & Connolly

Bar Stipend/Signing Bonus: Reimburses bar exam fees and bar application fees paid within the year prior to arrival at firm.

Relocation Benefits: Reimbursement for moving expenses up to weight/mileage allowance.

Health Benefits: Either PPO of HDHP. Both free.

Salary Advance: Available, I think.

Gym Stipend: No stipend. Access to (small) gym on site. Discounts at Washington Sports Club, Crunch, and Vida.

401k Match (Y/N): No.

Food: Free lunch in attorney dining room.




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