SAN DIEGO, CA--(Marketwired - Jul 29, 2014) - BrightScope (www.brightscope.com), a leading provider of independent financial information and investment research, today announced the Top 25 law firms with the highest ranked 401k plans containing more than $100 million in assets.
"The top 401k plans offered in the law industry have become more robust and financially beneficial to employees as shown by a steady increase in their average BrightScope rating over the past few years," said Brooks Herman, Head of Data & Research at BrightScope. "Participants in these top plans are fortunate in many ways, one being the law firm they're employed by makes an effort to provide a quality 401k plan."
Noteworthy findings in the 2014 Top 25 Law Firms 401k Plans list include:
- Average account balance for plans listed is $365,987
- Average participation rate for plans on the list is 95.82 percent
- Average company generosity for plans listed is $20,044 per year; the median is $8,980
- Average annual salary deferral for plans listed is $8,107; the median is $7,382
Top 25 law firms with the highest ranked 401k plans containing more than $100 million in assets:
Company - Plan Name - BrightScope Rating
1. Sullivan & Cromwell LLP - Retirement Plan of Sullivan & Cromwell LLP - 92.65
2. O'Melveny & Myers LLP - O'Melveny & Myers LLP Keogh Plan - 92.46
3. Stroock & Stroock & Lavan LLP - Stroock & Stroock & Lavan LLP Retirement Plan and Trust for Partners - 91.37
4. Simpson, Thacher & Bartlett LLP - Simpson, Thacher & Bartlett LLP Supplemental Profit Sharing Plan for Partners - 90.69
5. Seyfarth Shaw LLP - Seyfarth Shaw LLP Retirement Plan for Partners - 89.92
6. Jones Day - Jones Day Retirement Plan - 89.87
7. Cleary Gottlieb Steen & Hamilton LLP - Cleary Gottlieb Steen & Hamilton (A Partnership) Tax Opportunity Plan for Savings (Plan A - Safe Harbor) - 88.90
8. Fish & Richardson PC - Fish & Richardson Profit Sharing 401k Plan - 88.46
9. Kirkland & Ellis, LLP - Kirkland & Ellis LLP 401(k) Savings Plan - 87.71
10. Covington & Burling LLP - Covington & Burling Retirement Savings Plan - 87.68
11. Bingham Mccutchen LLP - Bingham Mccutchen LLP Savings Plan - 87.47
12. Irell & Manella LLP - Irell & Manella Profit Sharing Plan - 87.43
13. Briggs and Morgan, Professional Association - Briggs and Morgan, Professional Association Profit Sharing Plan - 87.41
14. Weil, Gotshal & Manges, LLP - Weil, Gotshal & Manges Partners' Target Pension Plan - 87.29
15. Saul Ewing LLP - The Saul Ewing Retirement Plan - 87.29
16. Pillsbury Winthrop Shaw Pittman LLP - Pillsbury Winthrop Shaw Pittman LLP Retirement Savings Plan No. 1 - 87.18
17. Finnegan, Henderson, Farabow, Garrett & Dunner, L.L.P. - Finnegan, Henderson, Farabow, Garrett & Dunner, L.L.P. Profit Sharing Plan - 87.14
18. Honigman Miller Schwartz and Cohn LLP - Honigman Miller Schwartz and Cohn LLP Income Deferral and Profit Sharing Plan - 87.11
19. Taft, Stettinius & Hollister LLP - Taft, Stettinius & Hollister LLP Thrift Savings and Retirement Plan - 87.11
20. Allen, Matkins, Leck, Gamble, Mallory & Natsis LLP - Allen Matkins Profit Sharing and 401(k) Plan - 87.11
21. Arnold & Porter LLP - Arnold & Porter LLP Profit-Sharing and 401(k) Plan and Trust - 87.09
22. Skadden, Arps, Slate, Meagher & Flom, LLP - Skadden, Arps, Slate, Meagher & Flom Retirement Plan - 86.96
23. Bryan Cave LLP - Bryan Cave LLP Retirement Plan for Partners - 86.92
24. Leonard, Street and Deinard Professional Association - Leonard, Street and Deinard Retirement Plan and Trust - 86.90
25. Paul Hastings LLP - Paul Hastings LLP Defined Contribution Retirement Plan - 86.40
BrightScope obtains an increasing amount of its data directly from plan sponsors and record keepers, and augments these primary sources with data from publicly available sources such as the Department of Labor and the Securities and Exchange Commission. By analyzing and interpreting this data, BrightScope provides unprecedented transparency into the 401k industry.
The BrightScope Rating was developed by BrightScope, Inc. with the help of leading academics and independent 401k fiduciaries. By analyzing more than 200 individual data points, the BrightScope Rating algorithm calculates a single numerical value for each 401k plan. The data points examined cover broad categories such as total plan cost, company generosity and investment menu quality.
BrightScope has rated nearly 50,000 401k and 403b plans, spanning more than 57 million workers and over $3 trillion in assets. Industry adoption of the BrightScope Rating will lead to more cost-effective plans, increased participation rates, higher employee satisfaction and better outcomes for the 60 million employees who depend on their 401k plan for retirement.
BrightScope is a financial information company that brings transparency to opaque markets through independent research and analysis. Delivered through web-based software, BrightScope data drives better decision-making for individual investors, corporate plan sponsors, asset managers, broker-dealers, and financial advisors. The BrightScope Rating™, developed in partnership with leading independent 401k fiduciaries, reviews more than 200 unique data inputs per plan and calculates a single numerical score which defines plan quality at the company level. In April 2011, the company launched BrightScope Advisor Pages™, the first comprehensive and publicly available directory of financial advisors designed to help consumers discover information and conduct due diligence on wealth management professionals. BrightScope also markets a suite of data analytics software products to Fortune 1000 companies, asset managers, broker-dealers, financial advisors, and other market participants. Public ratings for nearly 50,000 retirement plans as well as rating definitions, criteria and methodologies, and information on more than 680,000 financial advisors and nearly 33,000 active advisory firms are available for free at www.brightscope.com.