Richards, Layton & Finger provides a compensation package that matches or exceeds those of much larger firms in much larger cities. The firm compensates associates with a combination of salary, bonuses, 401(k) and profit sharing plans, noncontributory health and life insurance, and many other benefits. The salaries of our associates are highly competitive, even with those salaries paid in larger cities, because of the difference in the cost of living. The starting salary for first-year associates is $145,000.

The benefits listed below are those currently available to associates at the firm:

1. Medical Coverage. The firm offers a choice of one of two medical plans through Blue Cross Blue Shield (BCBS) of Delaware for the employee and his/her dependents: the BCBS Traditional Indemnity Plan or membership in an Independent Practice Association Health Maintenance Organization. These plans have no waiting period, and the firm pays all premiums (not only for you, but for your dependents as well) without requiring contribution from you.

2. Medical Disability Coverage. The firm offers short-term medical disability coverage for up to 180 days. The firm pays full salary during short-term medical disability with a doctor’s certification. After 180 days on short-term disability, the firm offers long-term disability coverage for partial and full disabilities. The benefits paid are 60% of gross monthly earnings. These plans have no waiting period, except a 12 month waiting period from date of hire related to pre-existing conditions. The firm pays all premiums without requiring contribution from you.

3. Voluntary Dental Plan. The firm offers a voluntary dental plan in which you are eligible to enroll during the first of the month of employment and then once yearly during an open enrollment period. This plan requires an employee contribution.

4. Life Insurance. The firm offers associates life insurance coverage equal to five times their annual salary. There is also Business Travel and Accident Insurance. There is no waiting period, and the firm pays all premiums without requiring contribution from you.

5. Retirement Plans. The firm offers four retirement plans: a 401(k) Profit Sharing Plan, a Money Purchase Pension Plan, a Retirement Plan, and a Defined Benefit Pension Plan. Each plan contains a provision for an annual employer contribution. Over the past several years, combined contributions to the first three plans have been approximately 7% of salary. The Defined Benefit Pension Plan receives an actuarially determined contribution. In addition, each employee may make contributions to the 401(k) Profit Sharing Plan through pre-tax payroll deduction.

• The Profit Sharing Plan. Employees are eligible and enrolled on the January 1st or July 1st immediately following one year of employment. Employer contributions are calculated annually as of June 30th and are distributed on or about September 15th. Employees may contribute a portion of salary, not to exceed the established IRS dollar limit. Employees select how the funds are invested. Employer contributions vest after the employee has completed three years of service.

• The Money Purchase Pension Plan. Employees are eligible and enrolled on the January 1st or July 1st immediately following two years of employment. Employer contributions are calculated annually as of June 30th and are distributed on or about September 15th. Employees select how the funds are invested. Employer contributions vest immediately.

• The Retirement Plan. Employees are eligible and enrolled on the January 1st or July 1st immediately following two years of employment. Employer contributions are calculated annually as of June 30th and are distributed on or about September 15th. Employees select how the funds are invested. Employer contributions vest immediately.

• The Defined Benefit Pension Plan. Employees are eligible and enrolled on the January 1st or July 1st immediately following two years of employment. Employer contributions are calculated and deposited into the fund annually. Employer contributions vest immediately.

6. Vacation. The firm offers each associate lawyer four weeks of paid vacation per year.

7. Professional Associations. The firm pays annual membership dues, plus one section fee, for the American Bar Association and the Delaware State Bar Association.

8. Continuing Legal Education. The firm encourages and pays for attendance at approved continuing legal education seminars.

9. Qualified Transportation Fringe Benefit Plan. The firm offers a plan that provides pre-tax payment for expenses incurred for parking or transit passes. Enrollment is once yearly in December for the following calendar year or at the time of hire.

10. Dependent Care Benefit Plan. The firm offers a plan that provides for pre-tax payment for approved expenses incurred for dependent child care. Enrollment is once yearly in December for the following calendar year or at the time of hire. There is no waiting period for eligibility.

11. Fitness Program. The firm reimburses a portion of an associate’s individual membership fees at a fitness center or YMCA.

12. Bar Exam, Review Course Fees; Bar Exam Passage. The firm will pay the fees in connection with the Delaware bar review course and the Delaware bar exam, a $5,000 bar-study stipend for new, entry-level associates, as well as the fees incident to the practice of law in Delaware, including annual business license fees, lawyer registration fees and clients’ security trust fund fees.

13. Wellness. Richards, Layton & Finger is concerned about the whole individual. To that end, the firm provides various programs, self-help seminars and services to enrich and enhance one’s life. Included are weekly chair massages; Lunch & Learn sessions on topics such as self-defense, rape prevention and financial planning; CPR and AED (Defibrillator) training; defensive driving courses; flu shots and cholesterol testing. There is a designated wellness room on site, and for one’s reading pleasure, the RLF Book Shelf is an on-going free book exchange available to all employees.