Another one of my very large blind spots when I started this law firm in terms of unexpected hassle was benefits and 401k in particular. I offer health insurance and dental insurance and 401k and a number of other benefits to my employees. And none of it is easy to manage, but I will tell you that there is absolutely nothing that has been a bigger pain in my butt since I started this law firm than 401k. I am not a lawyer that had anything to do with ERISA since I clerked for a judge in New Orleans in 2001 before I graduated law school. And ERISA was a huge blind spot for me. But let me tell you that the burden that is associated of doing calculations and record keeping and the expense associated with it and the number of emails that I get and the things that I have to do is absolutely astonishing.

I mean, there is no judge, there is no opposing counsel, there is no tax issue, there’s no administrative issue, there’s no hiring issue, there is no client acquisition or retention issue. There is not one thing that I have experienced since I started my law firm that has been a bigger pain in the rear end for me than having a 401k from my employees. And I absolutely believe in it.

I want to offer it for them. I think it’s important to have a competitive opportunity to hire good people. I don’t regret having it at all. But the hundreds and hundreds of emails that it took to set this thing up and the hundreds of emails that I receive saying, “You have to distribute this or double check that this calculation is right or the other.” And every time I get that, I have to go to the fiduciary investment advisor that manages it for my firm. And I got to go to my CPA people that interface with ADP that run my payroll and the amount of effort and hassle that has been associated with this, it’s astonishing. And I have a five-star 401k provider. I have one of the largest companies. They are very expensive. They are top tier. So this isn’t like I’m trying to do it myself.

And I would just say that buckle up. If you’re going to offer a 401 firm along with other benefits, I think that is a great idea, but do not underestimate the amount of time it is going to take to set it up or to make sure that you’re getting it right from week to week and month to month and year to year.