Average 401(k) savings top $1M in plans at these two law firms
Lawyers in BigLaw are apparently stashing lots of money in their 401(k) plans.
Individual average account balances are $2.1 million at Cravath and $1.1 million at O’Melveny in 401(k) plans for select groups of individuals, Bloomberg Big Law Business reports. That Cravath plan has 133 participants and the O’Melveny plan has 227 participants.
Many law firms have separate plans for partners, associates and other employees, the article points out. Law firm plans that have large average balances per person mostly cover partners and select employees.
After Cravath and O’Melveny, the largest average account balances are at Debevoise & Plimpton ($865,353 for a plan with 157 participants), Skadden ($856,183 for a plan with 612 participants) and Shearman & Sterling ($750,185 for a plan with 358 participants).
Contrast those figures with the average of $223,162 for individual account holders at Boeing, which has the largest 401(k) plan in the country with $47.1 billion in assets. The average account balance at Apple is $44,369 and the average at Wal-Mart Stores is $20,292.
In terms of total assets, the largest plans are at Latham & Watkins ($1.2 billion with 4,899 participants), Kirkland & Ellis ($941 million with 4,155 participants), Jones Day ($921 million with 1,386 participants), DLA Piper ($878 million with 3,902 participants) and Hogan Lovells ($874 million with 2,813 participants).
The article points out that the firms with the largest total assets group together all employees.
