Executive Benefits for Law Firms
Practice Overview
Inside of Aon’s executive benefits practice, we have a dedicated team of experts focused on supporting the unique needs of law firms. This team provides comprehensive insurance coverage solutions to clients, including access to a broad set of benefits products and insurance markets.
Typically, we support our law firm clients in the following areas: creating benefits strategies tailored to business needs; establishing benefits solutions that work across the various roles within a firm, including partners, executives, and associates; developing plan designs with an appropriate mix of group and individual insurance products; negotiating with major carriers to secure best-in-class benefits; and providing ongoing benefit plan reviews and administration to stay competitive in the marketplace.
Tackling Industry-Specific Challenges
In recent years, K-1 income for law firm partners has grown at a significant pace. As K-1 pay for partners continues to rise, benefit programs have often not kept up. With life insurance and long-term disability (LTD) benefits tied to partner income, it is imperative for law firms to periodically examine and update these offerings to stay in alignment with changing partner compensation. We are acutely aware of this challenge and work closely with clients to protect partners—or similarly compensated executives and employees—against becoming underinsured.
Benefits Offerings for Law Firms
Key areas of focus for our team and clients include:
- Diagnostic reviews of existing Life and Long-Term Disability (LTD) programs
- Gap analyses for partner, executive officer, and key employee benefits offerings
- Access to market-leading benefits, including:
- Long-Term Disability Programs (Group, Individual and Excess Coverage plans)
- Life Insurance Programs (Supplemental Life Insurance and Partner Buy-Out Programs)
- Retirement Programs (Supplemental Retirement Plans and Plan Financing)
- Comprehensive benefits strategy, including Benefit Plan Design Consulting, Benefit Plan Enrollment Services, and Benefit Plan Administration Services
