Jump to content

RRSP Matching


Scout
 Share

Recommended Posts

Scout
  • Lawyer

I've noticed that RRSP matching has been missing from conversations about the compensation structures at different firms. This form of compensation is so valuable so I'm hoping we can all shed light on our experiences. To my knowledge, Lenczner provides matching up to 5% of salary. Any idea what the big firms or other lit boutiques are doing?

Link to comment
Share on other sites

BlockedQuebecois
  • Lawyer

My understanding is RRSP matching is quite a rare benefit at big firms. Certainly, it was not a benefit at my old firm nor was it a benefit at a couple of litigation boutiques I considered offers from.

It makes sense because RRSP matching is only a benefit to associates. 

  • Like 1
Link to comment
Share on other sites

Pantalaimon
  • Articling Student
4 hours ago, BlockedQuebecois said:

My understanding is RRSP matching is quite a rare benefit at big firms. Certainly, it was not a benefit at my old firm nor was it a benefit at a couple of litigation boutiques I considered offers from.

It makes sense because RRSP matching is only a benefit to associates. 

Old firm! Did you end up doing your own thing?

Link to comment
Share on other sites

BlockedQuebecois
  • Lawyer
9 minutes ago, Pantalaimon said:

Old firm! Did you end up doing your own thing?

Finally accepted that job offer from Dentons 

  • LOL 3
  • Nom! 2
Link to comment
Share on other sites

I know I have in the past said I would not hire your firm, but that's changed. I will send some mandates to Dentons now!

  • LOL 1
Link to comment
Share on other sites

Pantalaimon
  • Articling Student

What's the saying? There's no such thing as bad publicity?

Link to comment
Share on other sites

FMC actually had a decent employment law group, which I got an offer from and thought seriously of accepting. But I think most of them have left.

Link to comment
Share on other sites

Fiona Apple
  • Lawyer

I've heard another Toronto lit boutique (which I refer to in my head as Lenczner lite) also does RRSP matching. Seems very uncommon/unheard of at the bigger firms, although I may be wrong. 

Link to comment
Share on other sites

Seems unlikely, when your compensation model is a very public top line matching of all of your competitors, that you would voluntarily add on a hidden 5%.

  • Like 4
Link to comment
Share on other sites

Hitman9172
  • Lawyer

The expectation is that you'll make Partnor and get rich enough to pay for your own retirement.

  • Like 1
Link to comment
Share on other sites

easttowest
  • Lawyer
25 minutes ago, Rashabon said:

You put your bonus into your RRSP.

Isn’t there a tax-deferred way to do this? 

In any event, my firm doesn’t match for associates and nor do any of the firms in my network. 

Link to comment
Share on other sites

Cool_name
30 minutes ago, easttowest said:

Isn’t there a tax-deferred way to do this? 

In any event, my firm doesn’t match for associates and nor do any of the firms in my network. 

Yes, you just get it paid directly to your rrsp. 
 

You don’t need a match for this. 
 

You should consider rrsp vs tfsa though depending on your income bracket. 
 

I piled into rrsp initially though, to take advantage of the home buyers plan (effectively lets you make a down payment with pre-tax dollars). You need to pay the money back post tax, but it will get you there sooner.

Link to comment
Share on other sites

Lawyers in private practice are generally on their own when it comes to saving for retirement. This feeds into my suspicion of why some lawyers ostensibly refuse to retire but I digress.

  • Like 4
Link to comment
Share on other sites

Vizslaw
  • Lawyer
2 minutes ago, Orbis said:

Lawyers in private practice are generally on their own when it comes to saving for retirement. This feeds into my suspicion of why some lawyers ostensibly refuse to retire but I digress.

That's a bingo.

Link to comment
Share on other sites

tiktok
  • Law Student

Hello, 

Do the big law firms not offer any type of pension benefits at all? I am considering whether I should seek a job with the federal government or a big law firm for tax litigation and one of my main concerns is pension benefits. What's attractive about the federal government is their defined-benefit pension plan, but the starting salary is also 85k... I am bit bummed that in private practice you're expected to handle your pension alone

Edited by tiktok
Link to comment
Share on other sites

easttowest
  • Lawyer
4 minutes ago, tiktok said:

Hello, 

Do the big law firms not offer any type of pension benefits at all? I am considering whether I should seek a job with the federal government or a big law firm for tax litigation and one of my main concerns is pension benefits. What's attractive about the federal government is their defined-benefit pension plan, but the starting salary is also 85k... I am bit bummed that in private practice you're expected to handle your pension alone

None that I’ve seen. Most associates are gone within a few years so I’m not sure what the incentive would be. 

A nice pension is not going to keep you grinding over the decades. That’s what partnership is for. 

Link to comment
Share on other sites

Your pension is part of your salary. You save it yourself.

The reason that the government pays a lot less for the same work, but provides a pension, is because the pension is the difference.

  • Like 1
Link to comment
Share on other sites

Rashabon
  • Lawyer

If you make it to partnership and to your 60s there is a pension at some firms but that's about it. Otherwise you make a lot more than any other lawyer job so you can save for your own retirement. I've maxed out my RRSP every year.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...

Important Information

By accessing this website, you agree to abide by our Terms of Use. YOU EXPRESSLY ACKNOWLEDGE AND AGREE THAT YOU WILL NOT CONSTRUE ANY POST ON THIS WEBSITE AS PROVIDING LEGAL ADVICE EVEN IF SUCH POST IS MADE BY A PERSON CLAIMING TO BE A LAWYER. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.