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Pension Plans For Lawyers?

Full disclosure: I'm not versed in the intricacies of the Employee Retirement Income Security Act ("ERISA"), which regulates pension plans. ERISA was never my playground.

am, however, familiar with the idea of incentivizing certain behavior, as a means of getting people to do what one might wish them to do. The means will generally differ, depending on the behavior being encouraged, but the notion is not particularly complicated. Polly want a cracker?

Query: How might a law firm that is thinking about implementing a wellbeing initiative among its lawyers, maximize the probability that it would actually be used? And address peoples' future (as well as present) peace of mind? One way-- granted, not an obvious way and, probably, a somewhat controversial way-- would be to offer prospective retirement benefits, tied to the use of designated wellbeing programs that are implemented by the firm.

Assuming such an arrangement could be legally devised, it could address a variety of concerns, all of which would be a definite plus for both the firm, and the individual lawyers. It would demonstrate a desire to recognize and benefit the professionals to whom such a plan is made available (and also, the staff, if the firm elects to go that route). It would also demonstrate a willingness to, "think outside the box" in recognizing the individual men and women who make the firm what it is.

Wellbeing is a multi-faceted concept that impacts both body and mind, as well as the present and the future. Pension plans are also complicated,-- particularly, in a profession that has not historically offered future financial assistance. But 1+1 still equals 2, no matter haw multi-faceted or complicated the digits might be.

Why not be creative in our thinking? Why not kill two proverbial birds with one stone? Why not take care of the individuals who are the real backbone of the profession, and make it what it is? Why not?



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