V100 401(k) matching Forum

[Anonymous User]

Among V100 firms, is it rare for a firm to not offer any 401(k) matching?

[NYSprague]

It is rare for a firm to offer matching.

[Anonymous User]

I got 100 dollars of matching. LOL biglaw

[ScottRiqui]

Is it pretty much the biglaw norm that your salary and bonuses are the extent of your compensation (no 401 matching, you get your own insurance, cover your own toll/parking fees, etc)?

[NYSprague]

Is it pretty much the biglaw norm that your salary and bonuses are the extent of your compensation (no 401 matching, you get your own insurance, cover your own toll/parking fees, etc)?

You pay into the firm plan for insurance. (Mine is $537 a month for the most expensive plan, I've had serious health issues and need to keep it at the best plan.)
You can get meals billed to a client and a car home after certain hours and with certain limits.
I don't know about parking or tolls if you drive but I would be surprised if they were covered.
Eta: you should also have disability insurance and life insurance up to your salary. The disability insurance saved me, my earnings were not taxable and were based on a combination of salary and bonus. I had no worries when I was unable to work. But being disabled because you are too sick to work is not a great situation.

The firm also did my will, which including putting money in trust for my mom and sister, for free. I bought a large life insurance policy when I started. I'm glad I did because I would never qualify now.

I also get private banking and discounts on mortgage rates if I ever buy anything.

[Anonymous User]

Is it pretty much the biglaw norm that your salary and bonuses are the extent of your compensation (no 401 matching, you get your own insurance, cover your own toll/parking fees, etc)?

No 401k matching is the norm. Health insurance and parking vary substantially among firms, from my understanding. Health insurance for associates at my firm is over 50% subsidized (I pay about $160/month for the most expensive individual plan), but parking at the garage in our building is nearly $250/month. Some firms (non-NYC, of course) provide much cheaper or free parking. Another huge difference is bar stipends: some firms give incoming associates a $5k or $10k stipend for their bar summer, in addition to paying for a course, while other firms only offer a salary advance.

[dixiecupdrinking]

Is it pretty much the biglaw norm that your salary and bonuses are the extent of your compensation (no 401 matching, you get your own insurance, cover your own toll/parking fees, etc)?

I think most firms help out with insurance premiums. 401(k) matching is practically unheard of (haven't polled everyone I know but I have never heard of it in biglaw -- not counting the anecdote about $100 matching, which lol). You can usually pay for commuting costs with pretax dollars, which, okay, it saves you $30 a month on a MetroCard, I guess that's nice but not going to change your life. There are other fringe things like gym discounts, cell phone discounts, etc., but I assume the firm isn't actually paying anything for that, they just negotiated a group rate.

Basically they focus on the big 160 number in lieu of the benefits that people don't pay attention to.

[shock259]

Is it pretty much the biglaw norm that your salary and bonuses are the extent of your compensation (no 401 matching, you get your own insurance, cover your own toll/parking fees, etc)?

Like others have said, usually no 401k matching. But my firm offers health insurance for pretty cheap. ~$180/month for a single person with the PPO. Not bad. No parking or toll benefits to my knowledge.

[kalvano]

My previous firm did 401(k) matching, but it was on a stepped scale that increased with tenure at the firm. Same with the vesting of that matching.

[Anonymous User]

WSGR seems to match an employee's 401(k) saving up to 3% of his or her salary. Some smaller law firms also have such benefit.