Picking the Best Small or Solo Firm Retirement Option
When a retirement plan is available to employees in a law firm, the majority choose to take advantage of it and participate in the retirement plan. Today, offering at minimum a 401(k) plan is a fundamental component in a competitive benefits package and an important tool to recruit and retain talent. Retirement and succession planning must be part of your law firm administration.
There is no “one size fits all” solution and firms must review what is best for them. However, a formalized retirement plan program that embeds succession planning in firm management is preferable as it can be used to motivate a successful multi-generational workforce.