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Some Law Firm Perks Are Better Than Making More Money In Certain Situations

The flexibility of non-traditional employment arrangements can easily make up for the reduced compensation that usually comes with these types of agreements. 

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Would you work from home if you could?

As many readers of this column are likely already aware, no two law firms are created equal.  Indeed, the culture of a law firm, the work that is practiced by a firm, and other factors all distinguish the experiences of attorneys who work at different shops.  In addition, some firms offer non-monetary perks that might be even more valuable than making additional money in certain instances. 

As this website has discussed a length in a number of prior articles, the practice of law has become much more fluid in recent years.  Whereas attorneys used to work at firms full-time, and with strict guidelines about when associates would become partners, many firms are embracing more flexible employment relationships.  Such “of counsel” and other similar arrangements can offer flexibility that might be better than making additional money in some circumstances.  Although many lawyers are usually saddled with student debt and want to work for a shop that pays the most cheddar, certain benefits offered by some firms might be better than making additional cash in many situations.

One of the biggest trends in the modern workplace is that more and more employees are permitted to work from home.  Empowering employees to work from home allows employers to realize sizable benefits, since this can help lower real estate costs, and serves as a powerful incentive when recruiting talent.  Furthermore, working from home has a number of advantages for employees as well.

Everyone is probably aware of the lifestyle benefits that can be realized form working at home.  Commuting is usually a painful experience for many employees, especially if you have to take mass transit like I do and are regularly crammed together with hundreds of other commuters.  If you live in many suburban areas, commuting to and from work could easily take an hour or two a day.  However, if you work from home, you do not need to spend any time commuting and can use this saved time in more meaningful ways.

Furthermore, working from home could save you serious money that can be devoted to paying off student loans or achieving other financial goals.  Working from home might mean that you do not need to pay for commuting costs, and if you have to pay for parking and similar expenses when traveling to and from work, this could easily equal several hundred dollars a month.  In addition, working from home also means that you do not need to shell out as much money on dry cleaning, buying lunches, and other similar costs associated with heading to the office.  Furthermore, working from home also means that you might be able to spend less money on childcare, since parents who work from home are usually more available to look after kids.

Many law firms have gotten on the work-from-home bandwagon, and more firms will likely implement such policies.  Remote office technology continues to improve, and more law firms will realize additional savings as the technology gets better.  In any case, even if you made a little less money at a firm with a work-from-home policy, it might be worth it to work at such a shop for financial and personal reasons.

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Many firms also have non-traditional attorney tracks that offer improved job flexibility, which might be more beneficial than making additional money in some instances.   Non-traditional work arrangements have existed for as long as I have been practicing law, but I think that such initiatives have proliferated recently due to the expansion of the “gig economy.” In any case, I know of numerous attorneys who are only required to bill a fraction of the normal billable hour requirement of other attorneys at their firms in exchange for a pay cut.  Furthermore, I also know a few lawyers that have loose “of counsel” relationships with shops, and others who only work on certain kinds of matters or during busy times at a firm.

The flexibility of non-traditional employment arrangements can easily make up for the reduced compensation that usually comes with these types of agreements.  Such arrangements allow individuals to pursue passions, such as teaching, writing, and other work.  Also, such agreements can sometimes allow attorneys to only handle certain matters that they enjoy working on the most.  In addition, these types of arrangements might also keep individuals away from the office politics and the corporate rat race that might be the worst parts about working for a firm.  Everyone I know who has an alternate work arrangement seems extremely happy with their circumstances, and this situation could be better than making additional money in certain circumstances.

In the end, the most important consideration for many lawyers when choosing a law firm to work at is the amount of money they will be paid. And for individuals with student loans, it is especially important that they earn the most cash possible to devote additional funds to student debt.  However, some law firms offer certain perks which can be more valuable than earning more money in many instances.

Jordan Rothman is the founder of Student Debt Diaries, a personal finance website discussing how he paid off all $197,890.20 of his college and law school student loans over 46 months of his late 20s. You can reach him at [email protected].

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