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Deleted Post
Posted: Sat Feb 13, 2016 1:15 pm
by PJam1989
Deleted Post
Re: Do Lawyers Have Pensions?
Posted: Sat Feb 13, 2016 8:47 pm
by Abbie Doobie
the majority don't even have a matching 401k let a lone a pension
Re: Do Lawyers Have Pensions?
Posted: Sat Feb 13, 2016 8:50 pm
by LawyerNever
Very few people in any field get pensions now.
Re: Do Lawyers Have Pensions?
Posted: Sat Feb 13, 2016 9:02 pm
by zot1
Ah... Government.
Re: Do Lawyers Have Pensions?
Posted: Sat Feb 13, 2016 9:09 pm
by Person1111
It's not uncommon for retired equity partners, but it is uncommon to become a retired equity partner.
Re: Do Lawyers Have Pensions?
Posted: Sun Feb 14, 2016 2:40 pm
by 84651846190
equity partners get compensation for life at many firms (and guest offices, and a shitload of other perks). it's nice to be on top in the legal industry (but very very few of us will ever make it there)
Re: Do Lawyers Have Pensions?
Posted: Sun Feb 14, 2016 3:08 pm
by nealric
In-house and government Lawyers may get pensions. These days, the vast majority only offer defined contribution pensions- which means they contribute a certain percentage of your salary each year to a fund but don't guarantee a payout amount.
A few Biglaw firms still do a pension for partners, but they are generally a dying breed.
Re: Do Lawyers Have Pensions?
Posted: Thu Feb 25, 2016 5:41 pm
by Fed_Atty
For me, working for the Feds, I get a pension after a certain number of years. Essentially, if I work for 30 years, I get 30% of the average of my highest 3 years salary. Every year after that is an additional 1.1%. If I hang around until I am 65 or so, which is the plan, I'll have 40 years of service so will get 41% of my pay. We also have something called the Thrift Savings Plan, which is essentially an IRA. Government matches contributions up to 5% of salary.