COMPENSATION AND BENEFITS
Compensation is paid semi-monthly on the 15th and last day of the month (or the last working day prior if either date falls on a weekend).
SALARY ADJUSTMENTS
In January of each year, the Firm will consider all associates who have been associates with the Firm at least since the prior January 1, for salary adjustments. The Firm may also, as circumstances warrant, consider associates who joined the Firm after January 1 for salary adjustments. In making adjustments, the Firm's objective will be that, taking into account the associate's salary, the associate bonus program, the 401(k) plan and "matching" contributions, and other fringe benefits, the aggregate compensation to the Firm's associates will be competitive with compensation provided in comparable firms. The Firm will endeavor to complete its consideration of associate salary adjustments so that those amounts can be paid in the first payroll period in March. All salary adjustments will be "as of" January 1 of the year for which they are effective.
ASSOCIATE BONUS PROGRAM
The basic eligibility criteria for the Firm's associate bonus program is the completion of at least 2,000 billable hours for the year for which a bonus is to be awarded. The Firm will endeavor to complete its consideration of associate bonuses so that the bonuses can be paid in the first payroll period during March following the year for which the bonus is awarded. For associates who meet the eligibility requirements, the amount of the bonus will take into account both quality and quantity of billable work and other contributions to the development of the Firm and its practice. The Firm's expectation is that, in addition to billable time, each associate will devote substantial efforts toward his or her practice and client development, professional development, and the Firm's administrative activities. Only when such efforts exceed what would normally be expected, will such non-billable time be considered as factors for bonus awards.
In general, a bonus of at least 5% of the salary received for the prior year will be paid for exceeding the target work level of 2,000 hours. Bonus amounts in excess of 5% will be paid at the discretion of the Firm based upon an evaluation of the factors noted above and will normally range from 5% to 15% of the salary received for the year prior. The Firm's practice has been to adjust the billable-hour requirement in two situations. In the first year of employment, if the associate has been an associate with the Firm at least since the prior October 1, the 2,000-hour threshold is pro-rated for the actual period of employment. If an associate is with the Firm for the entirety of a year, but takes maternity/paternity leave, the 2,000-hour threshold is pro-rated for the period excluding that leave.
Associates who have a part-time schedule are generally not eligible for the associate bonus program unless otherwise determined by the Managing Partner.
DIRECT DEPOSIT
Direct deposit is available for up to three separate accounts, conditioned upon satisfactory adherence to Firm policies and procedures.
PERSONAL & VACATION LEAVE
The amount and scheduling of personal and vacation time is generally left to the good judgment of the associates, provided that the associates are satisfying the Firm's work level expectations and that vacation time is scheduled and approved at least two weeks in advance. No cash payments in lieu of unused leave or vacation are made under any circumstances.
BAR ASSOCIATION DUES
The Firm will pay for membership to an attorney's original state bar and/or the state bar governing practice from the Firm's offices, plus one local bar association.
PROFESSIONAL DEVELOPMENT
Attendance at seminars is paid by the Firm as approved in advance by the Practice Team Chairpersons.
SAVINGS & INVESTMENT 401(k) PLAN
JORDEN BURT maintains a market-leading 401(k) plan that provides substantial benefits to full time employees and associates who choose to participate. Eligibility for the 401(k) plan commences on the 1st day of the quarter after one year of employment. Effective January 1, 2007, the maximum annual participant contribution by law is $15,500. The Firm will make matching contributions on a 2-for-1 basis with respect to all participant contributions up to 6% of the participant's annual compensation. The maximum contribution by the Firm will thus be the lesser of (i) 200% of a participant's contributions, or (ii) 12% of a participant's compensation earned as a participant in the Plan.
All contributions are fully vested at all times. Participants have a wide range of investment options under the Plan and may change their investment elections at any time. Participants may also change the percentage of their compensation that is contributed to the Plan at any time. Participants may borrow a part of the amount held in their account subject to certain limitations. Participants may also make rollover contributions into the Plan. Rollover contributions, regardless of age, may be withdrawn at any time.
MEDICAL AND DENTAL INSURANCE
Associates have the option of a PPO, POS or HMO plan. The Firm contributes proportional amounts for each of the coverage classification categories under each plan.
Associates have the option of participating in either a DMO plan (managed care similar to an HMO health plan) or a PPO plan. These group dental plans are available to employees without contributions by the Firm.
SECTION 125 FLEXIBLE BENEFIT PLAN
The Flexible Benefit Program is a tax savings vehicle made available to all full-time employees. Employees are eligible immediately upon employment by the Firm. If you don't enroll when first eligible, you must wait until the next plan year to participate. The Program provides employees an opportunity to pay health and dependent care costs with pre-tax dollars. The employee determines the total amount to be withheld from each paycheck. Employees may participate in any of all of the three segments of this program:
- Premium Conversion. Employees may use the Flexible Benefit Program to pay for any portion of their Firm medical or dental plan premiums with pre-tax dollars. Unless otherwise specified by the associate, these premiums will be automatically set up as pre-tax payments through the payroll system.
- Health Spending Account. Employees may elect to defer up to $5,000 of their pay on a pre-tax basis to pay un-reimbursed expenses such as deductibles, co-payments and items not covered by the medical or dental plans.
- Dependent Care Account. Employees may elect to defer up to $5,000 of their pay on a pre-tax basis to pay for child care expenses (or incapacitated dependent adults). This is usually a more effective method than taking the child care tax credit on tax returns.
LIFE/ACCIDENTAL DEATH & DISMEMBERMENT INSURANCE
The Firm provides fully paid life and AD&D insurance coverage under two group insurance plans for its employees -- Prudential and Standard Insurance Company Plans. The Firm pays the premiums for both plans. The two policies provide the following combined benefits: basic life equal to four times of employee's annual salary up to a maximum of $1,500,000; AD&D equal to four times of employee's annual salary up to a maximum of $1,500,000.
DISABILITY INSURANCE
The Firm provides fully paid short-term and long-term disability insurance coverage for all employees under a group disability plan with Standard Life Insurance Company.
For income and Social Security tax purposes, the total amount of the disability insurance premiums paid by the Firm on your behalf is added to your gross compensation. The same amount is then deducted from your net compensation. This procedure includes the premiums in your taxable income and Social Security tax base and assures that if an employee becomes disabled, the disability insurance benefits received will not be subject to income tax.
The Short-Term Disability benefit is 60% of weekly salary to a maximum of $2.500 per week provided by the insurance carrier. Benefits for qualified short-term disability conditions are paid after 14 days of disability. The Long-Term Disability benefit is 60% of monthly salary to a maximum of $15,000 per month provided by the insurance carrier. Benefits for qualified long-term disability conditions are paid after 90 days of disability.
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